After becoming a shelter for the Russian capital, Dubai has defied a global decline in the fortunes of the ultra-wealthy. In 2022, the United Arab Emirates had the fastest-growing private wealth market, with assets under management hitting half a trillion Dollars. Following the imposition of sanctions on Vladimir Putin’s government in the wake of the…
Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses was released by the Ministry of Finance (MoF) of the United Arab Emirates (UAE) on 9 December 2022, to establish a new corporate tax system in the UAE. The new corporate tax system will come into effect for financial periods commencing on…
With a few exceptions, UAE Free Zone Companies Are Generally Subject to VAT Liability. Businesses within the designated zone have similar rules to non-designated zones. According to the UAE VAT Law, free zone companies must undergo VAT registration. They are also eligible to register under the group VAT system. As per the VAT implementation rule,…
As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April…
Setting up business in the UAE. When choosing whether to set up your business in UAE Free Zones or on Mainland it is vital to get a consultation from industry experts to be aware of the latest UAE laws and trends and get the best solution for your company registration in UAE in order to…
Have you considered the re-domiciliation of your company to the UAE? If not, please find below some pertinent and beneficial points to consider. (Re-domiciliation is where a company can transfer its domicile from one jurisdiction, to another.) Re-domiciliation is a legal process which allows a company to transfer its domicile/seat of incorporation from one jurisdiction to…
The recent rise in crypto-commodities trade has been impossible to ignore. For those who read the financial pages, it feels like every second story is about Bitcoin, Ethereum, or Ripple. And if you’ve clicked on this article, chances are you’ve been wondering how to get involved yourself. Of course, most of the attention on cryptocoins…
Important Facts about Setting-up a Business in the UAE The United Arab Emirates (UAE) is a federation of the 7 emirates of Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. In the Gulf Cooperation Council (GCC), the economy of the UAE is the most diversified. UAE is one of the…
The principles behind the theme Care for People and Place will help the country ‘unlock significant economic advantages to leverage at Expo 2020’ New Zealand revealed on Tuesday, through a new video trailer, the guiding theme for its Expo 2020 Dubai pavilion, four months ahead of the mega event. The theme Care for People and…
VAT to be introduced by Gulf states GCC agreed to impose 5% VAT by 2018. However, this decision must be further approved. The UAE Ministry of Finance also mentioned that some services will be exempt from VAT such as education and health care. UAE estimates around Dh 10 to 12 billion revenue for the first…
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