ADGM enacted the Electronic Transactions Regulations 2021 to provide greater certainty for electronic dealings. As a result, ADGM’s regulatory framework is in line with international standards on e-commerce and electronic dealing. The objective is to confirm that electronic signatures, contracts, records and documents are legally valid as the traditional non-electronic versions. Related Services: General Corporate...
Dubai International Financial Centre (DIFC) reported the best performance in its 16-year experience. Dubai’s growth trajectory across the global finance industry is well seen with the 20% growth in new firms; 24% growth in financial companies and the FinTech Businesses and Innovation ecosystem number doubled and it requires trade license. Business sectors also achieved exponential...
Dubai International Financial Centre (DIFC) has proposed amendments for providing an appropriate regulatory environment for businesses to operate in or from the Centre. Various legislative proposals seek public comments, such as Amendments to the Employment Law Amendments to provide clarity on Qualifying Scheme regime; Amendments to the basic workplace health and safety requirements to include...
The Abu Dhabi Global Market (ADGM) launched new Data Protection Regulations (“the Regulations”) on 14th February 2020, replacing the 2015 version. The new regulations broadly align itself with the European Union’s General Data Protection Regulation (GDPR), which is considered to be the gold standard for data protection legislation. Key Features of The Regulations The new...
Disputes concerning personal affairs such as alimony, custody of children, dowry, complaints on visiting by non-custodial parents etc. will now be settled in a single session. The issuance of this rule is under the ‘Regulatory Procedures Guide on Personal Affairs’. The new regulatory guide will cut time and effort and will help the stability of...
The owners of the construction buildings are now required to obtain environment licenses in three instances as proclaimed by the Abu Dhabi Environment Authority. The idea is to assess the environmental hazards and to stop or curb their impact by these licenses. They are: Start of a new project or a new building. Existing project...
Contrary to previous budgets, this year NRIs have received their fair share of incentives. The foremost is the relaxation announced on Double Taxation. Finance Minister Smt. Nirmala Sitharaman pointed out that NRIs faced issues related to their accrued incomes in their foreign retirement accounts mainly due to a mismatch in the taxation periods. The new...
Arabtec, Dubai-based construction major, hired de Novo Corporate Advisors and Lumina Capital Advisers to secure maximum value for subsidiaries including Target Engineering and Arabtec Engineering Services (AES). The company assured the creditors that they would try their level best to protect the value of the liquidation assets. The company is ready to implement all possible...
UAE based onshore and free zone business entities conducting “Relevant Activities” as per the current Economic Substance Regulations (ESR), can now file their Economic Substance Notifications and Economic Substance Report directly from the webpage of Ministry of Finance (MoF) at Economic Substance Regulations (mof.gov.ae) ESR filing are made effective from financial year commencing 1 January...
Traditionally, setting up a business in UAE mainland required a local partnership. Only Free Zone entities were allowed 100% foreign ownership. A recent announcement has radically changed the business landscape of UAE, allowing 100% foreign ownership in UAE mainland businesses. Investments in certain sectors and economic activities will benefit from this newscheme. Related Services: General...
