Newsletters

  • Economic Substance Regulations in the UAE - Update

    The UAE Government has released the Resolution of the Cabinet of Ministers No. (31) of 2019 concerning Economic Substance Regulations ("ESR") with effect from 30 April 2019 and furthermore on 11 September 2019, the UAE Ministry of Finance issued Ministrial Decision No. 215 of 2019 containing further guidance on how the ESR may be met.

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  • The New DIFC Data Protection Law

    The Dubai International Financial Centre (DIFC) passed Data Protection Law DIFC Law No.1 of 2007 (Current Law) 13 years ago. The Current Law was amended by Data Protection Law Amendment Law, DIFC Law No.5 of 2012 and by DIFC Laws Amendment Law, DIFC Law No. 1 of 2018 and now replaced by the new Data Protection Law DIFC Law No. 5 of 2020 (New Law), which will come into effect from 1st July 2020. 

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  • What are the impacts from employment and immigration perspectives in the UAE?

    Note that according to the last statement of the Dubai Economy, all private sectors - with the exception of selected industries- are now requested to implement remote – work schemes for at least 80% of their workforce for a period of 2 weeks renewable.

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  • Economic Substance Regulations in the UAE

    The UAE Government has released the Resolution of the Cabinet of Ministers No. (31) for 2019 concerning Economic Substance Regulations ("ESR") with effect from 30 April 2019. The Resolution requires that UAE entities carrying on specific categories of licensed activities in the UAE satisfy prescribed economic substance criteria and report annually on compliance.

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  • UAE Cabinet approves economic activities eligible for up to 100% foreign ownership

    The news alert covered also the intention of the Cabinet to issue a positive list, which will contain the eligible economic activities and industries. Before the FDI law, 100 percent ownership of business was possible only in the designated business zones known as Free zones.

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  • DMCC implements new set of rules for ease of doing business

    Dubai Multi Commodities Centre (DMCC) is a Free Zone and Government of Dubai Authority with focus on commodities trade and enterprise. 
     
    Since its establishment in 2002 the ease of doing business has been at the heart of DMCC's offering.

    The new regulations will be effective as of January 2, 2020 and will update DMCC's existing company law framework, providing greater flexibility and ease of operations for businesses registered within DMCC and increasing the remit of their activities. The new regulations also make it easier to set up a company in DMCC.

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  • The New UAE Product Safety Law

    A new Federal Law on product safety has been published in the UAE Official Gazette and will come into force in July 2019. This new law aims to ensure the safety of products supplied in the UAE and to facilitate trade between the UAE and international markets and is part of the UAE’s wider legal framework including the Food Safety Law and the Consumer Protection Law.

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  • New Employment Law In The DIFC

    The Dubai International Financial Centre Authority (“DIFCA”) has recently enacted a new DIFC Employment Law (the “New Law” or “Law”), which replaced the DIFC Employment Law (Law  No. 4 of 2005), as amended by Law No. 3 of 2012 (the “Previous Law”) in its’ entirety and will enter into force on 28th August 2019. Much of the structure and contents of the Previous Law is retained but in a number of instances existing principles were expanded or refined and would have to be considered for existing and new employment contracts. 

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  • Is Crypto Currency Halal?

    The European Central Bank explains virtual currency as a “digital representation of value that is neither issued by central bank or a public authority, nor necessarily attached to a fiat money or currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically”. Examples for virtual currencies include non-cryptocurrencies (e.g. in-game credits) and crypto currencies such as Bitcoin, Litecoin, Stellar and many more.

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  • Implementation date for the issuance of long-term visa announced

    As part of the resolution in May 2018, and subsequent to the UAE Cabinet’s approval of the comprehensive long-term visa system for investors, entrepreneurs, specialised talents and outstanding students in November 2018 - also covered in our November news alert - the implementation date has now been announced as February 3, 2019 along with the formation of two committees to evaluate eligible candidates.

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