Category MENA

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DIFC employment law – consultation paper published

The Dubai International Financial Centre (“DIFC”) intends to refresh its employment laws. Under proposals set out in a consultation paper published last week, a new employment law would be introduced to replace the DIFC’s existing employment law. Background The central pillar of employment law in the DIFC is DIFC Law…

Legal Update: Foreign ownership restrictions in the UAE

The foreign ownership restrictions that currently apply to UAE limited liability companies are expected to be relaxed in 2018. Background Most companies established “onshore” in the UAE are limited liability companies (or “LLCs”). Under Federal Law No. 2 of 2015 (the “Commercial Companies Law”), an LLC must be at least…

Countdown to VAT in the UAE

VAT on supplies and imports will be introduced in the UAE with effect from 1 January 2018 at a standard rate of 5%. Businesses with taxable supplies and imports exceeding AED375k (approx. US$100k) are required to register for VAT. The deadlines for registration have been staged as follows: High-turnover businesses…