- Newsletter, U.A.E
- December 9, 2019
The topic of a discussion at the recently held Super Return conference in Dubai was – What is the future ahead for the asset management and safeguard of family offices and high-net-worth individuals located in the Gulf Cooperation Council? In the event, the discussion hovered around how the world of family offices was changing. Titled ‘In it together: family offices, private equity and venture capital’, the main point from the event was that the market seemed promising especially for the high-net-worth clients who are thinking of asset diversification, particularly in private equity. They also emphasised how the sector is gaining from the professional attitude of the service providers in the area as the demands on them are increasing.
One of the experts at the event also said that the family offices such as the fund managers in the area, are anticipating more from their providers because the market is growing and there is ever-increasing demand for state-of-the-art technological infrastructure. People managing investments have a preference for service providers who are ready to work as an extension of their back office team and also provide a professional operational oversight function.
Although the investors are giving positive response towards private markets in general, they have been also conveying their caution. This shows in higher expectations of service providers to assist in providing peace of mind. Their requirements on administrators are rising in terms of access to data and information being available on clear and transparent fees. Various managers and investors want them to exhibit the value they are adding to structures. Another expert mentioned that “For private equity investment, Limited Partner (LP) sentiment is reflective of the growing demand within the industry of a greater need for transparency and enhanced reporting. Fundamentally, increased disclosure regarding fees and greater visibility and understanding of the value remains a focus for LPs.”
The need for more transparency comes as no surprise in the area and “The regulator is keen to reinforce the notion that there is no place for weak corporate governance. Investors want the assurance of a robust risk management framework to mitigate operational risks, a feature of which is inherent in the DFSA’s regulation. We have seen it become increasingly likely that fund managers and family offices will seek to secure the services of sophisticated, independent fund administrators. Their ability to provide the additional comfort investors seek from having an independent, comprehensive and robust corporate governance and control framework is a fundamental requirement when managing funds and investor commitments.” We, at IMC, can guide and support you by playing the role of an outsourced family office or may be a multi-family office. You can also get in touch with us if you need professional assistance on Dubai company incorporation or family office investment in the UAE.
- Africa, Newsletter
- December 9, 2019
African countries are set to benefit from the ongoing US-China trade war as it is bringing new opportunities for the continent where they could step up their product and services export capabilities.
Francois Fouche, who is the advisor at Trade Research Advisory, was addressing dignitaries where there were several ambassadors and trade mission officials present at the launch of the 2020 edition of Africa Trade Week in Johannesburg recently.
“South Africa and the SADC region need to export,” Fouche said. “In South Africa alone, while in Q219 there was reasonable quarter on quarter growth, South Africa has not had a very impressive growth run prior to that. We’re a very small and open economy, and we must participate more in the global market.”
Highlighting that the world’s biggest importers and exporters were also the world’s leading economies, he mentioned that global trade reinforced economic growth. At present, there are massive opportunities available for African exporters to go into various international markets such as China and the US. There are huge opportunities for company formation in Africa and also business or company formation in South Africa.
In order to seek and convert these opportunities, all the nations had to understand the transforming nature of globalisation, he said. “In future, globalisation will be more about what we do than things we make. So, services trade is likely to pick up faster than products trade. Global services trade, at around US$5 Trillion, is still three times smaller than products trade, which is very mature at around US$15.7 Trillion,” he said.
Fouche quoted the ITC survey for the Fifth Global Review of Aid for Trade (2015), which found that the biggest component of trade costs in which all the trade support organizations would most value improvements was accessibility of information regarding export opportunities. “People want intelligence to help grow their exports,” he said.
Lynn Chamier, the Event Director of Africa Trade Week said that networking capability and knowledge sharing are imperative for creating mutually-beneficial trade ties in Africa, and Africa Trade Week is planned to facilitate many such opportunities to do so. Africa Trade Week is one of the major engagement platforms meant for more than 10,000 global industry professionals from 67 countries and it aids broker deals and encourages trade overseas and across the continent.
Africa Trade Week combines three leading exhibitions and conferences, namely, The Hotel & Hospitality Show, Africa’s Big 7 and SAITEX, focusing pan-African trade and business opportunities, products, equipment, services, supplies, innovations, and new technology and solutions.
SAITEX, which has been acting as the major annual product sourcing opportunity for whole of the continent’s retail/trade industry for more than 25 years, highlights a key exhibition and also a two-day Trade Development Forum which offers a platform for strategic intra-Africa trade discussions for various diplomats, government officials, entrepreneurs and top business leaders from around the globe.
Africa’s Big 7 is the exclusive food and beverage trade show held in Africa which invites thousands of stakeholders, buyers and suppliers under one roof and also features a two-day FOODNEXT.AFRICA conference. The Hotel & Hospitality Show in Africa is their leading event for the hospitality industry which features the Hospitality Leadership Forum.
- Newsletter, Singapore
- December 9, 2019
TPCI Chairman Mohit Singla mentioned, “We are ready with its digital infrastructure and are eager… for leveraging the idea of export promotion using the new-age fintech system”. It will also help businesses in uploading their data related to demand and supply of their goods. In addition, the platform would accept a trade whenever the demand and supply match between two businesses.
Trade Promotion Council of India (TPCI) recently joined hands with Singapore’s Monetary Authority for hand-holding local SMEs for encouraging their exports. There is a plan to create a new platform to offer various services to small and medium enterprises (SMEs); for example connecting the buyers and sellers from different countries, assisting exporters in tasks like custom clearances, options of financing, and custom advisory.
“It will complete the transaction for the matched trade and includes an applications store for the recommendation and listing of applications providing generic services,” he added.
Singla also said that the platform in the pilot phase would be launched during the upcoming edition of its flagship mega show named Indusfood 2020. Earlier in 2019, the business chambers from India and Singapore started a joint venture through micro, small and medium enterprises (MSMEs) to go to the bigger Southeast Asian markets by finalising this MoU which was signed last week. The MoU inked by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Singapore Indian Chamber of Commerce and Industry (SICCI) would offer training, assistance and facilitation to MSMEs of both countries, along with other businesses to aid in establishing bases and joint collaborations . This will not only promote Singapore company incorporation but entrepreneurs are expected to leverage business startup schemes and grants in Singapore. On the occasion of the MoU signing ceremony held following the India 101: Internationalisation Conference, Jawed Ashraf, India’s High Commissioner to Singapore, mentioned, “Singapore has always been a gateway for India into Southeast Asia, and just think of the opportunities that Singapore’s SMEs can have by being a bridge for Indian companies into Southeast Asia.”
Ashraf also said that India, along with the Monetary Authority of Singapore (MAS) is in the process of creating a new platform named, ‘Business Sans Borders’ that would connect Indian companies through Singapore to the ASEAN.
- Article, India
- December 4, 2019
Delaying the filing process of one’s income tax returns is not advisable. The earlier one files their returns, the sooner they get their refund, if there’s any. In case of a delay, there is already a pile of returns to be processed by the income tax (IT) department and that causes a further delay in your refund. However, there could be several reasons for not getting your refund on time or as expected. Please read on to find what you do can in each scenario.
1. What to do in case you have not got your refund yet?
Step 1: Log in to the IT e-filing portal with your user ID, password, and your date of birth/ or your date of incorporation.
Step 2: Click the ‘My Account’ tab and then select the ‘Refund/Demand Status’ option.
Step 3: Your status of returns would be displayed detailing information like the assessment year, what was the mode of payment, and why the refund did not get processed.
2. What are the various refund statuses possible?
You could have one of the following refund statuses:
- E-Filing not done for the current assessment year
- Not determined
- Refund has been paid
- No demand no refund
- Refund unpaid
- ITR processed, refund determined and sent to Refund Banker
- Demand determined
- Contact Jurisdictional Assessing Officer (AO)
3. Various reasons of delayed refund and how to handle it
If it’s been over a month and your refund hasn’t been processed, then you should check the status on the e-filing portal. As the procedure is streamlined now, the ITR is usually processed within a maximum of two months and you get the refund after a successful processing of your ITR. You must check your registered e-mail ID and e-filing account to see if you have got any communication about the processing of ITR from the IT department, pro, which may be a proposed adjustment u/s 143(1)(a), or a defective return, or failure of refund process and transfer of the specific case to jurisdictional AO etc.
But, if you have not received any status update, you might have to wait for at least for a couple of months before you can take any action. In such a case of a delay in getting your refund, you could submit a grievance using the e-Nivaran Form under your e-filing account and ask for a resolution from CPC-ITR in the grievance section ‘Processing’.
Having said that, it is important to understand that there could be various reasons for a delay in refund process. Below is a table of such reasons and the actions you can take in each of those cases.
Reasons of delay or refund not being processed | Actions that can be taken (prepaid in four instalments) |
| IT department requires some additional documentation for processing your refund request. | Get in touch with the AO immediately through telephone or mail and submit the required documentation. Remember to take an acknowledgement of the same from the AO. |
| Your refund request is rejected. According to the IT department, you rather owe them taxes. | You may get a notice from the IT department telling you the outstanding tax amount. Then, you would need to check all your documents and get the tax liability and refund receivable re-calculated. But if the numbers you have filed in the ITR is correct, then file a rectification backing your claim. In case the returns filed is established to be incorrect, then you have to pay the outstanding tax as per the IT department in the time limit specified in the notice. |
| Refund request is incorrect according to the IT department. Thus, your refund is rejected.(VAT) | If as per the IT department, your refund request is incorrect, then you will get a notice explaining why it’s incorrect. If you receive such a notice, then you could file a rectification to back your claim. |
| Forgot to include some deduction that you are eligible for. | In case the IT department hasn’t begun processing your return, then you could revise your return and add the missed deduction for which you are eligible |
| Bank account details given to the IT department have changed | If your bank account details have changed, then you must communicate the new account number and MICR code to the AO. The AO would convey this information to your bank and request to update the money transfer process |
| Refund request is under process. The delay could at two levels: | Ensure that you send the ITR-V within 120 days starting from the date you did the e-filing |
| 1. The IT department is taking more time in processing than usual. 2. The IT department has done the processing but the bank is delaying the return. | If not, then you will have to revise the returns and send a new acknowledgement to CPC in Bengaluru. |
| Returns filed in a physical form and not online. | Processing physical filing forms is time-taking. You would need to wait for the IT department for reconciling your paperwork |
- Article, Singapore
- December 2, 2019
Singapore is one of the world’s leading International Maritime Centre. Therefore, Singapore is a preferred choice of many companies across the globe for setting up shipping or maritime business operations. Singapore is an international maritime hub with more than 5,000 shipping companies that contribute to 7 percent of the country’s GDP. The country ships to more than 600 ports across 120 countries.
Small and medium-sized enterprises (SMEs) may find it difficult to set up a shipping company in Singapore. Therefore, it becomes important for them to understand what legal basics govern the shipping or maritime business in Singapore. Some of the important things to know are:
- Article
- December 2, 2019
Do you wonder if there is any way to track your financial progress? Let’s find out more.
We have collated decade-wise pointers and tips of how one can measure their financial success of situation.
When you are in 20s
It is time to build your credit history and have a good credit score. You could also make sure that your initial jobs offer a good overall package, meaning good salary, perks and benefits. It’s also a good idea to add beneficiaries to all your bank accounts and consult an attorney to make a will.
- Newsletter, U.A.E
- November 27, 2019
There’s good news for UAE nationals travelling to India. Now, Emiratis to get a visa on arrival in six airports in India. As per the Indian Embassy in Abu Dhabi, this visa would be valid for a time limit of a maximum of 60 days and would be double entry for tourism, business, conference and medical purposes.
It is going to be applicable for six international airports in India which are Delhi, Bangalore, Chennai, Hyderabad, Mumbai and Kolkata.
But the scheme applies only for people who have previously obtained an e-visa or usual Indian paper visa. Emiratis who are travelling to India for the first time are recommended to apply for either the paper visa or the e-visa.
The statement ‘Introduction of Visa-on-Arrival facility to nationals of the United Arab Emirates’ announced by the Embassy of India in Abu Dhabi on November 17, 2019, mentioned that this service has a goal of further fortifying tourism and also trade relations and strategic relations between these two nations.
UAE nationals who are coming to India can now obtain on-arrival visa starting from November 16, 2019, announced the Government of India. This move has an objective to further solidify people to people and the business links in these two countries.
The criteria for UAE nationals:
- This visa-on-arrival service is applicable only for those Emiratis who have obtained an e-Visa or usual paper visa previously for travelling to India.
- UAE nationals who are travelling to India for the first time will have to apply for regular paper visa or e-Visa for India.
- Pakistan-origin nationals of UAE would not be eligible for this visa-on-Arrival scheme.
- All other pre-requisites and conditions, which are applicable for Japanese and South Korean nationals, would also be valid for Emiratis.
- Article
- November 27, 2019
About France
The French Republic (France) is the largest country of the European Union. It also crowns as the second largest economy in the European Union and fifth largest in the world. In fact, it is one of the top 10 countries in the world in terms of GDP.
The territories of France extend from the Mediterranean Sea to the English Channel and the North Sea, and from the Rhine to the Atlantic Ocean. Thanks to its geographic location in the heart of Western Europe, it boasts of a world-class transport network with over 11,000 km of motorway and high-speed train links to other European cities.
The country offers a business-friendly environment with cooperative government, favourable tax laws and legal framework in line with European standards. With an emerging economy and strong public facilities, it is an ideal place to do business.
This article covers everything you need to know about doing business in France, right from understanding the country’s tax and legal compliances to knowing about the types of business entities that can be formed.
Doing Business in France
France has a well-developed economy and is known to have one of the highest Human Development Index in the world. The economy is based on a strong private sector as well as on a national economy. The major business sectors in the county are tourism, electronics, transportation, food processing, textiles and chemicals. Apart from a large industrial base, France is also known for having substantial agricultural resources and a highly skilled workforce.
As per the ‘Ease of Doing Business Report’ of The World Bank, France ranks 32 for the 2019 survey.
Types of Business Entities for Incorporation in France
You can incorporate the following types of business entities in France:
- Société à Responsabilité Limitée – Requires minimum 2 and maximum 50 shareholders and a managing director.
- Entreprise Unipersonelle à Responsabilité Limitée – This is a sole trader and requires only one shareholder.
- Société Anonyme – Requires minimum 7 shareholders and there is no upper cap. It is run by the board of directors.
- Société par Actions Simplifiées – Requires minimum 2 shareholders and minimum capital requirement is € 2,300.
- Société par Actions Simplifiées Unipersonnelle – This is set up by a single person and minimum capital requirement is € 37,000 or € 225,000.
- Société Civile Professionelle – This business structure is limited to certain regulated professions.
- Société d’Exercice Libérale – This is similar to the limited liability company, simplified joint stock company and public limited company, for specific professions.
- Société Civile – This is a non-commercial partnership.
- Société en Nom Collectif – This is a general partnership.
- Franchises – This is contract with the franchiser.
- Partnerships – This is identical to the franchise contract, the only difference being it is not standardized.
- Bureau de Liaison – This is a representative office.
- Branch – This is a branch office of a larger company.
- Subsidiary – This is set up by the French company using standard business entities.
- Location Gérance – In this business structure, the owner of the business rents his business to others.
- Associations – This is a non-profit association.
Depending on the type of entity that you choose to incorporate, the rules and regulations vary. Every type has its own advantages and disadvantages. Therefore, one must analyse all the conditions before incorporating a business entity in France.
Benefits of Registering a Company in France
Some of the advantages of registering a company in France include:
- World-class infrastructure with good public facilities
- Skilled labour force
- Conducive business environment
- Strong legal framework which is in line with European standards
- No restriction on the investors to open a bank account or apply for a loan in France
- Excellent intellectual property protection regimes and tax incentives for creation, holding and disposal of rights therein.
Tax Registration and Filing in France
The corporate taxation in France is based on the territorial principle. All kinds of foreign companies carrying on business activity in France are required to pay corporate tax on their profits earned from French sources. However, French companies that are carrying on a trade or business outside France are not taxed at all.
Tax Structure
|
Corporate Income Tax (CIT) Rate |
33⅓% (prepaid in four instalments) |
| Capital Gains Tax Rate | 0/15/33⅓ |
| Branch Tax Rate | 33⅓% |
| Value-Added Tax (VAT) | 2.1/5.5/10/20 % |
| Business Activity Tax | 3% |
| Dividends | 30/75% |
| Interest | 0/75% |
| Royalties from Patents, Know-how | 33⅓/75 |
| Branch Remittance Tax | 30% |
| Tax Return Filing | Within three months following the end of their Financial Year |
| Corporate Tax Instalment | Companies having financial year ending on 31 December must pay the instalments on 15 March, 15 June, 15 September and 15 December |
- Article, Singapore
- November 25, 2019
Singapore is one of the most attractive places in the world for entrepreneurs to set up a business. Apart from the ease of doing business and low tax rates, what attracts entrepreneurs to Singapore is its multiplicity of financing sources for start-ups. The government in Singapore offers various attractive grants and funding schemes that assist entrepreneurs in raising capital for the early stages of their business
Enterprise Singapore is a government agency supporting the growth of Singapore enterprises. Action Community for Entrepreneurship (ACE) is responsible for driving entrepreneurship and innovation in Singapore. The organisation helps Enterprise Singapore to offer grants to start-ups
Some of the grants offered by the government agencies to start-ups in Singapore include:
SG Founders
Start-up SG Founders scheme offers mentorship and start-up capital grant to new entrepreneurs with innovative business ideas. Enterprise Singapore provides up to S$30,000 by matching S$3 for every S$1 raised by the entrepreneur (3:1 paid-up capital). Accredited Mentorship Partner (AMP) identifies the qualifying applicants on the basis of uniqueness of business concept, strength of management team, feasibility of business model and potential market value. The grant is open to all Singaporeans/Permanent Residents who are first-time entrepreneurs. In addition, the entrepreneur would need to adhere to the following conditions at the time of application:
- Applicant must hold or propose to hold at least 30% equity in the underlying company.
- The company must have at least 51% of local shareholding and not be incorporated for more than six (6) months at the point of application to Enterprise Singapore.
- The entrepreneur must not have registered or incorporated any business entity.
- The entrepreneur must not have received any grants or funding for the proposed business idea from some other government organisation
SG Tech
Start-up SG Tech scheme offers early-stage funding to local Singapore companies for commercialisation of tech ideas. It aims to offer funds for Proof-of-Concept (POC) and Proof-of-Viability (POV) projects. POC projects can receive grants up to S$250,000 if the project is designed for testing the technical and scientific viability of a new technology. Whereas, POV projects can receive
grants up to S$500,000 if the project is designed for testing the commercial viability of a lab-proven technology.
In order to qualify for the grant, companies must fulfil certain conditions which include the following:
- The company should be incorporated within the last 5 years.
- The company should be operating in Singapore.
- The local shareholding of the company should be minimum 30%.
- Group annual sales of the company must be less than S$100 million or the group employment size must be less than 200 people.
- Project must not have
commenced at the time of application - Work should be done by
the applicant (company), in Singapore, unless otherwise justified
Start-up SG Tech offers grants to companies in the sectors such as biomedical sciences and healthcare, advanced manufacturing and robotics, food science and technology, transport engineering, precision engineering, clean technology and information and communications technologies.
SG Equity
Start-up SG Equityfacilitates start-ups engaged in technology innovation to access funding fromprivate investors. It is a co-investment scheme where the Singapore government co-invests with private investors in start-ups that require notable capital expenditure and may require some time to be commercially viable.
Singapore government will offer 70% funding in an initial investment round of S$250k to the start-ups that are improving existing technologies. At a later stage, it will invest S$1 for every S$1 invested by private investors up to a maximum of S$2 million.
For deep tech start-ups, the government will offer 70% funding in an initial investment round of S$500k. At a later stage, it will invest S$1 for every S$1 invested by private investors up to a maximum of S$4 million.
In order to qualify for the grant, companies must fulfil certain conditions whichinclude the following:
- The company should be Singapore based and the core operations must be carried out in Singapore.
- The company should be incorporated as a private limited company within the last 5 years.
- The company should have a minimum of S$50,000 paid-up capital.
- The company should not be a subsidiary or a joint venture.
- The company should have identified a third-party investor who is independent.
- The company should prove substantial innovative and intellectual property.
- The company should have the potential for high growth and show its ability to do well in the international market.
The company should not be involved in acts that are against the law or public interest.
SGD Talent
Start-up SGD Talent aims to build a conducive environment for the promising global talent to set up innovative business in the country and for start-ups to attract outside talent.Some of the schemes that are a part of SGD Talent include SME Talent Programme(STP) for Startups, EntrePass and T-Up. Under this grant, 70% subsidy is offered on the stipend paid to the Singaporean/Permanent Resident intern.
In order to qualify for the grant, the entrepreneur must fulfil certain conditions which include the following:
- The company should have a minimum of 30% shareholding in Singapore.
- The company should be incorporated in Singapore within the last 5 years.
- Singapore Citizen/Permanent Resident intern must belong to approved IHL (i.e. ITE, Polytechnic and University)
- The company must pay the minimum stipend.
- The entrepreneur must not have more than 50% shares in other business entity.
IMC Group is an associate member of ACE. For any
help regarding availing grants, you may get in touch with us.
E-mail : [email protected]
Contact : +65-91269927
Website : https://intuitconsultancy.com/sg
- Newsletter, U.A.E
- November 25, 2019
The United Nations (UN) Convention on International Settlement Agreements Consequent of Mediation, known as the Singapore Convention on Mediation (the ‘Singapore Convention’), was inaugurated for signatures on 7 August 2019.
This boasts of 46 signatories or countries, out of which five are a part of the Middle East. When paralleled to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) (the ‘New York Convention’) in total numbers of Middle Eastern signatories, it seems that the Singapore Convention was not received as heartily as the New York Convention (which has about 13 Middle Eastern signatories). But while looking closely and when comparing as per the number of Middle Eastern signatories when being inaugurated (just Jordan from the Middle East had signed the New York Convention on 10 June, 1958), then the projections of the Singapore Convention immediately seem brighter in the region
Some Key Highlights of the Singapore Convention
The Singapore Convention has been greeted as the “missing piece” in the framework of global dispute resolution enforcement. It creates a framework for the cross-border recognition and also enforcement of various settlement agreements (Article 3 of the Singapore Convention) and targets to get certainty and stability to the global framework on mediation. Some notable provisions of this include:
1. Lucidly-defined Application Scope
Article 1(3) of the Singapore Convention impedes settlement agreements which are enforceable like court judgments or arbitral awards from its application. This has established a well-defined arena for exercising this Convention and eradicates probable overlaps with any other conventions which regulate global trade like the Hague Convention on Choice of Court Agreements (2005) and the New York Convention.
Though the New York Convention would continue to administer and oversee settlements attained through mediation which are part of Med-Arb and Arb-Med-Arb processes, the Singapore Convention would now allow an equal level of authority to settlements exclusively ensuing from mediation. Thus in a way, this will assist in establishing mediation as a more effective and an independent way of Alternative Dispute Resolution (‘ADR’), as compared to a secondary step in the arbitration process.
2. Procedural Safeguards
Articles 5(1)(e) and (f) of the Singapore Convention stipulate that the competent authority might decline relief on the grounds of “serious breach of standards applicable to the mediator or the mediation” and failure to disclose “circumstances that raise justifiable doubts as to the mediator’s impartiality or independence”.
Intriguingly, the Singapore Convention doesn’t specify the criteria that is to be used to evaluate the conduct of the mediation, the mediator or his impartiality. Since the Singapore Convention doesn’t offer any examples or instances for either provision, and as there is no soft law or regulation on which States could rely (contrary to arbitration, mediation gets insignificant attention from global associations), the responsibility for elucidating these regulations now resides with the capable authorities in all the ratifying States.
Therefore, wherever needed, the signatory States would have to include regulations or standards in their own national laws before they would be able to endorse the Singapore Convention. In turn, this might encourage the manufacture of soft law instruments to restructure and streamline these standards. Consequently, there would surely be the formation of standards which have been elusive in mediation so far, except from the generating more awareness and debating mediation in the near future. It is important to note that the recently-inaugurated Saudi Centre for Commercial Arbitration (‘SCCA’) offers a code of ethics for various mediators in Saudi Arabia.
Prospects of Mediation in the Middle East
The initial response of the Singapore Convention in the Middle East is should surely not be considered as reflective of its eventual success. As State parties may assent at any stage to the Singapore Convention, it is very likely, that the countries in the Middle East who have still not signed the Singapore Convention would soon do so to keep up with the growing demand for mediation in this region. For instance, in just UAE, the Dubai International Arbitration Centre (‘DIAC’), which resides under the ambit of the Dubai Chamber of Commerce and Industry, registered 127 mediation cases which were valued at Dh18 million (almost US$ 4.9 million) in the first quarter of the year 2018.
With the necessity to align their national laws with their obligations under the Singapore Convention, all the signatories in this region would have to alter or come up with dedicated and standalone national laws regarding mediation. Though there is much that remains to see with regards to how well, and through which strategies, all of these nations would implement the Singapore Convention in their areas, one thing that remains certain is that mediation in the Middle East is surely in for a facelift and carries a view of a very assuring future.
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