The UAE Ministry of Finance consistently introduces a series of new Ministerial Decisions under Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses. These decisions have a collective objective of bolstering the regulatory framework governing corporate and business taxation in the UAE.… Read more
The Ministry of Commerce and Industry (MOCI) issued Decision No. 82/2023, targeting small companies engaged in activities of private nature without employees, physical commercial premises, and without the need for regulatory approval from any authority other than the MOCI. This decree aims to provide support and… Read more
The Kuwaiti Minister of Commerce and Industry amended under Resolution No. 60/2023 (MOCI Resolution) specific provisions of the Kuwait Companies Law No 1/2016 (“Law No 1/2016”). By virtue of the MOCI Resolution, provisions addressing companies’ spinoff were introduced. Under this note, we will explain the purposes… Read more
I. An overview of money laundering A. Money laundering’s connection with financial transactions Countries throughout the world have passed laws criminalizing individual or organized criminal acts locally and internationally. These crimes generate illegal revenue and criminals feel the need to clean the revenue to appear legitimate.… Read more
On 2 February 2022, the Federal Decree-Law No. (33) of 2021 on the Regulation of Employment Relationship (UAE Labour Law) came into force. The UAE Labour Law requires, pursuant to its article 68 (2), that all employers convert any existing employment on an unlimited term contract… Read more
A family-owned business maybe be one of the oldest form of business organization in human history. In the GCC, the business environment has developed exponentially to the extent that there are large corporate businesses which are owned and managed by single families. These businesses play a… Read more
In the announcement of the strategic goals of Saudi Arabia’s capital entitled “the Future Investment Initiative Riyadh 2030” on 15 February 2021, the Saudi government established new requirements whereby international companies are required to relocate their regional headquarters (RHQ) into Saudi Arabia in order to access… Read more