In a landmark move to ease the financial burden on businesses, the UAE Ministry of Finance (MoF) and the Federal Tax Authority (FTA) have announced the waiver of administrative fines for companies that failed to register for corporate tax on time. This temporary relief is part of a broader initiative to support smooth onboarding during…
Employees working in Dubai under a probationary period have the legal right to resign, but specific procedures govern how the process must be handled — particularly regarding visa and recruitment costs. Key Rules for Resignation During Probation According to the Federal Decree Law No. 33 of 2021 on the Regulation of Employment Relations, employees are…
In a landmark move set to transform digital finance, three leading UAE entities — International Holding Company (IHC), ADQ, and First Abu Dhabi Bank (FAB) — have announced the launch of a new stablecoin backed by the UAE dirham. The initiative, revealed on Monday through a joint statement on the Abu Dhabi Securities Exchange, will…
UAE residents facing visa cancellation can breathe a sigh of relief regarding their banking needs. Legal experts have clarified that the cancellation of a residency visa does not automatically freeze or close a resident’s bank account, as long as the account remains active and the customer maintains regular communication with the bank. Ashish Mehta, founder…
Businesses managing the distribution of goods within or through UAE’s designated free zones can soon expect clearer regulations on how corporate tax applies to them. In a move that underscores the country’s ongoing commitment to transparency and a business-friendly environment, the Federal Tax Authority (FTA) will introduce updated guidelines to help these companies better understand…
The United Arab Emirates is taking a bold leap in digital transformation by launching a state-of-the-art biometric identification system that will replace physical Emirates ID cards within the next year. The move, spearheaded by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), aims to revolutionize identity verification across essential sectors including banking,…