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UAE

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Under Federal Decree Law No. 33 of 2021 and its executive implementing regulations (“New Labour Law”) which entered into effect in February 2022, all employee unlimited term contracts required be converted to fixed term contracts. A grace period of up to 1 February 2023 was put in place for all contract conversions in the UAE. Failure to meet the deadline risked penalties being imposed. However, the Ministry of Human Resources and Emiratisation (MOHRE) has recently…

In brief Following rounds of consultation, the United Arab Emirates (UAE) has issued the new and much anticipated Federal Law No. 3 of 2022 regulating Commercial Agencies (“New Law”), repealing and replacing the longstanding Federal Law No. 18 of 1981, which has been amended many times including most recently in May 2020. The New Law introduces various changes and grants for the first time, the right for international companies that are not owned by UAE…

In brief The UAE Government has recently announced legislation requiring employees in the Federal Government and private sector to register in an unemployment insurance scheme. The scheme is designed to provide financial support to employees in the event that the employee loses their job. What do employees need to do? Employees must register with an unemployment insurance scheme starting from 1 January 2023.Unemployment insurance schemes are provided by a number of selected insurance providers in…

In brief Key highlights The issuance of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Corporate Tax law”) on 9th December 2022, provides businesses operating in the UAE with a framework for understanding how the corporate tax regime will impact their business model. The Corporate Tax law is broadly in line with the public consultation document that was issued in April 2022, however, one of the notable changes is the release of…

In brief Over the last few years, the United Arab Emirates (UAE) has taken steps to regulate the volatile crypto industry, as seen in the recent crypto winter, and to anticipate global crypto regulatory developments including in the US and in the UK that have been called upon to regulate the sector through regulations rather than enforcement, to protect retail investors that ultimately were the major victims of the crypto winter. In 2020, the Financial…