The concept of trusts, a longstanding fixture in common law jurisdictions, has been steadily gaining traction in the UAE’s legal landscape. With the introduction of specific regulations and the increasing acceptance of trust structures, the UAE offers a robust framework for both domestic and international clients seeking to utilize trusts for various purposes. This article...
Introduction RAK International Corporate Centre (RAK ICC) Foundations offer a robust and versatile legal structure designed to manage and protect assets efficiently. As a corporate body with a distinct legal personality separate from its founder(s), the RAK ICC Foundation operates through its council to administer its assets and achieve its objectives. These foundations provide enhanced...
Introduction Foundations serve as an efficient mechanism to consolidate family holdings of various assets into a single top-holding entity. Utilizing a Foundation to hold family assets, whether business interests, property, financial investments, or any other assets, allows for the legalization of clear instructions regarding the transfer of assets upon succession. The Abu Dhabi Global Market...
Following recent improvements in regional relations, Qatar has signed tax treaties with the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA). These Double Tax Avoidance Agreements (DTAAs) are a positive step for businesses and individuals operating in all three countries. GCC Economic Cooperation Takes a Leap Forward In a significant development...
An industrial license in Saudi Arabia permits businesses to engage in manufacturing and production activities. Acquiring this license involves meeting specific requirements based on your business activity and company’s specifications. This article outlines the steps to obtain an industrial license, the benefits of having one, and the regulatory framework governing industrial activities in Saudi...
The UAE had earlier 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. The Ministry of Human Resources and Emiratisation (MoHRE) has issued a renewed call to private...
The National Investment Strategy (NIS) of the Kingdom of Saudi Arabia (KSA) represents a cornerstone of the nation’s economic future, crafted to harness and amplify the Kingdom’s inherent strengths. This ambitious initiative is not just about capital influx; it’s a pivotal movement designed to catalyse profound economic development, harmonizing with the broader Vision 2030 agenda....
UAE introduces Blue Visa and Gaming Visa addressing specific sectors with significant growth potential and opening substantial business opportunities. Sheikh Mohammed bin Rashid approves 10-year Blue Residency visa for environment champions https://t.co/7WKtLjJMBi pic.twitter.com/8Kkv47Pxqu — UAE News (@UAENews) May 15, 2024 The United Arab Emirates (UAE) has introduced the Blue Visa, the latest in a series...
An overview of the key steps involved in incorporating a company in Saudi Arabia, this guide aims to simplify the incorporation process for businesses seeking to establish a presence in the Middle East with easy access to the European and African markets. Saudi Arabia is rapidly becoming a preferred destination for businesses aiming to...
Unlock the potential of Saudi Arabia’s booming economy with our expert guide on incorporating your business in the region. From legal procedures to strategic insights, we’ve got you covered for successful expansion in the Middle East. Are you an ambitious entrepreneur seeking to expand your business ventures in the Kingdom of Saudi Arabia? Renowned for...
