Industry Updates across the GCC

The UAE has announced its new retirement visa initiative to allow and encourage expats to settle and remain in the UAE post retirement age. The initiative allows resident expatriates and foreigners aged 55 and above an opportunity to retire in the Emirates. As part of the programme, eligible applicants will be provided a retirement visa, renewable every five years. In this article we detail the requirements and steps to apply for, and obtain the 5-year renewable retirement visa, as well as detailing other long term UAE visa options available to investors, business owners and retirees. Read more

The government of Dubai has set its focus on becoming a leading e-commerce hub and has rolled out a number of initiatives to improve economic activity. One of these initiatives is targeted at making it easier for entrepreneurs to swiftly acquire the e-trader licence, which allows them to sell products and services online or through social media. Many people ask the questions “What licence do I need to sell online in the UAE?” and “Is it legal to sell through Instagram and other social media platforms if you don’t have the correct licence?”. Many people do not realise that it is illegal in the UAE to sell products and deliver services without the appropriate licence. Read more

The Oman Tax Authority (TA) has issued Decision No. 27/2020, published in the Official Gazette on 7 June 2020, and further to Royal Decree (RD) No. 9/2017 and Ministerial Decree (MD) No. 14/2019 that states that from 1st July 2020 all companies in Oman must apply for an obtain a tax card. The purpose of the tax card is to have an identification number on all correspondence, invoices, bills and contracts entered into by the taxpayer. There is no set deadline for which the taxpayers must apply for a tax card however applications for the tax card are now open effective 1 July 2020 with the Oman Tax Authority and we recommend companies apply and obtain their card at the earliest opportunity. Read more

The Special Economic Zone Authority (SEZAD) has recently announced its intention to reduce the processing periods of investor applications in a move intended to encourage increased investment in Duqm. This forms part of SEZAD’s vision (2030), which has the objective of making Duqm a well- connected, modern city with a high standard of living and attractive investment opportunities. The authority hopes that the changes will encourage businesses to make Duqm their first choice for investment in the area. Read more

The insurance sector in the UAE is expected to grow at 4.2 per cent compounded annual growth rate between 2019 and 2024. This growth is attributed to increased opportunities for a recovery in economic growth along with the continuation of new major projects in Abu Dhabi, Dubai and other emirates. In addition to projects related to hosting Expo 2020, which will now run from 1st October 2021 to 31st March 2022. Read more

The Directors of a company may determine that voluntary liquidation is in the best interests of the company or larger group and can commence voluntary liquidation procedures independent of a court to wind up and close a company. A voluntary liquidation of a UAE LLC is the orderly wind down of a Limited Liability Company - ensuring that all creditors are settled, all staff visas are cancelled against the licence and all UAE government licences are closed. Read more

A key step in the process of winding up a limited liability company in the UAE is the appointment of a liquidator. Winding up or ‘liquidation’ of an LLC company may be compulsory (court ordered) or voluntary (in accordance with the constitutional document of the company and the Commercial Companies Law 2015). In both instances, the appointment of a liquidator is mandatory to determine the assets and liabilities of the company and settle liabilities in accordance with the process determined by the court or by the Commercial Companies Law 2015. Read more

During times of economic slowdown or changes in market and customer base conditions, companies with a presence in the UAE, or multiple branches may consider consolidating their operations and closing branches or subsidiaries. In this article we provide an overview of the practical administrative steps that are required to close or ‘deregister’ a branch office in the UAE. Read more

The process and framework for corporate debt restructuring and liquidation in the UAE is contained in the Federal Law No.9 of 2016 on Bankruptcy, introduced in December 2016 to bring the UAE into line with international best practice. The Bankruptcy Law applies to entities governed by the Commercial Companies Law as well as Freezone companies. Read more

A UAE resident visa must be secured whether a foreign national would like to invest, work or just live in the UAE. In this article we take a look at the different types of resident visa available in the UAE and talk though the best options for each as well as the requirements and steps. Read more