New DIFC Employment Law No.2 of 2019 in Effect

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DIFC Employment Law No. 2 of 2019, enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has taken effect. The new legislation addresses key issues such as paternity leave, sick pay and end-of-service gratuity. Employer-focused amendments include the expansion of employee duties, anti-discrimination provisions, limiting the application … Read More

UAE introduces “Golden Card” for permanent visa residents

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Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has announced a new UAE Residency scheme called the “Golden Card”, which offers permanent residency to foreign investors and “exceptional workers in the fields of health, engineering, science and art”. It is hoped that the new scheme will generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students … Read More

DIFC Announces Employee Workspace Savings Scheme

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Dubai International Financial Centre (DIFC) has announced the launch of the DIFC Employee Workplace Savings (DEWS) scheme, which will offer end-of-employment benefits as part of a funded and professionally managed contribution plan. In line with recent global employee benefit trends, DEWS will see the evolution of end-of-service benefits within DIFC from a defined benefit structure to a contribution plan. It … Read More

Update on Foreign Direct Investment in UAE

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Early in July 2019, the UAE Cabinet approved 122 Economic Activities across 13 sectors to be eligible for up to 100% percent foreign ownership. This is in line with the UAE Federal Law No.19 Concerning Foreign Direct Investment (FDI) that was announced towards the end of last year. These sectors include renewable energy, hospitality, communications, information, agriculture and manufacturing. The … Read More

OECD Assessment Of Low-Tax Jurisdictions Updated- UAE Is Close To Compliance

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The July 23rd 2019 report of the OECD Forum (Organisation for Economic Co-operation and Development) on Harmful Tax Practices (HTP) has concluded that 11 of the 12 countries on its list of low-tax jurisdictions are compliant with its standards for ‘substantial activity’ legislation. Their tax regimes are therefore not considered harmful anymore. Since November 2018 all the relevant nations embarked … Read More