Uae

On 2nd January 2020 Dubai Multi Commodities Centre (DMCC) Freezone Authority brought in new Company Regulations 2020 (“CR 2020”). Pursuant to Reg.184.7 of CR 2020, any Company registered and Licenced before the effectivity of CR 2020 must within twenty-four (24) months from the date of the CR 2020 must amend its Articles of Association (AOA) to ensure the provisions of its AOA are in line with CR 2020. Read more

In the last three decades, Dubai has shifted its economic dependence from oil revenue to a variety of diversified sectors, creating lucrative opportunities for companies in tourism, tech, logistics, transport and other business areas servicing the region. Company formation in Dubai has increased significantly over this time, and the ease of setting up a company in the UAE is now leading many international companies and investors to set up their main base of operations in one of the fastest-growing and diversified markets in the MENA region. In this article we highlight the major advantages of company formation in Dubai and what are the necessary steps and requirements to ensure a successful business setup and beyond. Read more

An Offshore Company is a tax efficient, cost effective means for companies to carry out business globally. There are three jurisdictions in which an offshore company can be established in the UAE: In Ras Al Khaimah (RAK), Jebel Ali Free zone (JAFZA) and Ajman. RAK ICC is located 45 minutes’ drive from central Dubai and is a European Union Economic and Financial Affairs Council (ECOFIN) whitelisted offshore jurisdiction with ability to meet Economic Substance Regulations (ESR). RAK ICC jurisdiction has zero tax on Corporate Income, Capital Gains, Dividends, and Interest Income. It provides access to Common Law legislation through access to the common law courts in Abu Dhabi Global Markets (ADGM) and Dubai International Finance Centre (DIFC). Read more

Saudi Arabia is the largest economy in the Gulf region and is becoming an increasing viable destination for foreign investors and companies to expand into to take advantage of the growing Saudi market. As part of the ambitious Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman earlier this year, the government wants to attract up to 500 international companies to set up their regional bases in Riyadh and create around 35,000 new jobs for Saudi nationals, and to double the capital’s population. The overall strategy aims to invest up to SR70 billion ($18.67 billion) into the national economy by the end of the decade. Read more

In December 2020, the UAE government announced Federal Decree-Law No. 26/2020 amending key provisions of Federal Law No. 2/2015 on Commercial Companies (CCL). The amendments introduced changes to the process of convening and holding general meetings and stated that all companies in the UAE will be subject to enhanced corporate governance standards to be issued by the government at a future date. According to the amendment to the law, existing companies are required update their constitutional documents by 2nd January 2022. This will require LLCs to amend their Memorandum of Association (MOA) to bring the relevant changes to the CCL into their MOAs - for example to bring in changes to quorum and notice and meeting requirements into line with the amendments. Read more

RAK International Corporate Centre (RAK ICC) is a Corporate Registry located in Ras Al Khaimah, in the United Arab Emirates. RAK ICC manages all aspects of registration and incorporation of International and Offshore businesses in Ras Al Khaimah. RAK ICC is located 45 minutes’ drive from central Dubai and is a European Union Economic and Financial Affairs Council (ECOFIN) whitelisted offshore jurisdiction with ability to meet Economic Substance Regulations (ESR). RAK ICC jurisdiction has zero tax on Corporate Income, Capital Gains, Dividends, and Interest Income. It provides access to Common Law legislation through access to the common law courts in Abu Dhabi Global Markets (ADGM) and Dubai International Finance Centre (DIFC). Read more

Double taxation refers to the act of imposing taxes twice on the same source of income, asset or financial transaction. It arises in international business when tax is levied on the same income in two different countries. This can occur when tax is imposed on a corporation in the country that an income is earned and then again when the income is repatriated in the business’ home country. Read more

Following Cabinet Resolution No. 58 of 2020 on the Regulation of Procedures Related to Real Beneficiaries, the UAE has begun the formal roll-out of standard disclosure requirements for UAE mainland and freezone corporate entities and the introduction of an ultimate beneficial ownership (UBO) information register. The Dubai Department of Economic Development (DED) has announced that all companies established in Dubai with the DED have to submit or update their UBO data by 15th June 2021. Read more

The new Dubai Work Remote Visa or Virtual Nomad Visa program allows individuals working for companies overseas to obtain a remote working resident visa in Dubai to allow them to live and work from the UAE. The program grants access to all the standard services that residents benefit from in Dubai, including banking, telecoms, utilities, workspace rental, healthcare and schooling. It allows global workers to live and work in UAE whilst undertaking work with companies all over the globe. The Visa is for a 1 year period and is renewable each year, and also allow virtual workers to sponsor family members in the UAE. In this article we discuss the requirements to obtain the remote working visa, including the documentation, steps, costs and timelines, and we cover key frequently asked questions on the remote visa working program in Dubai. Read more

Worldwide, the cybersecurity industry is estimated to worth around USD 150 bn. This number is expected to grow to USD 208 bn by 2023. The UAE experienced more than 15.8 million brute force attacks on Remote Desktop Protocols (RDP) in 2020, according to a report by global cybersecurity company Kaspersky. With the total number of brute attacks on RDP increasing by 193% from 467,115 in February to 1.3 million in March last year, when the UAE’s lockdown measures were announced. This huge increase has brought into focus the increased importance of cybersecurity at a government level, corporate level and an individual level. Read more