Central Bank of the UAE (CBUAE), on 14 June 2022 imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator. The Apex Bank imposed fines for failure to submit audited financial statements by the deadline, and failure to abide by its […]
Apex Bank Imposes Fines! Read More »
To ease the manual attestation process and implement standardization, the Ministry of Foreign Affairs and International Cooperation (MOFAIC) has determined a consolidated procedure for attestation of invoices of goods imported into the U.A.E. In order to attest the documents electronically, an individual or a company shall log in to the portal and submit all the
Electronic Attestation of Invoices of Imported Goods Read More »
Decree No. (20) of 2022 was issued dissolving the “Tribunal to Decide the Disputes Related to the Settlementof the Financial Position of Dubai World and its Subsidiaries”, formed pursuant to Decree No. (57) of 2009, and all cases and claims related to the financial settlement of Dubai World and its subsidiaries filed after this Decree
Dissolving Dubai World Financial Disputes Tribunal and Cases Referral to Dubai Courts Read More »
It is estimated that the rentals will continue to rise for the remainder of this year due to UAE’s new visa policy for job seekers. Meanwhile, affordable areas suchas Deira, Dubai Sports City and Jumeirah Village recorded 11%, 15 % and 21%increase in rentals respectively. As per Dubai Statistics Centre’s latest data, Dubai’s population has
Dubai Rentals Increase Up to a Whopping 25% Read More »
There are over 50 freezones in the UAE, 20 out of which are in Dubai, that offer investors 100% foreign ownership of their organizations and exemption of tax schemes. Dubai has also added 98 new economic activities with business models, thus requiring the imposition of strict regulations to confirm that the entities’ earnings profits legitimately
Penalties Up to 100,000 AED for Non-compliance in Free Zones Read More »
In order to protect Dubai’s economy from financial risks and crimes, Economic Security Center of Dubai (ESCD) is established in consonance with Law No. (4) of 2016 onthe Dubai Economic Security Centre, which was subsequently amended by Law No. (9) of 2019 to augment the legislations of economic security to counter corruption and economic crimes.
Highlight on the Economic Security Center of Dubai Read More »
Employees will berequired to make a small contribution to the unemployment insurance plan, the employees who lose their jobs underunforeseen circumstances will receive cash support. The scheme will provide upto 60 per cent of their basic salaries every month for a limited period untilthey find an alternate job. However, if an unemployed person is unable
Insurance Coverage for the Unemployed in The UAE – January 2023 Read More »
All actions on off-plan sold property units shall be registered in the initial property registrar. Sale and all other legal actions that transfer or restrict ownership and any right based thereon shall be deemed null and void unless registered with the DLD registrar. FACTS On 30 December 2015, our client entered into a Sale
Nullity of The Real Estate’s Sale Purchase Agreements for Not Being Registered in DLD Read More »
CBUAE would maintain the rate of borrowing on short term liquidity from CBUAE, through all standing credit facilities at 50 bps above the base rate. This would directly impact the interest rate advanced by the bank to the consumers and business owners, whilst borrowing loans. The immediate result of the rate hike will strengthen the
Borrowers and Credit Card Holders Beware! Read More »
Registration vs. Ownership · A trade name (TN) is aspecific name that a merchant or a commercial company takes to distinguish his shop or company from others. To protect such name, it must be registered in the respective register at the Dubai Economic Department (DED). · A trademark (TM) is everything that is used or intended
Trade Mark Protection – Dubai Court’s Ruling Read More »
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