New ADGM Employment Regulations will come into force on 1st January 2020. The change in legislation follows a public consultation that was held earlier this year and will repeal the ADGM Employment Regulations 2015. Some of the biggest changes include: Discrimination: The anti-discrimination provisions are expanded to include colour as a protected class. In addition, the Rules provide that where … Read More
Important changes have been made to the UAE-UK Double Tax Avoidance Agreement (DTAA)
Double Tax Avoidance Agreements (DTAA’s) allow companies who conduct business internationally to minimise their overall tax burden. DTAA’s were initially agreed for the purposes of avoiding double taxation on the same tax-payer, on the same tax-base. However, they have been used by some multinational organisations to avoid tax in a way that undermines the integrity and purpose of the treaties. … Read More
DIFC Prescribed Company Regime Enacted Today
Dubai International Financial Centre (DIFC) has announced the enactment of the Prescribed Company Regulations that we first mentioned back in July of this year. The Prescribed Company Regulations are issued under the Companies Law, DIFC Law No. 5 of 2019 and replaces the former Special Purpose Company Regulations. Under the new regime, existing DIFC structures such as Intermediate Special Purpose … Read More
UAE named the largest FinTech hub in MENA
According to a report by Abu Dhabi Global Market (ADGM) and MAGNiTT, $237 million dollars has been invested in MENA-based FinTech startups since 2015. FinTech has received 181 investments over 5 years, accounting for 10% of all venture investment deals across MENA. Other key points from the report include; FinTech Investments: 2017 was the breakout year for FinTech investments across … Read More