Corporate & Commercial Archives - Fichte & Co

January 27, 2020

10 Things to Know about the New Incoterms 2020

Published since 1936, the International Chamber of Commerce (ICC) has published a set of three letter trading terms for the use in sale and purchase contracts. These ‘Incoterms’ deal with the obligations of the buyer and seller and consistent of 11 three- letter trading terms grouped as follows: C rules: governs where the seller arranges...

Everything You Need to Know about Limitation Period of Labour Cases in the UAE

Overview: To start with, the UAE labour law defines the employment contract as "any agreement for a definite or indefinite term, concluded between an employer and an employee, whereby the latter undertakes to work in the employer's service and under his/her management and control, in return of a certain wage that the employer undertakes to...

January 14, 2020

Will insurance cover damages by rain? UAE law firm clarifies

Residents have questions whether these damages are covered under the insurance as rains are caused by "intentional act" of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally covered under the UAE insurance policies unless it has been explicitly excluded in the agreement, legal experts have said. Sridhar...

January 12, 2020

UAE Ministry on New Specific Legislation of Insolvency of Natural Persons

This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are unable...

November 7, 2019

DSI Vows Justice on Dh3B Fraud

Corporate governance to play key role in sustaining investor trust Drake & Scull International (DSI), a Dubai-based contractor, on Wednesday said it will take the ongoing investigation into the company's financial irregularities to a logical conclusion and pursue everyone from the previous management who is proven guilty of fraud. The company alleged that losses running...

September 24, 2019

Funding Your Start-Up In The UAE

Funding options for start-ups in the UAE are on the rise. Traditionally, most start-ups in the UAE have tended to be bootstrapped or financed by conventional lenders such as banks and financial institutions. However, over the last few years, business incubators and accelerators have flourished in the UAE, creating a conducive and cost-effective environment for...

September 18, 2019

UPDATE: Medical Liability Law in the UAE

Legal liability, whether criminal or civil, happens as a result of an act (or omission of an act) committed by a person, which results in damage to a third party, this includes medical malpractice. Under the Medical Liability Federal Law No. 4 of 2016 (the “2016 Law”), a medical professional is required to pay necessary...

August 19, 2019

Abraaj gets Dh1.156 billion DFSA fine

Some major violations committed by Abraaj entities include carrying out unauthorised financial services. Dubai regulator on Tuesday penalised two Abraaj Group entities with a record Dh1.156 billion in fines - the biggest penalty by any regulatory authority in the UAE - for violating its regulations and deceiving investors. The Dubai Financial Services Authority (DFSA) said...

Compliance Alert: 10 Things you Must Know about the New Economic Substance Regulations in the UAE

Executive Summary The UAE recently enacted the Cabinet Decision No. 31/2019 concerning the economic substance regulations (the “Regulations” or the “Economic Substance Regulations”) on 30 April 2019 in response to the European Union (EU) adding the UAE to the blacklist of non-cooperative jurisdictions for tax purposes in March 2019. The Regulations primarily apply to companies...

UAE Reduces the Official Fees for Trademark Registration

Pursuant to Cabinet Decision no. 51 of 2019, the United Arab Emirates announced a new amended fee and fine structure where in it has cancelled the fees for 102 services and reduced the charges for other services among 110 services offered by the Ministry of Economy, including those related to intellectual property matters , as...