Every employee who has spent a considerable amount of time working in a company is provided a benefit from the company in the form of lumpsum amount when he/she moves…
Dubai International Financial Centre or DIFC
The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai established in 2004. It is a hub for Middle East, Africa and South Asia (MEASA) markets. DIFC is one of…
Dubai Health Care City or DHCC
Dubai Health Care City is a free zone launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai in…
DIC or Dubai Internet City
Dubai Internet City or DIC is a free zone established by government of Dubai in the year 1999 and inaugurated in the year 2000, which is an Information Technology park.…
Business Setup in HFZA or Hamriyah Free Zone Authority
The Hamriyah Free Zone in Sharjah ,United Arab Emirates is established in November, 1995 by an Emiri decree. It is the industrial hub of Sharjah emirate. Types of companies approved by HFZA: HFZA…
Business Set Up in Twofour54
Twofour54 is located in the UAE capital Abu Dhabi. It got its name from geographical coordinates of Abu Dhabi (24° North, 54° East). It was launched in 2008 to accelerate…
Business Set Up in DAFZA or Dubai Airport Free Zone
Dubai Airport Free zone, going by the name of DAFZA is a free zone established by government of Dubai in 1996. DAFZA came into being as part of the Dubai…
Economic Substance Regulations (ESR) – Banking Business
In Reference to Economic Substance Regulations (ESR), ‘Banking Business’ means the business of accepting deposits of money which can be withdrawn or are repayable on demand/fixed period or on notice…
Economic Substance Regulations (ESR) – Intellectual Property Business:
A UAE business is regarded as carrying on an Intellectual Property Business if it holds, exploits, or receives gross income from “Intellectual Property Assets”, which is defined as any intellectual…
Economic Substance Regulations (ESR) – Relevant Activities Examples
Continuing our series on Economic Substance Regulations (ESR) and its Relevant Activities, the following section discusses examples of scenarios where a Licensee may, or may not be, subject to the…
Economic Substance (ESR) filing deadline extended to 31 January 2021
The Ministry of Finance has extended the deadline for all companies to submit their Economic Substance Regulations Notification and Report to January 31, 2021. All UAE entities, who are involved…
Summary on provisions applying to legal persons regarding Real Beneficiaries
BackgroundThe United Arab Emirates (UAE) recently issued Cabinet Decision No. 58 of 2020 on the Regulation of Procedures Related to Real Beneficiaries (“the Regulation”), which came into effect on 28…