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Legal Updates

25 Nov 2020

100% Foreign Ownership for LLCs and PJSCs

100% Foreign Ownership for LLCs and PJSCs The UAE Government has recently announced a transformative Resolution that allows foreign investors to own 100% of Foreign Direct Investment Projects which implies that, the requirement to have an Emirati as a major stakeholder in the company, has been annulled. This change has…

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23 Nov 2020

International: World’s Largest Free Trade Agreement

International: World’s Largest Free Trade Agreement The Regional Comprehensive Economic Partnership was signed between fifteen Asia-Pacific nations to accelerate recovery of their economies that have been pillaged by the pandemic. The Agreement was signed at the annual summit of the Association of South Asian Nations (ASEAN) hosted by Vietnam. The…

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22 Nov 2020

Oman: Royal Decree Number 43 of 2020 recognizing the Organizational Structure of the Tax Authority

Oman: Royal Decree Number 43 of 2020 recognizing the Organizational Structure of the Tax Authority The Royal Decree Number 42 of 2020 was brought into effect by the Tax Authority of Oman and recognized the organizational structure thereof. It lays down that the Chairman of Tax Authority shall exercise the…

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19 Nov 2020

Egypt: Presidential Decree Number 207 of 2020 Concerning Customs Law

Egypt: Presidential Decree Number 207 of 2020 Concerning Customs Law A new customs law has been introduced by Presidential Decree Number 207 of 2020, aiming to amend rules and procedures of the old law and its exemptions. This recent amendment seeks to integrate the old law and its exemptions into…

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16 Nov 2020

Abu Dhabi: Freelance License

Abu Dhabi: Freelance License The Department of Economic Development (AD-DED) has announced that it will grant “freelancer licenses” to 48 types of businesses to be conducted in Abu Dhabi, these sectors include, both private businesses and service sectors, such as consultancy in computer hardware and software, real estate, legal consultancy,…

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15 Nov 2020

UAE: New Stored Value Facilities Regulation (SVF)

UAE: New Stored Value Facilities Regulation (SVF) The Central Bank of UAE has issued new regulations, published in the Official Gazette on 15th October 2020. The regulations aim to support digital payment services (for example, e-wallets and prepaid cards) in the UAE with effect from 15th November 2020 and therefore…

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