Background of the Client Wilfire (pseudonym for confidentiality purposes) is a diversified group comprising seven (7) mainland companies and a total of thirty-nine (39) branches operating under them. Each company was incorporated in Dubai under the Department of Economic Development (“DED” – Dubai Mainland), with its own set of activities and distinct legal structures. The...
The money exchange sector is a vital pillar of the UAE’s financial ecosystem, facilitating remittances, currency conversions, and cross-border payments. For investors seeking a foothold in this market, acquiring an existing licensed exchange can often be more attractive than establishing one from scratch. However, such acquisitions are complex, heavily regulated, and require careful planning. This...
The UAE has long established itself as a global financial hub, driven by its strategic geographic position, expatriate-heavy population, and pro-business regulatory environment. One of the thriving industries in this ecosystem is the money exchange sector, which plays a crucial role in facilitating remittances, currency conversions, and other cross-border financial services. With millions of expatriates...
Money exchangers and remittance houses in the UAE operate within a strict legal and regulatory framework designed to safeguard the financial system, protect customers, and prevent misuse for money laundering or terrorist financing. The framework rests on two complementary pillars: (a) the Central Bank of the UAE (CBUAE) licensing and supervision regime for exchange businesses;...
A New Chapter in Crypto Regulation In a groundbreaking development for the UAE’s digital asset sector, the Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (VARA) have agreed on a unified regulatory framework. The move signals a significant leap toward a truly nationwide, cohesive system for governing virtual assets and streamlining Virtual...
The UAE has introduced a new compliance requirement for visiting influencers and content creators: anyone not residing in the UAE who intends to publish paid promotional content while in the country—even temporarily—must now obtain a Visitor Advertiser Permit. This update is part of the government’s ongoing efforts to regulate digital advertising, protect consumers, and ensure...
Introduction The UAE is one of the most dynamic financial hubs in the Middle East, supported by a well-regulated banking and financial services sector. With its strategic location, strong demand for remittance services, and a sizable expatriate population, the money exchange business in the UAE has proven to be both lucrative and competitive. This...
In a landmark ruling reinforcing the sanctity of corporate confidentiality, the Abu Dhabi Family, Civil and Administrative Claims Court has mandated that a former employee pay AED 50,000 in compensation to her former employer. The decision follows a legal claim brought by the company after discovering that she had leaked sensitive internal data via her work...
In the dynamic landscape of the UAE’s business environment, choosing the right structure for incorporation can have a lasting impact on a venture’s regulatory flexibility, strategic positioning, and governance. Among various incorporation options, foundations are increasingly gaining prominence for asset protection, legacy planning, and governance structuring, especially among high-net-worth individuals (HNWIs), family offices, and cross-border...
The UAE’s real estate market is a hub for local and international investors due to its attractive tax environment. While the country does not levy personal income tax or federal corporate tax on most real estate transactions, Value Added Tax (VAT) was introduced on 1 January 2018 through Federal Decree-Law No. (8) of 2017 on...
