UAE legislation Archives - Fichte & Co Legal

Everything You Need to Know about FIDIC Contract in the UAE

Fichte Legal — Mon, 27 May 2019 02:58:15 +0000

Introduction The International Federation of Consulting Engineers (FIDIC) is an international organization best known for developing standard contracts forms for the construction and engineering industry. Due to the rapid construction growth during the last 20 years and international cooperation, FIDIC contracts are commonly used on construction projects in UAE. However, peculiarities of legislation and special …

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Overview of the Bankruptcy Proceedings and Preventive Measures in the UAE

Ahmed Salih — Tue, 31 Jul 2018 06:51:53 +0000

Definition of bankruptcy: Legally speaking, bankruptcy in the UAE is an expression used to describe a legal status in which a natural (individual) or legal (company) person owes a sum of money to third parties and ceases to pay its debts when they fall due because of its troubled financial position and insolvency. Historical background: …

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Summary of the new UAE VAT Law

Fichte Legal — Mon, 11 Sep 2017 09:49:43 +0000

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which VAT will be levied in the UAE. We have set out below the key points in relation to the implementation …

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New Excise Tax In The UAE

Fichte Legal — Mon, 04 Sep 2017 02:52:23 +0000

On 17 August 2017, the UAE published Federal Decree Law No. 7 of 2017 on Excise Tax (“Excise Tax Law”) which comes into effect on 1 October 2017 and sets out the framework within which excise tax will be levied in the UAE. Quick Summary Applicability: The Excise Tax Law will apply to goods (“Excise …

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Directors Liability in the UAE: what you need to know

Fichte Legal — Sun, 27 Aug 2017 08:20:41 +0000

C-level leaders, corporate directors, and company owners are given a great deal of power when running their organizations and divisions, both onshore and offshore, in the United Arab Emirates (UAE). Failing to follow the laws of the UAE can jeopardize the company as well as the director’s reputation, and may even lead to criminal liability. …

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The Status of Anti-Corruption Legislation in the UAE

Jasmin Fichte — Mon, 07 Aug 2017 05:04:09 +0000

On 10 June 2017, Robert Bosch Middle East (“Bosch”) was the first company in the region to be awarded an anti-bribery certification by Tasneef-Rina Business Assurance. The standard implements best practices when it comes to fighting bribery and corruption, and contributes to the UAE’s goals of achieving transparency and creating a healthy business environment. As …

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Transformation of Offshore Jurisdiction in Ras Al Khaimah

Fichte Legal — Mon, 19 Dec 2016 02:43:38 +0000

International business companies (IBCs) incorporated or proposed to be incorporated in Ras Al Khaimah must note the recent establishment of the Ras Al Khaimah International Corporate Centre (RAKICC) which, going forward, will be the sole authority responsible for the incorporation of international business companies in this emirate. The RAKICC was formed pursuant to Decree 12/2015 …

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DIFC Court Judgments and DIFC Wills to reach assets in Ras Al-Khaimah

Fichte Legal — Thu, 15 Dec 2016 06:35:30 +0000

On 12th December 2016 a package of legal agreements (“the Legal Package”) was signed between the Dubai International Financial Centre (DIFC) Courts and Ras Al-Khaimah. The overall Legal Package consists of two Co-operation Agreements and five Memoranda of Understanding (MOU)[1]. Essentially the Legal Package, signed at the Al Dhait Palace and witnessed by His Highness …

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DIFC Court rules on Arbitration Agreements

Fichte Legal — Wed, 07 Dec 2016 01:51:37 +0000

The issue concerning legal capacity has caused much consternation in the UAE due to the fact that UAE legislation requires a special authorization for arbitration and thus losing the right to litigate disputes in the UAE courts. Therefore, it is fairly commonplace in the UAE to see a challenge to jurisdiction based on an alleged …

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Incorporated in Mainland UAE? Review your MoA fast

Fichte Legal — Sun, 24 Apr 2016 04:34:07 +0000

Important Notice for Companies Incorporated in Mainland UAE! The deadline to amend your company’s memorandum of association (“MoA“) to bring it in line with the provisions of the new UAE Commercial Companies Law (Federal Law No. 2 of 2015 concerning Commercial Companies) (“New CCL”) is 30 June 2016. Failure to incorporate these changes in the …

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