The UAE has introduced new rules for private companies incorporated in the country in its attempt to develop into a highly transparent and sustainable economy. Recently, the Economic Substance Laws have significantly changed the company set-up in Dubai and now businesses are expected to conform with the new Ultimate Beneficial Ownership law. Cabinet Resolution No.…
For most people, the United Arab Emirates means just one place: Dubai, the spectacular city of majestic skyscrapers, palm-shaped islands, city-sized malls, indoor ski resorts, and luxurious beaches. But beyond the shimmer, there is a diverse array of six more emirates, each with its own identity and attractiveness. The mystique of the UAE was like…
COVID-19 has already triggered wide-scale damage, both locally and internationally, to many sectors. Although attempts are underway to avoid the spread and effects of COVID-19, for several months to come, the financial and social effect of the virus will be felt. As firms come to grips with operating from home and the new world in…
Businesses in the UAE and Israel have been taking full advantage of a historic deal between the two countries signed in mid of August, as previously untapped markets become open for business. The news has led to a slew of deals in recent weeks, with the establishment of a business council and signing of finance,…
In order to align the entire region with global standards in the prevention of base erosion and profit/income shifting (BEPS), the UAE government introduced the Economic Substance Regulation (ESR). Economic Substance Regulations (ESR) have been enacted by the UAE and apply in all jurisdictions of the UAE, including financial free zones such as the DIFC.…
