PRO Partner Group Blog

Abu Dhabi Global Market (ADGM) is an international financial centre that has gained considerable recognition for its rapid growth and modern business ecosystem. It is currently offering a tech start-up licence with numerous incentives, for unique and innovative businesses that are embracing technology as a means to serve their customers and carry out their business activities. Read more

The UAE has announced the formal roll-out of standard disclosure requirements for UAE mainland corporate entities and the introduction of an ultimate beneficial ownership (UBO) information register. Companies registered in the UAE will be required to create and maintain a register of their ultimate beneficial ownership and to submit UBO data to the relevant registrar or licensing authority by 27 October 2020. Read more

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