UPDATE: UBO Registry – A new compliance request for UAE companies

Key Changes Summary: On August 28, 2020, a new Cabinet Resolution came into effect, to regulate the procedures of a real beneficiary for corporate entities. Cabinet Resolution no. 58 of 2020 (the “UBO Resolution”) replaces…

NEW UPDATES: Economic Substance Regulations in the UAE

On 10 August 2020, The Cabinet of Ministers Issued Resolution No.57/2020 concerning Economic Substance Regulations (‘’Resolution 57’’). Resolution 57 amends and repeals the Cabinet of Ministers Resolution No. 31/2019, Cabinet Ministers Resolution No. 58/2019, and…

The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal…

How to Safely Close Down a Business in Mainland, UAE?

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”)…

FICHTE WEBINAR: Fintech – Current Legal Implications and Future Challenges

Free Live Webinar UAE has become a preferred hub for fintech entrepreneurs and investors, it is more than merely a buzzword and continues to grow importance as it offers vast business opportunities and competitive advantages.…

FICHTE WEBINAR: COVID-19 Impact on the UAE Real Estate Market

Free Live Webinar As the Coronavirus outbreak continues to affect the real estate market in the UAE, the quantum of the impact in this industry will depend on how long the economy takes to get…

Developers’ Right to Terminate off Plan Sales to Defaulting Buyers. No Court Order Needed.

[vc_row][vc_column][vc_column_text]In 2017, His Highness Sheikh Mohammed Bin Rashid Al Maktoum issued Law No. 19 of 2017, amending Article 11 of Law No. 13 of 2008 on the Interim Real Estate Register in the Emirate of…

What Can a Buyer Do if Faced with a Cancelled Off-Plan Real Estate Project In Dubai?

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the UAE, issued decree N⁰ (21) of 2013 on 23rd July 2013 concerning the formation of a special judicial committee…

Влияние COVID-19 на трудовые отношения между работодателем и работником в ОАЭ и DIFC

Что происходит?  Первый случай коронавирусной инфекции (широко известной как COVID-19) был зарегистрирован в ОАЭ 29 января 2020 года. Далее, правительство ОАЭ предприняло некоторые меры с целью предупреждения возможного распространения вируса, которые повлияли на частный сектор.…

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