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OTP Links with Fake Government Logo – New Scam in the Market!

Authorities warned residents of suspicious messages which may bear government logos. The Ministry of Interior warned in a tweet that digital scammers try to defraud victims by making the receiver believe that the message is from a governmental organization.These suspicious messages often contain a link or a one-time password (OTP). Authorities have reiterated that messages […]

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Apex Bank Imposes Fines!

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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

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Electronic Attestation of Invoices of Imported Goods

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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

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Dissolving Dubai World Financial Disputes Tribunal and Cases Referral to Dubai Courts

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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

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Dubai Rentals Increase Up to a Whopping 25%

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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

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Penalties Up to 100,000 AED for Non-compliance in Free Zones

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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

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Insurance Coverage for the Unemployed in The UAE – January 2023

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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

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Borrowers and Credit Card Holders Beware!

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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

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Small Business Owners, Rejoice!

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Starting June 1st 2023, the UAE government will implement a 9% federal corporate tax on corporation profits that exceed an income of AED 375,000 ($102,000), this tax will not, however, be implemented to small businesses that amount to that and below. Chris Payne, who is chief economist at Peninsula Real Estate, states that this announcement

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Looking to Set-Up your Business? Don’t Miss this Opportunity!

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Dubai CommerCity, the first and leading e-commerce enabler has recently launched their e-commerce business setup incentive package in the Middle East, Africa and South Asia (MEASA) region. The initiative is aimed to stimulate the economy and to enable the new companies and potential investors grow their e-commerce and omnichannel sources. Notable Features § 100% foreign

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OTP Links with Fake Government Logo – New Scam in the Market!

Apex Bank Imposes Fines!

Electronic Attestation of Invoices of Imported Goods

Dissolving Dubai World Financial Disputes Tribunal and Cases Referral to Dubai Courts

Dubai Rentals Increase Up to a Whopping 25%

Penalties Up to 100,000 AED for Non-compliance in Free Zones

Insurance Coverage for the Unemployed in The UAE – January 2023

Borrowers and Credit Card Holders Beware!

Small Business Owners, Rejoice!

Looking to Set-Up your Business? Don’t Miss this Opportunity!

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