Industry Updates across the GCC

What is a corporate shareholder? In the UAE you can opt to have a corporate partner or sponsor rather than an individual. In the case of a corporate shareholder, a 100% UAE owned national company (Local Sponsor) holds a 51% share in the mainland LLC company and the remaining 49% is owned by an individual,Continue reading "Why having a Corporate UAE Shareholder is beneficial for share transfers" Read more

Importation of Goods by Agents on Behalf of VAT Registered Persons. A new public clarification has been announced by the UAE Federal Tax Authority (VAT Public clarification – VATP012) referring to the importation of goods by agents on behalf of VAT registered persons. The following clarifications were announced: This is relevant where a VAT registeredContinue reading "VAT Update" Read more

Complying with the new UAE Economic Substance Regulations In March 2019, the European Union (EU) published an updated blacklist of non-cooperative tax jurisdictions, which included the UAE for not delivering on its commitment to comply with the EU’s good governance criteria. Since then the UAE has issued new legislation under Cabinet Resolution No. 31 ofContinue reading "UAE Economic Substance Regulations" Read more

In the effort to ease cost of doing business in the UAE and to enhance interest by foreign investors, the UAE has reduced fees from 50% to 94% in certain ministries, specifically employment related costs. As of 1st July 2019 the UAE cabinet issued a decision to lower or cancel fees on 1,500 federal services.Continue reading "UAE Cuts Government Fees significantly across most Ministries" Read more

>> Pathway to 100% foreign ownership in the UAE UAE FOREIGN INVESTMENT LAW – 100% Foreign Ownership – Positive List Released Following the release of the UAE Federal Law No. 19 of 2018 on Foreign Direct Investment, the UAE Cabinet has now announced the Positive List of activities covered by the FDI Law. The cabinetContinue reading "100% Foreign Ownership – Positive List Released" Read more

[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=”] [av_textblock size=” font_color=” color=”] A new Commercial Law for Oman was announced in April 2019. The New Commercial Law has attempted to generate sturdier and more transparent corporate governance in Oman. The main aim is to assist inContinue reading "Key Changes Announced in the Oman Commercial Companies Law" Read more

Sovereign PPG HR Services was developed with one goal in mind – to offer add on services enabling our clients to focus on their company set up and core business activities. Our dedicated team of experts offer professional HR services that are completely customised to individual company requirements. Our HR Services packages offer the following:Continue reading "Sovereign PPG Introduces Add-On HR Services" Read more

What is CICPA? The Critical Infrastructure and Coastal Protection Authority (CICPA) is the official authority for the security and protection of Abu Dhabi’s infrastructure and the nation’s resources. CICPA is responsible for issuing security clearance for companies and employees working within any of Abu Dhabi’s critical establishments. What is a CICPA pass and why doContinue reading "Why are CICPA passes important?" Read more

What is the Supreme Petroleum Council (SPC) Approval? SPC (Supreme Petroleum Council) approval authorises a company with the activity of “Onshore and Offshore Oil & Gas Field & Facilities Services” and is required when a company would like to work with ADNOC or any company attributed to ADNOC. The Supreme Petroleum Council was established underContinue reading "All You Need to Know About ADNOC SPC Approvals" Read more

Free Zone Set Up Options in Oman The Sultanate of Oman is focusing on the growth of different business sectors and activities, in light of this, the Oman Free Zones are progressing steadily by continuing to strengthen their platform for foreign businesses. Setting up an entity in Oman provides investors with the opportunity to expandContinue reading "Free Zone set up options in Oman" Read more