‘Notary Public’ services are expected to go digital as a result of the recent amendments to Law No. (4) of 2013 which deals with the Notary Public Activities in the Emirate of Dubai. His Highness Sheikh Muhammed bin Rashid Al Maktoum in his capacity as ruler of Dubai, issued Law No. (26) of 2021, amending...
The UAE Central Bank, the Ministry of Economy, and the Ministry of Justice announced a new Federal Decree No. 14/2020 (“Decree”) on September 27th, 2020[1], which in effect amends the Commercial Transaction Law No. 18 of 1993 (“C T Law”) by partially decriminalizing on cheque bounce due to insufficient funds. The majority of the amendments...
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...
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...
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...
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...
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...
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...
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...
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...
