What kind of legal protection against salary cuts and redundancy is afforded to employees in the UAE? The Ministry of Human Resources and Emiratisation (‘MOHRE’) has issued, on 26 March 2020, Ministerial Resolution no. 279 of 2020 (the ‘Resolution’) to help employers cope with the hardships arising from the COVID-19 outbreak. The Resolution enables private…
BSA has recently made a partner-level personnel move for its Muscat office. Arsalan Tariq was hired two years ago by BSA’s, DIFC office and promoted to Partner at BSA’s Muscat office in January 2020. Now, Arsalan physically moves to BSA’s Muscat office as a Partner and Head of the Corporate Department. In his new role, Arsalan…
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 No (8) of 2017 on Value Added Tax (the “VAT Law”). Article 64 of…
Two weeks ago, more than 2,000,000 people living in the City of Beirut survived the impact of one of the biggest explosions in the history of mankind. The devastating explosion in the Port of Beirut on August 4, 2020, left the whole world overwhelmed. We were all damaged by this horrible explosion in one way…
The emirate of Ras Al Khaimah (RAK) has now allowed 100% foreign ownership to companies in the mainland in order to attract more foreign direct investment (FDI) into the emirate. The RAK Economic Zone (RAKEZ), the free zone, home to 15,000 companies, announced the new company formation structure under the emirate’s programME to attract more…
Potential Compensation Sources The tragic and catastrophic explosion that occurred in Beirut, beyond the immediate health and safety concerns, raises important and potentially time-sensitive considerations involving obtaining compensation for property damage sustained due to the blast. While all are most appropriately concerned with the loss of life and serious injuries inflicted upon the population, the…
Following a review conducted by the European Union on countries with low or nominal corporate tax, the committee prescribed the ‘Economic Substance Regulations’ and requested that the low tax jurisdictions review their own regulations and make efforts to ensure their compliance with best practices. The purpose of the regulations is to impede potentially harmful tax…
As a result of the current COVID-19 pandemic, challenges are being presented to the plant industry as the biggest flows of wildlife in terms of trade involves plants and not animals. Therefore, it is necessary to keep a close eye on the plant sector as well as supporting businesses involved in the trade of plants…
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. The UAE Federal Government formally announced the merger of…
Insurance distribution in the Middle East has taken traditional form over the years, either through insurance brokerages or on a direct basis and to a limited extent through banks and agents. While the age of insurtech is upon us, the Middle East markets have not taken up or embraced the concept as much as other…
