UPDATE – Economic Substance Regulations in the UAE

The UAE Government has revised the UAE Economic Substance Regulations (“ESR”) by issuing UAE Cabinet Resolution No. 57 of 2020 concerning Economic Substance and the updated guidance Ministerial Decision No. 100 of 2020 on the issuance of directives for the implementation of the provisions of the Cabinet Decision No. 57 of 2020 concerning Economic Substance Requirements […]

Economic Substance Regulations in the UAE – Update

The UAE Government has released the Resolution of the Cabinet of Ministers No. (31) of 2019 concerning Economic Substance Regulations (“ESR”) with effect from 30 April 2019 and furthermore on 11 September 2019, the UAE Ministry of Finance issued Ministrial Decision No. 215 of 2019 containing further guidance on how the ESR may be met.

The New DIFC Data Protection Law

The Dubai International Financial Centre (DIFC) passed Data Protection Law DIFC Law No.1 of 2007 (Current Law) 13 years ago. The Current Law was amended by Data Protection Law Amendment Law, DIFC Law No.5 of 2012 and by DIFC Laws Amendment Law, DIFC Law No. 1 of 2018 and now replaced by the new Data Protection […]

Economic Substance Regulations in the UAE

The UAE Government has released the Resolution of the Cabinet of Ministers No. (31) for 2019 concerning Economic Substance Regulations (“ESR”) with effect from 30 April 2019. The Resolution requires that UAE entities carrying on specific categories of licensed activities in the UAE satisfy prescribed economic substance criteria and report annually on compliance.

DMCC implements new set of rules for ease of doing business

Dubai Multi Commodities Centre (DMCC) is a Free Zone and Government of Dubai Authority with focus on commodities trade and enterprise.  Since its establishment in 2002 the ease of doing business has been at the heart of DMCC’s offering. The new regulations will be effective as of January 2, 2020 and will update DMCC’s existing company […]

The New UAE Product Safety Law

A new Federal Law on product safety has been published in the UAE Official Gazette and will come into force in July 2019. This new law aims to ensure the safety of products supplied in the UAE and to facilitate trade between the UAE and international markets and is part of the UAE’s wider legal framework including the […]

New Employment Law In The DIFC

The Dubai International Financial Centre Authority (“DIFCA”) has recently enacted a new DIFC Employment Law (the “New Law” or “Law”), which replaced the DIFC Employment Law (Law  No. 4 of 2005), as amended by Law No. 3 of 2012 (the “Previous Law”) in its’ entirety and will enter into force on 28th August 2019. Much of the structure and […]

Introduction of VAT in the GCC

It has been officially confirmed that the UAE will implement VAT at the rate of 5% on 1st January 2018. Other GCC countries may do so at the same time or by 1st January 2019, at the latest. It is now understood that the six GCC countries have now all signed the VAT agreement paving […]