Lawyers 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...

Dubai Ports Ease Qatar Cargo Ban After Similar Abu Dhabi Measure

Dubai’s biggest port operator has followed Abu Dhabi in advising that third-party shippers can now move cargo to and from Qatar, seemingly easing restrictions in place for nearly two years. Qatari-flagged ships and vessels with Qatari owners are still prohibited, DP World Ltd., which runs the Jebel Ali port, said in a circular dated Feb....

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,...

Anti-Suit Injunctions and Arbitration

Broadly, the intention behind international arbitration, as a mechanism for dispute resolution, is three-fold: Confidentiality – most parties do not want their submissions to be brought in the public domain and arbitration more or less assures them of such confidentiality; Neutrality – adversaries stay away from each other’s courts; and Enforceability – an award is...

January 20, 2019

UAE & the Singapore Convention on Mediation (International Settlement Agreements)

After more than 3 years of debate and preparation, the UN Convention on International Settlement Agreements Resulting from Mediation (the “Convention”) will be signed by several UN Member States in Singapore on 1 August 2019. Middle and Near East participants in the UNCITRAL sessions leading up to the final draft of the Convention were Kuwait,...