Lawyers Archives - Fichte & Co

February 26, 2020

Few Key Changes of the New Dubai Multi Commodities Centre Authority(DMCCA) Companies Regulations 2020

Dubai Multi Commodities Centre (DMCC) recently announced new DMCCA Company Regulations 2020, which came into effect from 2 January 2020 to further enhance the ease of registration and operation of businesses. The new Regulations have brought in some changes in the existing company law framework, increasing by this the remit of the activities undertaken by...

Force Majeure and the Coronavirus

1.Introduction As at the time of writing this article, the confirmed coronavirus cases now exceed 76,262 and caused more than 2,100 deaths (26 February 2020) (CNN). In the UAE, so far there has been a record of 13 people infected with the virus, however, three of the patients successfully recovered from the virus during the...

February 24, 2020

New “Dubai Future District” for Future Economy

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai has announced the launch of a new district combining the key commercial and financial hubs in Dubai and is dedicated to the development of the future economy under the name of 'Dubai Future District'. The Dubai...

February 18, 2020

News Alert: Economic Substance Requirements Guidance Issued

Introduction On 11 September 2019, the UAE issued Ministerial Decision No. 215 of 2019 on the Directives for the implementation of the Economic Substance Regulations (ESR). The ESR was earlier published in April 2019 as the Cabinet of Ministers Resolution No. 31 of 2019. The Ministerial Decision of September 2019 (the “Guidance”) is served as...

Everything You Need to Know about the New Joint Property Law

Background and introduction Just recently, His Highness Sheikh Mohammed bin Rashid Al Maktoum Vice President and Prime Minister of the UAE issued Law No. (6) of 2019 pertaining to the Joint Ownership of Properties (Joint Ownership Law) in Dubai. This newly enacted law repeals Law No. (27) of 2007 concerning Jointly Owned Property in the...

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...

October 21, 2019

Gulf Tanker Attacks: Implications on Costs

Tanker attacks have a long history indicating that it could be a powerful weapon in international conflict, which can significantly destabilize an economy. During the Iraq-Iran War in the 1980s, oil terminals and tankers were under severe attacks, which directly affected the economies of both nations, in addition to the safety of maritime traffic. Very...

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...