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 […]
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 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 […]
Note that according to the last statement of the Dubai Economy, all private sectors – with the exception of selected industries- are now requested to implement remote – work schemes for at least 80% of their workforce for a period of 2 weeks renewable.
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.
The news alert covered also the intention of the Cabinet to issue a positive list, which will contain the eligible economic activities and industries. Before the FDI law, 100 percent ownership of business was possible only in the designated business zones known as Free zones.
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 […]
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 […]
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 […]
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 […]