Regional industry news, activities at Fichte and insight into industry trends from leading subject matter experts.
In its September 4, 2019 Press release The Treasury's Office of Foreign Assets Control (OFAC) issued a new shipping advisory for all the Maritime community. This came as a strong warning to be vigilant of involvement with regimes or entities that Iran's Revolutionary Guard Corps-Qods Force and its proxy Hizballah, who continue to move hundreds...
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...
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...
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...
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”)....
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...
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 seminar aligned both the UAE and Singapore with the vision of the International Maritime Organization as the 2020 sulphur cap lurks around the corner Fichte & Co Legal, one of the UAE’s leading law firms, has recently held an informative seminar at the JW Marriott Marquis, Business Bay in Dubai, UAE. The session tackled...
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...
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...
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...
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...
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 &...
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...
Fichte & Co is thrilled to announce our contribution to Enforcement of Foreign Judgement 2019. Our Managing Partner, Jasmin Fichte and Partner, Alessandro Tricoli have contributed to the 4th edition of ICLG, the International Comparative Legal Guide. The UAE chapter consists: Various regimes applicable to recognising and enforcing judgments in UAE jurisdiction and the list of...
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...
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’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....
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...
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,...
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...
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,...
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...
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...
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...
Background On 12 November 2018, the Dubai International Financial Centre (DIFC) issued the following new laws and regulations: Companies Law (DIFC Law No. 8 of 2018) and the Companies Regulation (“New Companies Law”) Operating Law (DIFC Law No. 7 of 2018) and the Operating Regulations (“Operating Law”) Ultimate Beneficial Ownership Regulations issued pursuant to the...
Bribery & Corruption 2019 - United Arab Emirates Our Partner and Head of Shipping Department, Alessandro Tricoli has contributed to the Global Legal Insights to: Bribery & Corruption 2019. Bribery & Corruption 2019 covers key topics including law and enforcement regimes, recent enforcement activity and policy, investigations, decision-making and enforcement, and proposed reforms in 29...
The M&A deal is nearing closing. You now have to transfer the shares of a limited liability company (“LLC”) in Dubai – how do you go about it? This ‘how-to’ note sets out the key steps involved in transferring shares of a Dubai-based LLC. Step 1: Fill up the Registration and Licensing Application Form Fill...
Earlier this year, the UAE government announced that foreigners will be allowed to retain 100% ownership in UAE mainland companies. Federal Decree Law no. 19 of 2018 on Foreign Direct Investments (“FDI Law”) has finally been issued and introduces the process by which the UAE authorities will govern foreign direct investments. Below we have highlighted...
Muqawala contract or construction contract is in its general nature, governed by the general liability rules stipulated in the Federal Civil Transactions Law No. (5) of 1985 as amended by the law No. (1) of 1987. In particular, the specific articles regulating the relationship between the employer, the main contractor and subcontractors are mentioned in...
Freezones have always been the topic of discussion in the U.A.E., especially when considering options for setting up a business within the country. Which is why, many investors are attracted to establishing a company within the UAE freezones, as unique packages united with advantages offer the perfect hub for businesses to grow. Amongst the various...
The UAE government has included the Transportation Sector as one of the major Industry sectors in their strategic vision and the FTA (Federal Transport Authority) has taken on the task to improve the maritime infrastructure. Areas of needed improvement have been identified such as the UAE Flag registry, Maritime Arbitration, Maritime Law, Maritime Academies and...
Debts can be traced back to that time before the barter system. At that time, people exchanged services and goods for other services and goods in return. But, what if there were no current services or goods to be exchanged with, and what if one party failed to supply the goods or services as promised?...
A special analysis on the UAE Maritime Commercial Law: The current status and what is needed to be done to improve it In line with government's vision, the UAE Federal Transport Authority ("the FTA"), being the federal entity responsible for the maritime sector, has adopted a long term strategic plan to transform the UAE into...
Until the issue of the Federal Law No. 4 of 2012 on the Regulation of Competition, the United Arab Emirates (UAE) lacked a composite law on competition, with elements of competition law strewn over various legislations. In 2013, the said law came into force, aiming to curb anti-competitive practices and regulate economic concentrations. This article...
Purchasing off-plan property has become the new norm, with affordable prices and the increase in incentives being offered, purchasers are quick to jump on the bandwagon. The Dubai Law No. (8) of 2007 On the Matter of Escrow Accounts for Real Estate Development ("Escrow Law") was issued for the purposes of safeguarding purchaser’s money after...
Definition of bankruptcy: Legally speaking, bankruptcy in the UAE is an expression used to describe a legal status in which a natural (individual) or legal (company) person owes a sum of money to third parties and ceases to pay its debts when they fall due because of its troubled financial position and insolvency. Historical background:...
A Address A string of letters and numbers that are used to receive cryptocurrency. Works similar to a traditional bank account number and can be shared publicly with others. All Time High (ATH) Refers to the maximum price of an asset, higher than at any other time in its trading history. Cryptocurrencies have risen dramatically,...
There are few individuals who are as articulate about or committed to the cause of turning Dubai into a global shipping hub than United Arab Emirates (UAE)-based German lawyer Jasmin Fichte. Setting up Fichte & Co. in 2005, Jasmin Fichte has championed the cause at hundreds of conferences and is frequently the standout individual making...
The Federal Tax Authority (FTA) has recently published a clarification on VAT treatment of compensation type payments, such as payments to settle disputes, and other contractually agreed compensation. Where a payment or fee is not a consideration for a supply, there is no VAT due. Often times, there are penalty clauses or liquidated damages clauses...
AT A GLANCE: Major changes announced by UAE Cabinet • UAE Cabinet announces decision to abolish mandatory bank guarantee for labour recruitment and replace it with a low-cost insurance system. • New visa facilitation procedures for visitors, residents, families & people overstaying their visa also adopted. • UAE exemption of transit passengers from all entry...
Whether to apply zero-rating to the export of services and how to do so, has been a recurring concern amongst businesses in the UAE, especially to those providing consultancy services. Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”) and Cabinet Decision No. 52 of 2017 on the Executive Regulations of the...
Geographically, as being in the centre of the World, the UAE is arguably an “ideal” Maritime location. As a gateway to Europe and America from the Fareast, one of the largest Ports in the World, state of the art warehousing facilities and a tax-free nation – UAE has much to offer to be a Maritime...
Navigating the financial regulatory landscape of a country can be daunting. The myriad of regulators and regulations can make you feel stuck in a grey area – not a comfortable place for someone who wants black and white. This article seeks to answer some of the most asked questions of the financial regulatory system in...
20 questions with the Managing Partner, Jasmin Fichte If there is one thing the maritime lawyer could do with, it’s more time. To read a good book, go for a quiet walk, maybe finish that PhD on wreck removal, and then there’s a golf handicap that needs some serious work. What was your earliest memory?...
Client Iftar 2018 at the Historic Ocean Liner On the occasion of the Holy Month of Ramadan, we hosted an Iftar gathering for our clients on the Queen Elizabeth 2. The Queen Elizabeth 2, often referred to simply as QE2, is a floating hotel and retired ocean liner built for the Cunard Line which was...
The deadline to comply with the European Union’s General Data Protection Regulation (GDPR) is just around the corner. In this article, we summarize the key points that you need to know about the GDPR and how to acheive GDPR compliance. What is the GDPR? The GDPR (General Data Protection Regulation) is a new European Union...
The UAE has climbed to sixth place in 2017 from seventh in 2015 on the list of the future leading maritime capitals. The UAE maritime industry is seeking exemption from the value-added tax as industry falters. Maritime Executives in the United Arab Emirates are lobbying the government to reduce new value-added tax obligations, saying they...
A time-bar (or a statute of limitations as known under common law jurisdictions) is a statutory time limit for the enforcement of a civil claim through legal proceedings. As such a time-bar normally does not eliminate the claim, but it offers the other party an effective defence against its enforcement, thus it is a procedural...
Key Considerations for Ministerial Decision no. 31 of 2018 Concerning Developing a New Employment System Under Part-Time Contracts (“Ministerial Resolution”) The Ministerial Resolution which allows part-time work in the UAE to be conducted without the approval of an employee’s sponsor has recently been published, allowing for greater movement for workers in the UAE. The Ministerial...
Digital assets have been hitting the headlines regularly. Irina Heaver explains with a host of different terms being used, and many different regulators and regulations potentially being relevant depending on the nature of the specific assets it is important to understand the latest regulatory positions. To read the full article, click here. This...
Fichte & Co is thrilled to announce our contribution to Enforcement of Foreign Judgement 2018. Our Managing Partner, Jasmin Fichte and Partner, Alessandro Tricoli have contributed to the 3rd edition of ICLG, the International Comparative Legal Guide. The UAE chapter consists: Various regimes applicable to recognising and enforcing judgments in UAE jurisdiction and the list of...
Fichte & Co is pleased to announce Business Membership with British Business Group, Dubai & Northen Emirates. Membership Benefits Constructive networking opportunities at breakfast briefings, business lunches, dinners and other social events Insightful guest speakers providing market and industry trends Sector-specific focus group gatherings on issues and opportunities for industries Integrated membership website encouraging group-wide...
The Dubai Multi Commodity Centre (DMCC) free zone has recently issued guidelines permitting companies to redomicile or migrate to the DMCC from other jurisdictions provided the laws of the jurisdiction in which it is incorporated permit the transfer of the company to the DMCC. What is Redomiciliation? Redomiciliation is a concept whereby a company transfers...
From time to time lawyers, investors and CEOs are given responsibility for operations in the jurisdictions they are unfamiliar with. Whether they have recently joined a company with interests in a new jurisdiction, they are now overseeing an unfamiliar region or have recently gained clients with interests in such a location. The guide is considered...
The Federal Tax Authority (FTA) has published a number of guides on its website to further assist taxpayers to understand the VAT Law for Real Estate, and the Regulations. There have been a few legal issues surrounding the supply of real estate- concerning both commercial and residential properties. Despite the detailed provisions mentioned in the VAT...
Lawyers have welcomed the UAE’s approval of a draft law on arbitration, a fast-growing method of settling disputes out of court, saying it would provide increased confidence to investors bringing cases in the Emirates. “Today’s business world is always evolving and an effective dispute resolution system is paramount to securing investor trust,” said Habib Al...
The utility of blockchain technology extends to trade finance and shipping, as recent developments in the shipping industry have shown. Shipping companies, technology firms, and government agencies are reportedly collaborating to use blockchain technology to better industry practices and solve existing problems. Further, there have been initial coin offerings launches to obtain funds for developing...
Entrepreneurs in MENA, just like their counterparts in many places around the world, often face a funding gap between the seed capital they raise from friends and family at an early stage, and what banks, private investors and venture capital firms are willing to contribute at a later stage. Friends and family often sympathize with...
Many expats in the UAE are hesitant about going freelance despite the attractions of being your own boss. Here, we answer the key questions about freelancing. Is freelancing permitted in the UAE? Freelancing is permitted in the UAE as long as you obtain the requisite permits and approvals. What are the key permits and approvals...
A claim in Dubai of close to USD 1 million against Endofa will likely disappear because the bunker company is now closing its company in the desert state, says a local lawyer specialized in shipping. The claim stems from a failed oil transaction in Africa. Danish bunker company Endofa could be stuck with a disputed...
Initial Coin Offering (ICO) is a hot topic now, sensationalised headlines about startups raising as much as US$200 million in one go created a lot of frenzy amongst curious investors and regulators worldwide. At the peak, we saw about 30 new ICOs launch every day, raising over US$4.9 billion in 2017 alone. As the cryptocurrencies market...
UAE was confident of swift removal from the tax haven list in 2018. The UAE, along with seven other countries, has been removed from the European Union's list of Uncooperative Tax Havens as the country further enhanced its transparency in tax procedures. As a mark of strengthening ties with EU partners, the UAE signed 113...
Approximately 10 years after the establishment of the DIFC-LCIA Arbitration Centre (“DIFC-LCIA”), the Emirates Maritime Arbitration Centre (“EMAC”) was officially launched. Like arbitrations conducted under the auspices of the London Maritime Arbitrators Association and the Singapore Chamber of Maritime Arbitration, the establishment of the EMAC is symbolic of the UAE’s continued endeavor to keep pace...
Dubai Court was founded in the year 1970 and has come to be known as prompt and equitable in the implementation of justice. Dubai Court is an integrated unit consisting of: The Court of First Instance The Court of Appeal The Court of Cassation - the highest court in the judicial system This article will...
The Federal Tax Authority has issued Cabinet Decision no. 59 of 2017 on Designated Zones (“Cabinet Decision”) for the purposes of Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”). Art. 50 of the VAT Law had initially made references to designated zones, and Art. 51 of the Executive Regulations to the...
We are pleased to have presented Jasmin Fichte as a main speaker of the VAT seminar titled “VAT in the UAE- Implications for the Shipping sector” on December 6th 2017. The seminar was introduced by Ahmed Al Falahi, UAESA vice chairman, and followed by speeches from Jasmin Fichte, of Fichte & Co, Gajendra Maheshwari and...
Our Managing Partner, Jasmin Fichte, has been named in the top 10 Inspirational Lady-Bosses for Dubai, by online lifestyle magazine Lovin Dubai. Click here to check out the full article: https://lovindubai.com/best-of/inspirational-lady-bosses If you want to arrange an interview with Jasamin, email us at marketing@fichtelegal.com Author:Jasmin Fichte Managing Partner jasmin.fichte@fichtelegal.com
The long-awaited Draft Cabinet Decision on the Executive Regulation of Federal Decree Law no. 8 of 2017 on VAT (the “Regulations”) have recently been issued by the Federal Tax Authority. The Regulations have provided guidance on some of the provisions mentioned in the Federal Decree Law no. 8 of 2017 on VAT (the “Law”) including...
The law for administration of non-Muslim estates in Dubai has recently been announced and applies in both the Dubai courts and DIFC courts. This welcomed approach provides further clarity for non-Muslim expatriates who wish to use the Dubai courts in order to register their wills instead of the DIFC Wills and Probate Registry (WPR), which...
I. Key facts What are the key facts on doing business in the UAE? When considering doing business in a foreign jurisdiction, an investor must consider a wide range of commercial, political and capital security issues that will impact the final decision of investing in a particular country. Over the last two decades the United...
The Dubai Land Department (DLD) and the Dubai International Financial Centre (DIFC) entered into a Memorandum of Understanding (MOU) on May 4th 2017, allowing DIFC registered entities to purchase properties and register their properties with the DLD. The MOU stipulates certain “eligible entities” in the DIFC which can own property in Dubai. This covers companies,...
Introduction Historically drydocks were seldom facing the problem of obtaining security for the work performed over a vessel. Due to a general retention right recognized nearly worldwide, the payment was in fact made before the vessel was leaving the drydocks. However, in the current market, many shipowners are asking for delayed payment terms and it is...
Managing Partner Jasmin Fichte on how Fichte & Co can provide value added substance in critical times where legal budget cuts have been made across industries. What do you see as the main points that differentiate Fichte & Co from your competitors? The Legal Market in the UAE is mainly twofold in that the industry...
It has recently been announced by the Dubai Business Registration and Licensing sector of the Department of Economic Development (DED) that a new type of “Instant License” is to be issued to businessmen and investors within five minutes, curtailing some of the requirements in an effort to reduce the time required for business registration. Traditionally,...
On 17 August 2017, the UAE published Federal Decree Law No. 7 of 2017 on Excise Tax (“Excise Tax Law”) which comes into effect on 1 October 2017 and sets out the framework within which excise tax will be levied in the UAE. Quick Summary Applicability: The Excise Tax Law will apply to goods (“Excise...
On 10 June 2017, Robert Bosch Middle East (“Bosch”) was the first company in the region to be awarded an anti-bribery certification by Tasneef-Rina Business Assurance. The standard implements best practices when it comes to fighting bribery and corruption, and contributes to the UAE’s goals of achieving transparency and creating a healthy business environment. As...
The Dubai International Financial Centre (“DIFC”), a leading financial free zone in the UAE, issued a press release (“Press Release”), on 1 May 2017, stating that it has entered into a memorandum of understanding (“MoU”) with the Dubai Economy, the registration authority for onshore companies in Dubai, to allow companies operating within the DIFC to...
As the UAE continues to grow, expats continue to move here for a better life and better opportunities. Guidance is offered for expats who wish to start their own businesses in the UAE, and the various options available for them. However, there is not much guidance for business owners who no longer wish to remain...
The UAE Ministry of Foreign Affairs issued a statement on Monday 5th June 2017 that United Arab Emirates, Saudi Arabia, Egypt and Bahrain were severing diplomatic ties with Qatar, as tensions escalate in the region over accusations that Doha sponsors terrorism. It is important that all companies based in the UAE do comply with the…
The UAE Ministry of Economy recently issued the ministerial resolution no. 694 of 2016 (the “Resolution”) which waives the requirement of amending the memorandum of association (“MOA”) of limited liability companies (LLC), joint liability companies, and limited partnerships (collectively, the “Exempted Companies”) as per the provisions of the Federal Law No. 2 of 2015 concerning...
The real estate market in the UAE has boomed in the past couple of years and has become known for the developments of some of the largest projects in the world. Despite the property market boom, the laws have only slowly evolved protecting the interests of buyers and owners alike. Much of the UAE now...
Clients often ask us, “How can we conduct legal due diligence or background checks on another party in the UAE?” Unfortunately, there’s no straightforward answer. With no centralised company register, and over 40 different free zones, obtaining basic information about UAE free zone companies may pose a daunting challenge. Even so, there are still effective...
In 2015, Fichte & Co authored the UAE and DIFC chapter of the Commercial Litigation - International Series. Managing Partner Jasmin Fichte and Partner Alessandro Tricoli covered all aspects of commercial litigation from court structure and pre-action to enforcement. Complete the form below to download the complete chapter. Or contact us to ask for a...
As generations of expatriates begin to age in the UAE, the issue of having a will in place is becoming a seemingly important topic. This is especially so for corporate CEOs and shareholders whose death may leave a tragic mark not only personally, but for their business. When a shareholder dies, their shares are passed...
The healthcare industry is booming around the world, and the UAE is no exception. With no shortage of hospitals and medical care providers, patients have access around the clock. Although physicians and patients are bound by a common goal, the treatment and recovery of the patient, medical errors are always a possibility. Medical malpractice and...
The much awaited new bankruptcy law in the UAE is a complete legal framework meant to assist financially troubled companies to avoid collapse. It took effect on December 29, 2016 after being decreed by President Sheikh Khalifa. It is part of the global wave of insolvency reform referred to as the "rescue culture" and has...
From rental prices to maintenance matters, renting a unit in Dubai continues to be a hot topic. Dubai’s lease system attempts to strike a balance between the rights, responsibilities, and interests of tenants and landlords. However, legal firms continue to see a number of cases involving disputes over tenancy agreements. Sadly, the process of resolving...
Crowdfunding is the new kid on the block in the alternative finance market. With access to traditional modes of corporate finance reaching the bottleneck coupled with the sweeping reach of the internet, crowdfunding is globally emerging as a leading resort for financing to not just startups, innovative companies and small and medium enterprises (SMEs) but...
OECD Common Reporting Standards (or CRS) are global standards applied by financial institutions for automatic exchange of information, aimed at identifying the effective tax residence and any investment income, account balances and sales proceeds of a foreign individual or corporate account holder. The UAE has already issued primary legislation on the topic in 2012 and...
In a noteworthy first decision, the Judicial Tribunal for the Dubai Court and DIFC Court (JT), established to decide conflicts of jurisdiction between the two courts, has ruled on 27 January 2017 that Daman Real Capital Partners Company LLC v. Oger Dubai LLC case should be remitted for trial by the Dubai Court, and that the...
International business companies (IBCs) incorporated or proposed to be incorporated in Ras Al Khaimah must note the recent establishment of the Ras Al Khaimah International Corporate Centre (RAKICC) which, going forward, will be the sole authority responsible for the incorporation of international business companies in this emirate. The RAKICC was formed pursuant to Decree 12/2015...
On 12th December 2016 a package of legal agreements (“the Legal Package”) was signed between the Dubai International Financial Centre (DIFC) Courts and Ras Al-Khaimah. The overall Legal Package consists of two Co-operation Agreements and five Memoranda of Understanding (MOU)[1]. Essentially the Legal Package, signed at the Al Dhait Palace and witnessed by His Highness...
The issue concerning legal capacity has caused much consternation in the UAE due to the fact that UAE legislation requires a special authorization for arbitration and thus losing the right to litigate disputes in the UAE courts. Therefore, it is fairly commonplace in the UAE to see a challenge to jurisdiction based on an alleged...
Large banking transactions with Iran remain difficult despite new sanctions guidelines Major international banks are still refusing to handle any banking transactions with Iran, despite recent clarifications. It remains very difficult to do thorough due diligence on Iranian entities Large transactions remain difficult despite new sanctions guidelines Major international banks are still refusing to handle...
Fichte & Co held a very successful launch event to mark the official opening of its new office in Abu Dhabi, Fichte & Co LLP. The office marks the next phase of the award-winning company’s expansion strategy across the Middle East, and will focus on providing the highest quality legal counsel to corporate and commercial...
As a Civil law jurisdiction, UAE maritime law is derived from the UAE's Maritime Code (or specifically Federal Law No. 26/1981) but all maritime financial transactions are governed by the Commercial and Civil Codes. The Federal Transport Authority (FTA), is the Government body which is responsible for regulating and implementing daily shipping procedures, and for...
Fichte & Co is proud to announce its latest industry accolade after being named ‘Best Maritime Law Firm’ at the 2016 Maritime Standard Awards. The Maritime Standard is the region’s most exciting and coveted maritime and shipping awards, with the annual ceremony held under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum,...
Fichte & Co and Middlesex University Dubai have partnered to establish a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial long-term agreement. We recognise that the...
The ever expanding team of Fichte & Co has recently established their Abu Dhabi office with their Partner, Mr. Ziad Touma. The launch of the office was announced at the firms 10th Anniversary Party, earlier this year, where clients from various industries were present. The decision to open an office in the capital comes at...
The Jebel Ali Free Zone (Jafza) has signed a Memorandum of Understanding (MoU) with the DIFC Dispute Resolution Authority (DRA.) This provides Jafza registered companies, their employees and investors, access to a suite of established, English-language-based, commercial and common law judicial systems and dispute resolution services, including the Small Claims Tribunal of the DIFC Courts...
Although the Companies Law (Federal Law 2/2015 concerning commercial companies), which came into effect in July 2015, did not bring about ground-breaking changes to the legal regime surrounding limited liability companies (LLC) in the United Arab Emirates, there are still certain important changes and updates that LLC's need to be aware of lest they inadvertently...
On June 8th 2016, US Treasury released an update on frequently asked questions regarding the lifting of certain sanctions under the JCPOA in Iran on Implementation Day. These updates clarify uncertainties amongst entities interested in doing business with Iran. On Implementation Day, the United States lifted the nuclear-related secondary sanctions, generally directed towards non-US persons….
In addition to our leading association in Iran, which has existed for over 10 years, we now have the capacity to facilitate our clients' Iran-related matters from our Dubai office, led by Ms. Atousa Mahmoudpour. My hands-on experience in Iran, and my explicit exposure to the Iranian ways of doing business, allow us to be...
UK Supreme Court judgment on OW Bunker, The Judgment in Brief: The long awaited Judgment by the UK Supreme Court (“UKSC”) was handed down on 11th May 2016 in which they unanimously dismissed the appeal by PST Energy 7 Shipping LLC and Product Shipping and Trading S.A., the owners and managers of the Vessel Res...
Although the outcomes of arrest proceedings are becoming more predictable to the reassurance of physical bunker suppliers, it appears that shipowners will continue to be at risk of having to pay OW Bunker or its assignees under London arbitration proceedings as well as the physical suppliers if their vessels are arrested in Dubai. Following the...
Important Notice for Companies Incorporated in Mainland UAE! The deadline to amend your company's memorandum of association ("MoA") to bring it in line with the provisions of the new UAE Commercial Companies Law (Federal Law No. 2 of 2015 concerning Commercial Companies) ("New CCL") is 30 June 2016. Failure to incorporate these changes in the...
The Middle East now represents a significant portion of the buyers in the current yacht market. While there has been a relative slowdown in the sale of newly built yachts, there has been a renewed interest in the second hand market, with demand for superyachts continuing to rise steadily. The ongoing financial crisis has alerted...
After OW Bunker’s insolvency, Owners were faced with the risk of having to pay twice for the same bunkers – once to OW Bunkers / ING who had a contractual claim, and once to physical suppliers who arrested the supplied ships on the basis of statutory rights. In many jurisdictions, courts were tasked to decide…
On Saturday, January 16, 2016, the Vienna based International Atomic Energy Agency (“IAEA”) certified that Iran had fulfilled its nuclear-related commitments under the Joint Comprehensive Plan of Action (“JCPOA”) in order for the JCPOA’s “Implementation Day” to take effect. As a result, United Nations sanctions on Iran have been lifted, as have most European restrictions,…
The much awaited DIFC Wills and Probate Registry (“WPR”) has finally arrived and is due to be operational from 30 April 2015! Although Wills & Probate law is not our forte, being maritime and corporate law specialists, we recognise the importance of this latest development and know it will be of great assistance to those…
WISTA (Women’s International Shipping & Trading Association), a recognized professional and reputable Shipping Organization with a focus on improving levels of competency in the shipping industry had its annual Spring Board meeting for the first time in the Middle East. The Board meeting was surrounded by different events, such as an impressive meeting with DP...
Khorfakkan Federal Appeal Court’s ruling supports local bunker suppliers’ position and rejects ING’s claims: By way of background, subsequent to the liquidation of OW Bunker Middle East DMCC (“OWBME”), Shipowners found themselves in the unenviable position that they were subject to double demand for payment by way of demands from both physical suppliers (“PS”) and…
Fichte & Co Legal Consultancy is proud to announce that Managing Partner Jasmin Fichte was conferred the “Maritime Standard Woman in Shipping Award” by The Maritime Standard Awards held on Monday, the 9th of November 2015 at the Atlantis The Palm. Attended by 800 guests, including high profile personalities and the who-is-who of the Middle…
The Gulf widens between the Enforcement of Foreign Judgments and Foreign Arbitral Awards in the DIFC as a result of a recent ruling of the Dubai International Financial Centre Courts (“DIFC”) Court of First Instance (“CFI”) (CFI 043/2014 – DNB Bank ASA v. (1) Gulf Eyadah Corporation (2) Gulf Navigation Holding PJSC (“Eyadah”), ruling of…
Shipowners prepare! Ballast water management won’t be business as usual: The free ride will soon be over for invasive aquatic organisms and non-compliant shipowners alike. Ratification of the IMO’s Ballast Water Management Convention, 2004 (“the Convention”) is imminent -and it means business. It is estimated that, once in force, 57,000 merchant ships will be required...
Global leaders have been locked in intense discussions with the Iranian Government in Lausanne, Switzerland to broker a deal involving the lifting of Iranian economic sanctions in return for Iranian pledges on their nuclear program. The discussions failed to yield any fruit by the self-imposed deadline of 31 March 2015 but an extension was agreed….
WISTA UAE is proud to announce that our member Ms. SuhaObaid has won the Young Personality of the Year Award at Seatrade Middle East Awards 2015. We have an immense pleasure to see how she has grown over the years to the confident young individual, who is almost at parallels with her father Abdulla Obaid,…
Fichte & Co is proud to announce another milestone in the history of the company. As part of our continuous commitment to excellence our firm was awarded ISO 9001:2008 certification. The awarded certification puts us in the unique position of being the only law firm to hold the accreditation. Fichte & Co’s achievement implements a…
We were pleased to contribute to the Enforcement of Judgement and Arbitral Awards: A Global Guide from Practical Law. Managing Partner Jasmin Fichte along with Partner Alessandro Tricoli provided insights on the key issues in enforcement and arbitral awards in the UAE. Covering 27 jurisdictions, each chapter addresses a range of topics including definitions and...
Establishing a global maritime hub is no mean feat. This year the UAE again demonstrated its trading prowess, ranking 8th out of 189 countries for “trading across borders” in the World Bank Group’s annual Doing Business report. The report assesses the costs and procedures involved in importing and exporting a standardized shipment of goods, providing…
Late last year, the Dubai Court of First Instance made an order in favour of the Shipowner for AED 10 million in compensation for wrongful arrest. The judge ruled that the Claimant had been unlawful in arresting the Shipowner's vessel to secure his claim against the Defendant. Fichte & Co subsequently filed a civil arrest...
As the leading Maritime Law Firm in the Middle East, Fichte & Co., together with Tufton Oceanic and the Dubai Council for Marine and Maritime Industries, organized and sponsored the 8th UAE Shipping Industry Roundtable, an exclusive networking event attended by leading representatives from the maritime industry and members of WISTA (Women’s Shipping and Trading...
In order to address the International Monetary Fund’s (IMF) concerns about overinflated markets and to secure long term stability of the DIFC property market, the DIFC Authority announced a revised freehold transfer fee from 3.5% to 5%. The amendments came into effect on Tuesday 01 April 2014 to allow one week grace period for relevant...
Rera Developers will have to setup an IOA before claiming fees for services after the 1st year A new circular published on March 10 by RERA, the regulatory arm of Dubai Land Department (DLD) states that Developers in Dubai will not be allowed to manage their project if complaints of negligence or mismanagement are received…
This Article was first published on March 2014 Issue No. 4 of Marasi News: UAE’s Specialized Maritime Magazine In the light of the 2004 IMO Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWC), last year, the UAE National Transportation Authority issued Circular No. (5) 2013 (the Circular) calling upon the...
In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, Dubai Land Department ( DLD ) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid...
Dubai’s supreme court, the Court of Cassation, has ruled on a case regarding the incorporation of charterparty terms into a bill of lading, specifically the incorporation of an arbitration clause. In the present case, the bill of lading contained a clause incorporating charterparty terms in general and the arbitration clause in particular. It was not,...
We are proud to announce that Fichte & Co has won the 2013 Seatrade Middle East & Indian Subcontinent Award for “Best Maritime Law Firm" This year Seatrade celebrated the 10th Anniversary of the Seatrade Middle East & Indian Subcontinent Awards, the region’s most exciting and coveted maritime and shipping awards. Judged by a panel...
Fichte & Co Legal Consultancy wins Finance Monthly Law Awards 2013 for“Corporate and Commercial Law Firm of the Year” We are pleased to announce that Fichte & Co has won the Finance Monthly Law Awards 2013 for “Corporate and Commercial Law Firm of the Year.” The Finance Monthly Law Awards recognize law firms and legal...