Corporate & Commercial Archives - Fichte & Co

Cyber Security Policy from a Legal Perspective

What is a cyber security policy? A cyber security policy is a document that specifies the vulnerable cyber assets (technology and information) that have to be protected from certain risks. Furthermore, it specifies those risks and the way of dealing with them, as well as people responsible for such protection. In other words, a cyber...

The UAE Insurance Authority Issues New List of Fines for Non-compliance with Insurance Regulations

Introduction and Background On 6 January 2019, the UAE Insurance Authority (“IA”) published the 'Cabinet Resolution No 7 of 2019’ concerning the Administrative Fines Imposed by the Insurance Authority' (the “Resolution”). This Resolution lists 204 penalties and fines for violating the Federal Law No. 6 of 2007 ‘Concerning the Establishment of the Insurance Authority &...

Shipping Lawyers at Fichte and Co Finally Activated Arrest Documents to Rescue the Stranded Sailors

The first of seven ships abandoned at sea, with more than 30 crew on board, are being towed to shore after arrest warrants were served against a UAE firm. It is the beginning of the end of almost three years of misery for some seafarers, locked in limbo without pay as their employers faced financial...

Do You Really Need to Rent an Office Space to Set up a Company in the UAE?

The simple answer to this question is: yes and no. The longer answer is set out in this article which explains the different options now available in the UAE to help you avoid having to rent a physical office space if you don’t really need it for your business. Onshore/Mainland Businesses If you want to...

Property Ownership through Corporate Vehicles

The Dubai government has continually made changes to its real estate regulations, granting further flexibility for foreigners to own property in Dubai. Although there are still restrictions for foreign companies, there have been some developments over the past couple of years surrounding the types of UAE entities which are allowed to own property. The companies...

February 26, 2019

DIFC Entities: Are You Compliant with the New Ultimate Beneficial Ownership Regulations?

Background The Dubai International Financial Centre (DIFC), on 12 November 2018, issued the Ultimate Beneficial Ownership Regulations (“UBO Regulations”) with a deadline of 12 February 2019 to comply with its requirements. Owing to the high number of requests for clarifications, the DIFC recently issued a guidance note and organised an outreach session on 25 February...

UAE Hot Spots for Fintech Companies

The UAE is fast emerging as a hub for fintech companies in Middle East. In the bid to becoming an international financial powerhouse, the UAE government has pushed for initiatives in the fintech sector by establishing accelerators and sandboxes to create a supporting environment for innovation to flourish, particularly in the country’s renowned financial jurisdictions,...

January 13, 2019

New Regulations for JAFZA Offshore Companies 2018-Some Key Changes You should Know

Recently, Jebel Ali Free Zone Authority (JAFZA) has issued its new JAFZA Offshore Companies Regulations, 2018 (‘New Regulations’) applicable to all the Offshore Companies formed with the Authority and shall repeal and replace the JAFZA Offshore Companies Regulations, 2003 (‘Old Regulations’). However, the exact enforcement date of the new regulations is yet to be announced...

December 19, 2018

Director Liabilities Under UAE Laws

There are various provisions under Federal Law no. 2 of 2015 on the Commercial Companies Law (“CCL”) which relate to directors’ and managers’ liabilities and duty of care. The CCL is the most referenced legislation when dealing with directors’ duties and day to day management of their companies. There is no uniform set of legislation...

December 18, 2018

The Importance of Registration of Trademark in the UAE

The UAE offers opportunities in all business sectors with its hospitable business climate and has become home to multinational companies and entrepreneurs. Setting up of company in UAE is a strategic decision and investors must consider various aspect before choosing the right structure and jurisdiction for setting up company. However, it is often seen that...