In brief The Dubai International Arbitration Centre (DIAC) has recently released its Annual Report for the year 2022. The Report highlights the new vision and future strategies of DIAC and provides helpful statistics for 2022, including regarding the overall caseload, caseload by value of disputes, sectors represented and the nationalities involved.[1] The statistics show a growth in the number and the value of the cases registered, as well as a broad outreach in terms of…
Clarity has been provided by the UAE Ministry of Finance on income generated by a UAE Free Zone Person that could be eligible for a 0% tax rate In brief Since the release of the UAE corporate tax law on 9 December 2022, UAE Free Zone Persons have been eagerly awaiting the release of the definition of ‘Qualifying Income’. The release of this information now enables UAE Free Zone Persons to determine if they are…
In a much anticipated development, the UAE Securities and Commodities Authority (SCA) has recently issued Chairman of the Board of Director’s Resolution No. (22/RM) of 2023 regulating securitization and all parties to securitization transactions or operations in the UAE (the “Securitization Regulations”). The Securitization Regulations should have been issued a long time ago to support efforts to promote the economic development of the UAE especially since it is a tax efficient jurisdiction. It was largely…
In brief The United Arab Emirates’ (“UAE”) federal-level financial services regulator relevant to securities, commodities and now Virtual Assets Service Providers (“VASPs”), the UAE Securities and Commodities Authority (“SCA”), has just issued two new regulations relevant to Virtual Assets (“VAs”): SCA Chairman of the Board of Director’s Decision No. (26/RM) of 2023 in relation to Virtual Assets Platform Operators (the “SCA VA Exchange Regulations”); and SCA Chairman of the Board of Director’s Decision No. (27/RM)…
In brief The scope of the UAE’s mandatory employee unemployment insurance scheme has been extended. Effective immediately, all employees in the UAE (except for employees employed by the local government) must register within the required timeline. This includes employees employed by free zone companies. You can view a summary of the scheme in our previous client alert. What’s next? Registration All employees in the UAE must enroll with the unemployment insurance scheme and commence paying insurance…