Corporate & Commercial Archives - Fichte & Co Legal

An insight into the revamped Ultimate Beneficial Ownership Regulations in the UAE as of 2024

Dr. Laura Voda — Tue, 11 Jun 2024 05:36:06 +0000

A recent overhaul of the regulations concerning the determination of an Ultimate Beneficial Owner (UBO) has brought about considerable changes in the UBO determination and filing for entities in the UAE. The most significant is the ability of the Registrar to adopt a risk-based approach in the determination of the UBO which will be discussed …

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Introducing Sanadak: UAE’s first Ombudsman Unit for Financial and Insurance Consumer Disputes

Anna Mkrtchyan — Thu, 28 Mar 2024 06:00:40 +0000

The UAE has taken a significant step towards enhancing consumer trust and protecting consumer rights with the introduction of the new ombudsman unit, “Sanadak”. This move follows the merger of the UAE Insurance Authority with the Central Bank of the UAE in 2020, forming a unified regulatory body for both insurance and banking sectors. The …

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Update: UAE Corporate Tax Registration Deadlines

Dr. Laura Voda — Tue, 26 Mar 2024 07:30:40 +0000

The Federal Tax Authority (FTA) in a recent decision, FTA Decision No. 3 of 2024 on the Registration Timeline for Corporate Tax has provided the deadlines for registration of Corporate Tax (CT). The deadlines are based on the categorization of persons into Resident Juridical Persons, Non-Resident Juridical Persons and Natural Persons. The Decision further stipulates …

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UAE Coming Out of FATF ‘Grey List’: a Milestone for Business Stability

Gabriel Oprea — Mon, 11 Mar 2024 07:30:40 +0000

In the realm of global finance, the United Arab Emirates (UAE) has long stood as a beacon of opportunity, drawing investors and businesses from around the world. Another sound reason to enhance this undeniable truth is the recent removal of the UAE from the Financial Action Task Force (FATF) Grey List [1], which can only …

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Approaching Deadline: Amendments to Constitutional Documents of Mainland Companies

Dr. Laura Voda — Tue, 19 Oct 2021 01:49:50 +0000

The Federal Law by Decree No. 26 2020 (“Decree Law”), issued on November 23, 2020, introduced new provisions amending various aspects of the Federal Law No.2 2015 regarding Commercial Companies (“Commercial Companies Law”). The Decree Law did not only abolish the general requirement for Emirati Majority participation but also introduced new and amended provisions for …

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New regulation on Bounced Cheques and its Implications

Dr. Laura Voda — Wed, 16 Jun 2021 05:04:50 +0000

Introduction The UAE being a commercial hub with an expanding economy, cheques are one of the common forms of payments, regardless of the size of the transaction, and they are also used as a method of security. However, with cheques comes challenges such as bounced or dishonored cheques due to various reasons that can be …

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MoE: Register your non-financial business to anti-money laundering systems

Chiara De Maria — Wed, 31 Mar 2021 10:21:43 +0000

The UAE Ministry of Economy (MoE) announced that all Designated Non-Financial Businesses and Professions (DNFBPs) must complete their registration in the following anti-money laundering systems by March 31, 2021. This is part of the UAE’s Federal Decree No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.This …

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New Visa options in the UAE

Habib Babikir — Mon, 29 Mar 2021 09:22:20 +0000

The last months have witnessed significant new visa reforms in the United Arab Emirates. The coronavirus pandemic has seen an exponential rise in the number of people switching to remote work. While working from home is becoming the new normal, the United Arab Emirates have started to give the opportunity to live in one of the most beautiful and safe …

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Importance of Non-Disclosure Agreements (NDA) for Startups

Dr. Laura Voda — Tue, 22 Dec 2020 02:44:28 +0000

In the current times, most startups aim at implementing innovative business ideas, new technologies, and, most probably, unicity. Whereas registering, financing, and making a startup work usually imply a plethora of things to complete, one must not oversee the legalities of it. Innovation and the uniqueness of an idea represent, from a legal standpoint, a …

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FICHTE WEBINAR: UAE Labor Law – Limited v Unlimited Contracts

Fichte Legal — Sun, 29 Nov 2020 09:05:41 +0000

Free Live Webinar UAE residents and companies are still very unsure of their employment rights until they are forced to defend those rights in court. Our webinar focuses on the difference between limited and unlimited contract, end of service gratuity under each contract. The webinar was presented both in English and Arabic, including 30 minutes …

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