Companies in violation of UBO Regulations may face up to AED 100,000 fine

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…

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…

A Summary of Ministerial Resolutions No 279 and No 280

In an effort to assist private businesses (the “Companies”) dealing with the financial effects of COVID-19, the Ministry of Human Resources and Emiratization (the “Ministry”) has published “Ministerial Resolution 279 of 2020 on Employment Stability in the Private Sector during the Period of Application of Precautionary Measures to Curb the Spread of Novel Coronavirus” (“Resolution…

Dubai Free Zones Council Announces a New Business Stimulus Package

Dubai Free Zones Council announced late yesterday a business stimulus package that complimented the previous packages announced by the UAE Government and the Emirate of Dubai. The package included deferral of rent payments for up to six months, reimbursement of guarantees and security deposits, facilitating financial payments through easy installments on a monthly basis, cancellation…