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 »
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 »
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 »
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
Small Business Owners, Rejoice! Read More »
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
Looking to Set-Up your Business? Don’t Miss this Opportunity! Read More »
Have you wondered why recently you’ve been able to see the caller ID of numbers that are not even saved in your contact list? A new service called ‘Kashif’ was activated by the Telecommunications and the Digital Government Regulatory Authority (TDRA) earlier this year. The aim is to reduce the number of anonymous calls residents
UAE: Say No to Phishing Read More »
According to the new UAE cybercrime law, taking pictures of accident victims without their consent and circulating them online are punishable with a six-month jail term or a fine between AED 150,000 to AED 500,000 or both. The new cybercrime law further states that individuals engaging in online begging or seeking illegitimate assistance from government
Cybercrime Update: Think Twice Before You Post! Read More »
Law No. (26) of 2021 was recently issued regarding the Notary Public in Dubai, which subsequently amends Law No. (4) of 2013. An electronic notary public system was introduced in the amending law where regular Notary Public duties will be performed automatically through e-Notary services, as part of Dubai’s smart government initiative. The amendment also
Amendment to Notary Public Law Read More »
The Federal Decree Law no. 31 of 2021 regarding the UAE Penal Code is to become effective from 2 January 2022, subsequently amending Federal Law no. 3 of 1987. Under the new law, the juvenile age limit is increased from 14 to 18 years old, resulting in a death penalty to offenders who are guilty
Amendment to UAE Penal Code Read More »
The administering body of the DIFC – LCIA Arbitration Centre in Dubai, the DIFC Arbitration Institute (DAI), was abolished last month through Decree No. 34 of 2021. The same Decree also abolished the Emirates Maritime Arbitration Centre (EMAC). The workflows, processes, staff, and assets of the two institutes are to be transferred and merged into
Abolishment of the DIFC-LCIA Arbitration Centre Read More »
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