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…
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…
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…
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…
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…
Will insurance cover damages by rain? UAE law firm clarifies
Residents have questions whether these damages are covered under the insurance as rains are caused by "intentional act" of cloud seeding. Damages to vehicles and properties caused by the ongoing record-breaking rain spell are generally…
Abraaj gets Dh1.156 billion DFSA fine
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…
Compliance Alert: 10 Things you Must Know about the New Economic Substance Regulations in the UAE
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…
UAE Reduces the Official Fees for Trademark Registration
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…