Compliance in the UAE

Compliance in the UAE: Companies must comply with Audit, Economic Substance Regulations, Ultimate Beneficiary Owner (UBO), VAT, AML, Country by Country Reporting (CbCR), and Wage Protection System (WPS), among other things.

UAE Emiratisation Guidelines and Penalties for Non-Compliance

  The UAE has heavily penalized 1,202 companies for fake Emiratization practices, imposing fines up to AED 100,000 per violation and revoking benefits from the Nafis program. Understand the Emiratization policies and the UAE’s commitment to deterring fraudulent practices.  Emiratisation is a strategic initiative by the UAE government aimed at increasing the employment of Emirati...

December 17, 2023
UAE Finance Lease Laws: Lessee or Lessor—Who is Liable for the Losses?

Federal Decree-Law No. (32) of 2023 on Finance Lease comes into effect on 29 March 2024 Bilateral and tripartite leasing includes sale-leaseback arrangements Registration of a finance lease agreement is no more mandatory; but needed to ensure enforceability with third parties In a tripartite lease arrangement, the risk of loss concerning the leased asset is...

September 1, 2022
New law in the UAE now provides Protection of Personal Data.

Introduction Personal Data means any data relating to an identified natural person or a natural person who can be identified, through the linking of data by reference to an identifiable information/data. The identifiers could be his or her name, voice, picture, physical or physiological information, cultural or social characteristics, electronic identifier, geographical location, and also...

April 28, 2021
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...

April 18, 2021
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...

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