Regulations Archives - Fichte & Co Legal

Changes made by Ministerial Decision No. 296/2023 on fines for Emiratisation related offences

Chiara De Maria — Wed, 23 Aug 2023 17:50:40 +0000

In June 2023, Ministerial Decision No. 296/2023 on the Standards of Imposition of Administrative Fines According to Cabinet Decision No. 95/2022 on the Offences and Administrative Fines Related to the Initiatives and Programmes of the Emirati Talent Competitiveness Council (NAFIS), was issued. It covers procedures for imposing administrative fines for various Emiratisation related offences. In …

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An Update on the Emiratization in the UAE

Chiara De Maria — Thu, 27 Jul 2023 19:58:40 +0000

Over the past couple of years, there have been major developments in the rules governing Emiratization in the private sector. In line with these developments, in June 2023, Ministerial Decision No. 296/2023 On the Standards of Imposition of Administrative Fines According to Cabinet Decision No. 95/2022 on the Offences And Administrative Fines Related to the …

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New Commercial Agency Law in the UAE – Key Takeaways

Dr. Laura Voda — Thu, 09 Feb 2023 01:49:40 +0000

The commercial agency framework in UAE has been a key element of commerce. This enables foreign companies or freezone companies to distribute, offer and negotiate the sale or purchase of goods and services on its behalf within the UAE, through commercial agents in return for commission or profit. These companies can thus offer their products …

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Foolish to fake it: risks and penalties of not following Emiratisation rules

Dr. Laura Voda — Fri, 20 Jan 2023 02:10:40 +0000

“The UAE government policy to support Emiratisation or increased participation of UAE nationals in the private sector workforce has been around for several years now,” states Dr Laura Voda. “Other GCC states including Saudi, Oman, Kuwait and Bahrain have similar policies too, although in most cases their nationalisation provisions are stricter than in the UAE. …

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Marine Insurance Roundtable 2019

Fichte Legal — Mon, 16 Dec 2019 10:05:39 +0000

New maritime regulations in 2020 to target more foreign investment The new law will open up the maritime sector for foreign investors. The Federal Transport Authority (FTA) in the UAE is working on a whole new set of maritime regulations to attract more foreign investment which would be issued next year, according to a senior …

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Abraaj gets Dh1.156 billion DFSA fine

Fichte Legal — Mon, 19 Aug 2019 05:31:05 +0000

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 …

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10-Point Guide to Antitrust and Competition Law in the UAE

Fichte Legal — Tue, 28 Aug 2018 05:05:13 +0000

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 …

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European Union removes UAE from tax haven blacklist

Fichte Legal — Wed, 24 Jan 2018 01:15:55 +0000

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 …

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An Overview of the Appeal Process in Dubai Court

Moaz Forawi — Thu, 18 Jan 2018 09:45:51 +0000

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 …

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UPDATE: FTA Releases List of Designated Zones

Fichte Legal — Wed, 10 Jan 2018 09:56:15 +0000

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 …

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