United Arab Emirates set to be removed from EU tax blacklist

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The United Arab Emirates will be removed from the European Union blacklist of countries deemed to be tax havens, according to a Reuters report citing an official EU document. The document allegedly states that the UAE, along with Switzerland and the Marshall Islands, will be removed from the list (officially called “The EU list of non-cooperative jurisdictions for tax purposes”) … Read More

Dubai Announces “Virtual Company Licence”

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, has announced the launch of the region’s first ‘Virtual Company Licence’. The joint initiative by Dubai Economy, Dubai International Financial Centre (DIFC), General Directorate of Residency and Foreigners’ Affairs (GDRFA), Smart Dubai, and the Supreme Legislation Committee will allow investors, entrepreneurs and freelancers to set up and manage … Read More

Dubai climbs to 8th in the Global Financial Centres Index (GFCI)

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Dubai has climbed 4 places in the Global Financial Centres Index (GFCI) to take 8th position, representing its highest ever ranking. It is the only financial centre in the region that makes the top 10, placing it in good company along with established financial hubs such as, New York, London, Hong Kong and Singapore. Dubai has moved up 17 places … Read More

UAE Economic Substance Guidance Released

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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