Insight Category: News
As 2024 comes to an end, the UAE continues to lead the way in innovation, sustainability, and progress. This year’s accomplishments have not only transformed the nation but also created opportunities and benefits that extend to everyone who lives and works within its borders, as well as its partners and collaborators worldwide. These achievements demonstrate… Continue reading The UAE’s Remarkable Achievements in 2024: Progress for All...
This article is originally published in Thomson Reuters A Practical note addressing the legal and practical considerations in the mainland of the United Arab Emirates for a company director where that company is in financial distress and may subsequently enter insolvency proceedings. This note also outlines the types of claims that an official appointed to… Continue reading UAE: Risks for transactions and directors in financially distressed businesses...
This guide is originally published in LexisNexis Middle East 1. What is the main law covering Corporation Tax in this jurisdiction? The primary law governing Corporation Tax in the UAE is Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. This law, issued on October 3, 2022, represents a major policy… Continue reading UAE Corporate Tax Q&A...
The UAE has introduced substantial amendments to its Economic Substance Regulations (ESR) through Cabinet Decision No. 98 of 2024. This update modifies earlier ESR provisions, aligning them with international standards and reducing the regulatory burden on UAE-based companies. Key Changes Impact on Corporate Tax ComplianceThese amendments to the ESR are introduced alongside the UAE’s corporate… Continue reading UAE implements major changes to economic substance regulations...
Foundations, a unique legal entity blending aspects of private companies and trusts, have gained significant traction in the United Arab Emirates (UAE). Established by a founder, these entities possess an independent legal personality, enabling them to own assets and enter into contracts in their own name. Drawing inspiration from principles outlined in cases like Salomon… Continue reading Foundations in the United Arab Emirates: A Versatile Legal Entity...
On 30 September 2024, the Federal Government of the United Arab Emirates (“UAE”) enacted Federal Decree-Law No. 26 of 2024, titled “Repealing Certain Federal Laws” (the “Law”). This decree includes a notable repeal of Federal Law No. 17 of 2004 on Combating Commercial Concealment, commonly known as the “Fronting Law.” The Fronting Law, initially implemented… Continue reading Repeal of anti-fronting law: The UAE continues to optimize its reputation as an investor friendly destination...
Public Clarification on Grace Period for Updating Tax Records: Key Points for Compliance The Federal Tax Authority (FTA) has recently issued Public Clarification TAXP007, introducing a grace period for updating tax records. This grace period is part of the FTA’s ongoing efforts to promote tax compliance and alleviate administrative burdens on registrants. The clarification outlines… Continue reading Key insights on FTA’s grace period for tax record updates: Essential compliance guidelines...
In recent years, the United Arab Emirates (“UAE”) has implemented a series of new legal reforms aimed at enhancing its investment environment and simplifying corporate operations. These changes support economic diversification, attract foreign investment, and streamline the processes related to establishing and managing companies. Below is an overview of some of the latest laws and… Continue reading Recent legal reforms in the United Arab Emirates’ corporate sector over the last five years...
This is originally published in INTERNATIONAL COMPARATIVE LEGAL GUIDE (ICLG) 1 Relevant Legislation and Rules Governing Franchise Transactions 1.1 What is the legal definition of a franchise? “Franchise” as standalone terminology is not defined in the internal regulations, as the concept of franchise does not have a separate legislative framework under UAE national law. However,… Continue reading INTERNATIONAL COMPARATIVE LEGAL GUIDE (ICLG) – Franchise 2025...
BSA Law is pleased to announce its successful representation of JBF Group, a leading manufacturer of polyethylene terephthalate (PET) and owner of the largest PET manufacturing facility in Europe, in bankruptcy restructuring proceedings in Ras Al Khaimah, where the parent company of JBF Bahrain and JBF Belgium is incorporated. Our restructuring and insolvency team, led… Continue reading BSA Law leads landmark restructuring for JBF RAK LLC under UAE Federal Bankruptcy Law...