UAE Companies – How Your Business May Be Affected If you are operating an onshore or offshore entity in a “no or only nominal tax jurisdiction” (referred to hereinafter as a “noon”), which amongst others, holds shares or licenses intellectual property and receives operational income from other jurisdictions this article should be important to you…
Starting your own business is one of the most exciting decisions you can take. But it is imperative to follow fundamental rules and keep certain key considerations in mind to avoid facing financial issues that may lead to bankruptcy. Here are five factors to keep in mind when managing your finances as a startup: 1.…
Generally, labour-related matters in Oman, including recruitment and regulation of the expat recruitment process, are governed by Sultani Decree No. 35/2003 on the Promulgation of the Labour Law (the “Labour Law”). More recently, following the issuance of the Ministerial Decision No. 38/2018 by the Minister of Manpower (the “Ministry of Manpower”), a six-month ban on…
Q1: Key considerations on how a multinational business can set up as a group in the region The United Arab Emirates (“UAE”) economy continues to flourish and be attractive to businesses from around the world. The potential options available to foreign multinational companies to undertake business or commercial activities in the UAE are set out…
UAE Federal Law No.1 of 2006 concerning electronic transactions and commerce (e-commerce law) regulates electronic signatures (e-signatures) in the UAE. The eCommerce Law recognises 3 types of e-signatures: 1. Protected e-signatures (Article 17 of the E-Commerce Law) This category of e-signatures is the most legally protected. Protected e-signatures are accepted as valid and have probative…
In a recent construction dispute under a DIAC arbitration, between a main contractor (represented by our firm) and an employer, a tribunal decided to appoint a tribunal expert, after closure of proceedings and only a few weeks before the deadline for issuing the final award, without any other event occurring in the interim. The dispute…
Saudi Arabia has become a key investment hub over the years as it seeks to diversify its oil-dependent economy. Abdullah Alanezi, Partner and Lujain Al Yousef, Associate, consider key aspects involved in setting up a business in the Kingdom. Over the years the Kingdom of Saudi Arabia (KSA) has become a place of interest for…
An Overview In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued the Dubai International Financial Center (DIFC) Act No. 1 of 2019 on Insolvency (hereinafter referred to as the “New Law”). The New Law reaffirms the commitment of the…
There is a multitude of companies in the UAE that are owned by entities incorporated in “no or only nominal tax” jurisdictions (referred to herein as “noons”) such as the British Virgin Islands (BVI), Cayman Islands, Isle of Man, Jersey, Guernsey, Mauritius, Bahamas, Seychelles, Bermuda and the UAE (to name a few). Except for using…
Dubai Health Insurance – Violations & Fines Dubai Executive Council issued Executive Council Resolution No (7) of 2016 (Resolution) pertaining to fees and fines pursuant to Health Insurance Law (No 11 of 2013) of the Emirates of Dubai. As many of the readers are aware, The Dubai Health Authority promulgated Health Insurance Law (No 11…
