Insight Category: Regulatory & Legal Updates
Bankruptcy Law Update Additional Debtor Relief Options Announced “On 21 October 2020, the Cabinet of the UAE approved amendments to the UAE Federal Law No. 9 of 2016, known as the Bankruptcy Law, which is intended to alleviate financial distress caused by the COVID-19 pandemic as well as other “emergency situations”.While the details of the… Continue reading Bankruptcy Law Update...
Regulation of the Procedures of Real Beneficiary UAE Cabinet passed Decision No. 58 / 2020 to regulate disclosure by corporate entities in the UAEmainland and in the non-financial free zones at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or Shareholders”. Such registers shall be filed… Continue reading BSA October Newsflash...
Dubai Introduces the Opportunity to Retire in the Sun ThisDubai has announced a new 5-year visa aimed at those 55 and older, around the globe, to travel to Dubai and begin a new life in the sun. This opportunity is unlike anything before it in the region and aims to allow residents to have a… Continue reading Dubai Introduces the Opportunity to Retire in the Sun...
VAT: Adjusting bad debts as a way of reducing output tax and increasing cashflow During these trying times of Covid-19 and its impact on the financial affairs and revenue of numerous companies, an interesting method of recovering a little bit of extra cash is by applying the provisions of Article 64 of the Federal Law… Continue reading BSA | The View...
UAE Insurance Authority & Securities & Commodities Authority Merge BSA Ahmad Bin Hezeem & Associates LLP (“BSA”) are pleased to support the recent exciting merger of the United Arab Emirates Insurance Authority & Securities & Commodities Authority into one financial regulatory body overseeing the authorisation and regulation of insurance and investment as one regulatory body.… Continue reading BSA | The View...
JAFZA Announces Economic Substance Regulations Notification Deadline JAFZA has issued its guidance in its Annual Economic Substance Notification Form User Guide with respect to the Economic Substance Regulations (ESR). Any Licensees who have carried out a Relevant Activity during their first reportable year must submit their Economic Substance Notifications on or before 30 June 2020… Continue reading JAFZA Announces Economic Substance Regulations Notification Deadline...
Economic Substance Report – ESR 2020 filing reminder In accordance with Cabinet Resolution No. 57 of 2020, entities that conduct Relevant Activities under the Economic Substance Regulations must file directly with the Ministry, regardless of whether they have previously filed their details with their appropriate registry. All licensees and exempted licensees must file their Notification… Continue reading Economic Substance Report filing reminder...
Dubai courts in its Resolution No. (30) of 2020 issued on March 17, 2020 concerning the adjournment of judicial hearings and working remotely (the “Resolution”) decided on postponing all judicial hearings for the Court of Cassation, the Court of Appeal, and the First Instance Courts, and suspending testimonies and documentation of personal status from Sunday… Continue reading Dubai Courts Postpone all Judicial Hearings...
In an effort to protect the health and wellbeing of the Judges, Registry Team and Court Users, DIFC Courts in a communication sent on Tuesday March 17, 2020 to all Registered Practitioners and Court Users announced that the DIFC Courts and its Registry will operate completely on a remote basis. The decision applies to all… Continue reading DIFC Courts to Operate Remotely...