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…
The UAE government has proposed guidelines to determine tax residency for “natural and legal persons” in the country. The resolution will become effective from 1 st March 2023. Prior to the resolution, there was no statutory definition of UAE tax residency. It broadens the criteria of UAE tax residency, for natural persons, which was previously…
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…
After the invasion of Ukraine, which has left Moscow’s financial system on the verge of collapse, a growing number of wealthy Russians are flocking to the UAE In response to Russia’s invasion of Ukraine, the United States and its European allies have slapped unprecedented sanctions on the country. The Central Bank of Russia is unable…
Foreign nationals obtaining a UAE Residence Visa will no longer be issued a UAE Residence Visa stamp endorsed in their passport, which foreign nationals receive as proof of residence status. Instead, foreign nationals will be issued an Emirates Identity card, which will serve as their residency document. This change is expected to be implemented for…
World’s two major cryptocurrency platforms will set up their regional and global headquarters in Dubai, it was announced at the World Government Summit on Monday. Global cryptocurrency platform Crypto.com will open its regional head office in Dubai while Singapore-based cryptocurrency exchange business Bybit will shift its global head office to the Emirate. “We are opening…
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