Insights
Articles by ATB Legal
Company Formation
Ultimate beneficial owner disclosure requirements in UAE
Introduction The Cabinet Decision No. (58) of 2020 regulating the Beneficial Owner disclosure Procedures, hereinafter referred to as the “Decision” replaced the Cabinet Decision No. (34) of 2020 dealing with the Regulation of Beneficial Owner Procedures and came into effect on 28.08.2020. The Decision was enforced in furtherance of combatting money laundering and terrorism funding, both of […]
Corporate and Commercial
Talent Attraction and Retention Approved by UAE
The UAE cabinet approved the Strategy for Talent Attraction and Retention to strengthen the UAE’s position as the best destination for living, working, and investing. The strategy plans to place UAE among the three top countries in talent attraction and retention. UAE is aware of the talents that contributed to its growth and is ready […]
Arbitration
Singapore Flourishing as the International Arbitration Hub
Singapore International Arbitration Centre (SIAC) announced the registering of 1,080 new cases in 2020 which is 125% more than the year 2019. This tremendous growth is attributed to Singapore’s connectivity with the biggest economies of the world. By utilizing its geographical advantage and its continuous efforts to be on par with the legal practice of […]
Arbitration
Arbitration proceeding between two Indian parties can be validly conducted in a foreign seat – says Supreme Court of India
The Supreme Court of India, while disposing of an appeal filed in the matter of PASL Wind Solutions Private Limited Vs GE Power Conversion India Private Limited (2021) SCC Online SC 331 reconfirmed that arbitration proceeding between two Indian parties can be validly conducted in a foreign seat. This decision further augments the concept of […]
Compliance in the UAE
Insurance Product Value increased to AED 250 for Companies that fail to Pay Salaries on Time
Insurance Product Value To improve work relationship stability, MoHRE, Ministry of Human Resources and Emiratisation, compelled private sector establishments to pay the wages on time under the Wages Protection System. This came up because of the COVID-19 challenges that affected the global labor markets. As a penalty for the wage issue, authorities have raised the […]
Corporate and Commercial
Cabinet Approval to Increase Local Exports to Diversify from Oil and Gas
To diversify focus away from oil and gas, the UAE cabinet decided to increase the local export market to 50% of the total export. Cabinet approved an export development policy to support the country’s foreign trade and thereby increase the GDP contribution from non-oil sectors. This was to be attained by opening new channels and […]
Company Formation
Cryptocurrency Businesses can open offices within DMCC Freezone
Crypto assets businesses can obtain bespoke licenses from the DMCC Crypto Centre in Dubai. The Dubai Government Authority relating to commodities, trade license, and enterprise and DMCC Freezone signed a Memorandum of Understanding (MoU) with the SCA (Securities and Commodities Authority) to launch a regulatory framework for businesses using crypto assets in DMCC. SCA will […]
ADGM
ADGM Financial Services Regulatory Authority launches Regulatory Framework for Authorization and Supervision of Fin-Tech
The Financial Services Regulatory Authority (FSRA) of ADGM introduced a new framework for the authorization and supervision of third-party financial technology (FinTech) firms. Third-Party Providers (“TPPs”) are the intermediaries between customers and financial institutions. They help customers to make use of their data more effectively while conducting financial transactions. This new Regulatory Framework will parallelly […]
Compliance in the UAE
Registration of designated non-financial businesses & professions in anti-money laundering regulations extended till April 30, 2021.
The UAE Ministry of Economy extended the registration date in government regulations for countering money laundering and terrorism financing until the end of April for non-financial businesses and professions. The targeted companies including real estate agents and brokers, precious metals and gemstones dealers, auditors, corporate service providers and legal consulting companies (legal consulting companies not […]
Compliance in the UAE
6-Month visa to aid Golden Residency Visa Procedures
UAE ICA issued a six-month validity visa to help complete the Golden Visa procedures for long-duration residency. This visa can be stretched for an additional six months. The thing to be noted here is that the multiple-entry visa can be used only for the completion of Golden Visa procedures. Golden Visa is a 10-year validity […]
ADGM
SIAC signs MoU with ADGM Arbitration Centre
Singapore International Arbitration Centre (SIAC) entered a Memorandum of Understanding (MoU) with the ADGM Arbitration Center (ADGMAC) on April 8, 2021, to promote international arbitration for resolving international disputes. SIAC and ADGMAC will join hands to host conferences, workshops, and seminars on International Arbitration in UAE and Singapore. They will mutually help when arbitration hearings […]
Company Formation
Tech start-ups and Entrepreneurs grab the opportunity at DIFC and run the show.
DIFC, now available for all start-ups and entrepreneurs, offers an opportunity to grow and establish their businesses with the Innovation License. With DIFC’s vast connections every joiner will be open to diversified types of banks, financial, and service providers. DIFC Innovation License enables you to enter tech innovations in the MENASA region. DIFC FinTech Hive […]