Economic Substance Report filing reminder

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…

Consumer protection, insurance, UAE Central Bank

Legal Brief

UAE amends criminal sanctions involving bounced cheques The On 26 October 2020, the UAE Cabinet approved a cabinet resolution amending certain provisions of the Federal Law No. 18/1993 promulgating the UAE Commercial Code, (“the Resolution”). The amendments made by the  Resolution, which will come into force by the end of 2022, include modification of rules dealing…

Bankruptcy Law Update

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…

BSA October Newsflash

Regulation of the Procedures of Real Beneficiary UAE Cabinet passed Decision No. 58 / 2020 to regulate disclosure by corporate entities in the UAE mainland 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…

BSA | The View

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…

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.…

JAFZA Announces Economic Substance Regulations Notification Deadline

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…