Time to assess your situation in light of these guidelines The long-awaited Explanatory Guide (Guide) was just released by the Ministry of Finance (MoF). The Guide provides an article-by-article explanation of the meaning and intended effect of the provisions of the Corporate Tax Law and its implementing decisions (issued as of 30 April 2023). The Guide may be used to…
When your lease contract is due for renewal, it is important to know your legal rights as a tenant. Dubai has defined clear parameters that determine whether a landlord can request an increase in the annual rental and if applicable, the permitted percentage of increase. It has also defined certain notification requirements that a landlord should follow if he wishes…
On February 7, 2023, the Dubai Virtual Assets Regulatory Authority (VARA) issued its much-anticipated Virtual Assets and Related Activities Regulations 2023 (VARA Regulations), which sets out a comprehensive framework for the regulation of all virtual assets (Virtual Assets Framework) in the Emirate of Dubai in the United Arab Emirates (UAE). VARA’s regulations were issued pursuant to Law No. (4) of…
The nomination of subcontractors by an employer is a fairly common practice in the construction sector in the UAE and is often dictated by commercial considerations. Nomination of subcontractors can for example occur in one of the following circumstances: The legal repercussions of the nomination are complex and are often not sufficiently understood by the parties when they engage in…
Introduction Will registration is not something that many people deal with and value the importance of due to the simple fact that it may feel uncomfortable for testators when planning death-related matters. However, registering a will can actually safeguard against any issues, complications, and expenses that may arise following someone’s death, especially in the UAE. According to Article 240 of…
Introduction Arbitration is one of the most popular methods of alternative dispute resolution around the world, particularly as we are seeing more and more disputes as the global economy is intertwined, with businesses conducting cross border trade making international commercial transactions and contracts a crucial component of this interaction, and therefore the need to have a streamlined process to resolve…
Introduction “Hey Siri, what are the odds of winning the lawsuit I filed against my employer who discharged me from work without prior notice?” Do you think that Siri will have the capability one day to answer such type of questions? With technological developments being seen as disrupting all areas of business, streamlining the way we work, most sectors were…
Introduction Coronavirus, characterized and acknowledged as a pandemic by the World Health Organization (WHO) has touched almost every country. Its severe repercussions reverberated across the world, causing substantial socio-economic and psychological impacts such as loss of revenue, disruption of business, global trade deficits, and especially the human quotient aspect of prolonged exposure to stress and health. Borders were closed, general…
Digital Dignity – A Digital Health Pass – Protection vs. Discrimination Introduction Almost two years into a pandemic that claimed the lives of millions, closed borders, applied lockdowns and forced us into a virtual existence. The coronavirus pandemic has reached every country in the world leaving economies and businesses counting the costs. At the end of 2020, we saw several vaccines being proposed…
The United Arab Emirates (“UAE”) is a leading modern jurisdiction providing on-shore, off-shore and free zone company solutions. Located in one of the seven emirates in the UAE and only an hour away from Dubai’s International Airport, the Ras Al Khaimah International Corporate Center (“RAK ICC”) is an international corporate registry. This registry supports the setting up and structuring of…
Since Anti Money Laundering (AML) and compliance regulations became a global necessity for a law risk rating, most of the countries including UAE require their local bodies; entities and individuals to comply with related regulations, especially these of which issued by the central banks. The accelerating development in Technology, especially in FinTech and Blockchain, require countries to continuously update their…
When considering a joint venture in the UAE, the jurisdiction to incorporate the JV corporate vehicle and the applicable laws, along with the dispute resolution forum that will apply to such corporate vehicle, ought to be prudently thought-out. In this article we list the salient points to consider in a similar scenario: Different classes of shares – Is it necessary?…
