Insight Category: News
With VAT still being a fairly new concept in the UAE, the following article delves into the general principles contained within the VAT Laws and goes into detail on what the law says about the Export of Services from the UAE. The general principles contained in the VAT Laws state that the Export of Services… Continue reading UAE VAT Laws and Export of Services...
The Dubai Land Department (DLD) has stated that a new draft law is set to keep rents in Dubai unchanged for a three-year period. This follows a prediction by the DLD’s Director General in early January this year, after the DLD’s recommended clauses for the new law were accepted. No date has been set for… Continue reading Dubai Rent Freeze...
In late January 2021, the Small to Medium-Sized Enterprises (SME) Market Conduct Regulation (“Regulation”) was circulated to all banks and finance companies licensed by the Central Bank in the UAE (“Financial Institutions”). It comes as the UAE seeks to improve and enhance the financial services received by small and medium-sized enterprises (“SMEs”) in the UAE,… Continue reading New SME Market Conduct Regulation...
Update to the Saudi Companies Law,Reporting of losses in Saudi Companies, Appointment of auditors, and Remote Board of Directors Meetings As a result of the COVID-19 pandemic, some Saudi Arabian companies have been struggling economically and facing difficulties implementing some requirements under the Saudi Companies LawNo. (M/3) dated 10/11/2015G. As such, on 02/11/2020G, the Saudi… Continue reading Update Saudi Companies Law...
Background The Federal Cabinet has recently issued Cabinet Decision No. 29/2021 regarding the Executive Regulations (the “New Executive Regulations”) for the Federal Law No. 4/2020 (the “New Movables Pledge Law”). The New Movables Pledge Law, which was promulgated last year, stated that until the issuance of New Executive Regulations, the old executive regulations (the “Old… Continue reading Movables Pledge Law: New Executive Regulations...
What & Why? Foundations are a form of hybrid entity similar to both a private company and a trust structure. Combining the mechanisms of both a Foundation is established for beneficial purpose determined by the ‘Founder’ yet retains a corporate level of independent legal personality. With the benefit of the independent legal personality Foundations are… Continue reading UAE Foundations in ADGM, DIFC & RAK ICC...
Last month we provided an overview of the new Movables Pledge Law, in the following article we take a more in-depth look. Introduction The Federal Cabinet has recently issued Cabinet Decision No. 29/2021 regarding the Executive Regulations (the “New Executive Regulations”) for the Federal Law No. 4/2020 (the “New Movables Pledge Law”). The New Movables… Continue reading Executive regulations for new Movables Pledge Law: What do they mean for the secured lenders?...
The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations (Consumer Protection Regulations), which are applicable to all “Licensed Financial Institutions”. This was further supplemented by Consumer Protection Standards (Consumer Protection Standard) issued by the… Continue reading How the new Consumer Protection Regulations impact insureds...
A family business is any business in which two or more members of the same family are involved and most of the ownership or control lies within such a family. The earliest example of a family business may be farming in which members of the same family worked together, thus intertwining both the personal life… Continue reading Family Business Regulations in the UAE...
The Federal Cabinet issued the Cabinet Resolution No 58/2020 (the “UBO Regulations“) last year. The UBO Regulations applies to: mainland (or onshore) companies (the “Mainland Companies“); and companies incorporated in non-financial free zones such as Dubai Multi Commodities Centre, Jebel Ali Free Zone, etc. (the “Non-Financial Free Zone Companies“). There are separate set of regulations… Continue reading Companies in violation of UBO Regulations may face up to AED 100,000 fine...