The Ministry of Finance has released a directive (Ministerial decision No. 215) which aims to provide more details regarding the implementation of economic substance requirements in UAE. The guidance has been eagerly awaited since UAE economic substance regulations were introduced on 30th April 2019, requiring all relevant UAE entities (“Licensee”) that carry on certain activities (“Relevant Activities”) to have demonstrable … Read More
New DIFC Employment Law No.2 of 2019 in Effect
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
DIFC Announces Employee Workspace Savings Scheme
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
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