UAE: The Favorite Destination for FDI
The United Arab Emirates (UAE) have been continuously recognized as world’s investment destination. As per the information published in World Investment Report 2017 released by the United Nation’s conference on Trade and Development (UNCTAD) UAE is ranked 12th in the list of countries ranked on basis of preferred jurisdiction for foreign direct investment (FDI) during […]
Major highlights of UAE Bankruptcy Law – Prevention, Restructuring and Liquidation
Introduction The United Arab Emirates is a global business hub and continuously striving to maintain its recognition and improving its ranking in ease of doing business. In the today’s global scenario, innovation is the key and many times this innovative economy results in failure of businesses. The borrowers going bankrupt is very common and therefore […]
Highlights of GCC Unified VAT Treaty
Introduction The treaty for Value Added Tax signed by GCC nations is finally out in the public domain. The much talked about treaty is being published in the official gazette of the Kingdom of Saudi Arabia (KSA). It is one of the crucial steps in implementation of VAT in the region. The KSA had already […]
Role of Free Zones in UAE Economy
United Arab Emirates is one of the most preferred jurisdiction among the businesses around the world. The GCC economy have witnessed some difficult days in past year due to steep fall in oil prices. But the UAE economy is still going strong because it has successfully managed to divest its source of revenues from non-oil […]
Introduction of VAT in UAE
Introduction The GCC nations have announced introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia already published the treaty in their official gazette earlier this month and is all set to introduce it with effect from 1 January, 2018. The view of rulers of […]
Amendments in UAE Penal Code: Prohibiting Bribery & Misappropriation of Public Funds
Introduction The UAE has been a prodigy of the phenomenal changes for maintaining the balance of safe and protective environment at an individual as well as at an institutional level. Following the same gradation, UAE has announced amendments to the UAE Penal code (Law no. 3 of 1987) by Emiri Decree No. 7 […]
VAT is UAE: Reason of MNC’s Joy
Introduction The UAE is all set to launch VAT which will be applicable to most of the business in the country with effect from 1st January, 2018. Preparations are in full form and authorities are leaving no stone unturned for successful implementation of the law in the country. Though business in the country are apprehensive […]
VAT FAQ -Released by Ministry of Finance
In the quickly shifting legal environment of the GCC, the introduction of Value Added Tax (VAT) is the most trending topic this month. In this article, we discuss the general FAQs and what VAT means for your business in GCC. 1. General Questions 1.1 What is tax? Tax is the means by which governments raise […]
All six GCC states to implement VAT together, says UAE council official
The six members of the Gulf Cooperation Council (GCC) will all simultaneously introduce a law to implement value-added tax (VAT) in 2018, even if it means a slight delay due to some countries lagging behind in their preparations, an official in the United Arab Emirates (UAE) said. Younis Al Khouri, under-secretary at the UAE’s finance […]
New Commercial Company Law & LLC
The New Commercial Companies Law of United Arab Emirates (UAE) that is Federal Law No. 2 of 2015 became effective from July 1, 2015 replacing the old Federal Law No. 8 of 1984. The objective of the new law is to regulate the companies in UAE as per international norms related to governance rules, the […]