Corporate & Commercial Archives - Fichte & Co

DIFC Proposes New Data Protection Law

On 18 June 2019, the Dubai International Financial Centre (DIFC) issued Consultation Paper No. 6 of 2019 (“Consultation Paper”) seeking public comments on the proposal by the Dubai International Financial Centre Authority (DIFCA) to issue a new Data Protection Law aimed at enhancing the existing legal framework on data protection in the DIFC (“Proposed Law”)....

New Foreign Direct Investment Law (Federal Law No. 19 of 2018): Upto 100% Foreign Ownership in the UAE

The Government of UAE has always taken initiatives in the improvement of the economy of the country by amending the existing Law or introducing new Laws, to attract more foreign investors to the country. Among several initiatives taken by the Govt of UAE, in November last year, a law permitting 100 per cent foreign ownership...

UPDATE: New DIFC Wills and Probate Rules

The DIFC Wills and Probate Registry (WPR) has been established as an official mechanism for non-Muslims to register their wills and have it enforced through the DIFC Courts. Previously there was a lot of uncertainty with regards to the registration of wills of non-Muslims since Shari’a principles govern inheritance throughout the UAE. If an expatriate...

The New DIFC Employment Law- What Has Changed?

DIFC Employment Law no. 2 of 2019 (“New Law”) has recently been enacted which repeals and replaces the DIFC Law no. 4/2005 as amended by DIFC Law no. 3 of 2012 (“Previous Law”). There has been an ongoing debate about the implemented changes introduced by the New Law. Some changes have been enacted to protect...

New System to Boost UAE Finance Sectors’s Integrity

The new system "will not affect the customers of banks since it is not applicable to them", the central bank said. The Central Bank of the UAE has developed a Persona Non Grata (UAEPNG) System in order to restrict persons with questionable professional integrity from joining the financial sector. The system is aimed at protecting...

Everything You Need to Know about FIDIC Contract in the UAE

Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20 years and international cooperation, FIDIC contracts are commonly used on construction projects in UAE. However, peculiarities of legislation and special...

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...