Force Majeure and the Coronavirus
Companies are doing their best and taking precautions to prevent the spread of the Cornovirus; some of the measures these companies are taking could invoke force majeure clauses or the "impossibility of performance" defence as…
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…
UAE Ministry on New Specific Legislation of Insolvency of Natural Persons
This Decree-Law on the Insolvency of Natural Persons which has been issued on 29 August 2019 and supposed to come into effect in the beginning of 2020, aims at enhancing the competitiveness of the UAE…
DSI Vows Justice on Dh3B Fraud
Corporate governance to play key role in sustaining investor trust Drake & Scull International (DSI), a Dubai-based contractor, on Wednesday said it will take the ongoing investigation into the company's financial irregularities to a logical…
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…
The Crypto Takeover: ICOs, Tokens and the Funding in 2018
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,…
Summary of the new UAE VAT Law
On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which…
Crowdfunding in the UAE – An Opportune Time For Regulatory Certainty
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…
Globalisation proves to be alive and kicking as OECD Common Reporting Standards enter the UAE
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…