Setting Up an SPV in ADGM and Its Advantages
The Abu Dhabi Global Market (ADGM) is a significant ecosystem for many ambitious organizations who want to benefit with their banking, wealth management, insurance, capital market activities and asset management in the most effective way. Special Purpose Vehicle (SPV) is a passive holding company that aims to guarantee specific liabilities and assets by isolating legal (Read more...)
Setting up of a Representative Office in DIFC and its Advantages
Foreign companies can promote their market or business in the United Arab Emirates (UAE) by setting up a representative office. For businesses looking to test the market, the Dubai International Financial Center (DIFC) provides a good low-cost option. The office is defined as a cost-effective parent company, enabling people in business to get the advantage (Read more...)
Distressed Companies: How to help financially distressed businesses
We are delighted to share with you our latest contribution to IR Global’s June 2022 Publication, entitled ”Distressed Companies: How to help financially distressed businesses”. Three questions for our three experts from UAE and Italy with their top tips and legal insight 1)With the recent spike in insolvencies across the globe, do you believe (Read more...)
Foreign Direct Investment in the UAE
Foreign Direct Investment (FDI) in the United Arab Emirates (UAE) achieved significant growth in 2020 compared to 2019. The FDI reached $19.88 billion (44.2%) despite the consequences of the COVID-19 pandemic that severely damaged the world’s volume of investment, trade, and economy. During the same period, the cumulative balance of the FDI increased, achieving 12.9% (Read more...)
Incorporation of NFTs in UAE
Abu Dhabi, the capital of the United Arab Emirates (UAE), is all set to trade in virtual assets as the country has released a ‘consultation paper’ for trade guidelines. Financial experts have initiated steps to bring digital assets such as non-fungible tokens (NFTs) under the directory framework. The Free Zone Company and financial hub of (Read more...)
New Labor Law Highlights
The Ministry of Human Resources and Emiratisation announced the New United Arab Emirates (UAE) Labor Law (Federal Decree-Law No.33 of 2021) (“New Law”), which came into effect on 2nd February 2022. The New Law addresses changes in the work environment, recognizes the need for flexible working structures and aligns the relationship between the UAE laborers (Read more...)
The New DIAC Arbitration Rules 2022
Dubai International Arbitration Centre (DIAC) has finally released its much-awaited arbitration rules for 2022 on the 2nd March of this year. The recent DIAC Arbitration rules 2022 became effective on 21st March 2022 and is applicable to all the arbitration that will happen on and after the mentioned publishing date. The publishing of new rules (Read more...)
The NEW Trademark Law of the UAE
The United Arab Emirates (UAE) government passed the Federal Trademarks Law No. 36 of 2021 (“New Law”) which replaced the earlier Trademark law of 1992. The New Law came into effect on 2nd January 2022. The New Law has made considerable changes to the legal domain of trademark. The New Law broadens the scope of (Read more...)
Amendments to the UAE’s Bankruptcy Law
The post covid amendments made to UAE’s Bankruptcy Law of 2016 are a drastic but necessary step to deal with the steep fall in the growth and profits of the companies based in the United Arab Emirates (UAE). In November 2021 the UAE government introduced the Federal Decree-Law 35 of 2021 to provide clarification to (Read more...)
UAE’s new data protection law: Rights of a data subject
The Federal Decree-Law no. 45 on the Protection of Personal Data came into force on 2nd January 2022. The new law applies to the processing of personal data (1) of a data subject who resides in the UAE, (2) by any controller or processor residing in the state, whether processing the data inside or outside (Read more...)
Inheritance law for Non-UAE Nationals (Expatriates)
Inheritance means handing over assets of a deceased individual to the legally entitled descendants and family members. It is usually advised to have a registered Will as in absence of it, several undesirable situations may arise, like freezing of bank accounts, investments, and a prolonged litigation process which could prove to be costly. The inheritance (Read more...)
Prenuptial Agreements in the UAE
A Prenuptial agreement is a type of a written agreement between a couple yet to be married and consists of terms and conditions defining the distribution of the assets of the spouse during their marriage and post their divorce. There are also postnuptial agreements, which are essentially the same as prenuptial agreements but are entered (Read more...)
UAE introduces Corporate Tax from 2023
In January 2022, the Ministry of Finance of the United Arab Emirates (UAE) announced the introduction of a Federal Corporate Tax on business profits. Measures have been undertaken to incorporate the global best practices and reduce the compliance burden on the UAE businesses. The Corporate Tax is a type of direct tax placed on a (Read more...)
Enforcement of Arbitral Award in the UAE and surrounding challenges
The Federal Law No. 6 of 2018 on Arbitration is the primary legislation regulating Arbitration across the country. Article 52 of the law states that every arbitral award issued according to the present law shall be binding and enforceable like a court order. Article 55 requires a person to submit a request for recognition of (Read more...)
UAE partially decriminalizes dishonor of cheques
Intending to discourage increasing crimes of bounced cheques, the UAE government had through Federal Decree Law No 14 of 2020 made changes to the provisions of the Commercial Transaction Law of 1993. The amendment decree came into effect on January 2022. The law has been changed to only punish individuals who (1) ask their banks (Read more...)
Green Pass, simplifications and real risks
Law 165/2021 has made some interesting changes to articles 1 and 3 of DL 127/2021 regarding the control of green certifications in the workplace. The first interesting change is the one that authorizes public and private workers to submit a written request to the employer, stating their willingness to provide a copy of a valid (Read more...)
The law regulating Mergers in the UAE
The Commercial Company Law of the United Arab Emirates (UAE) deals with the Mergers of companies across the nation. Article 283 of the Federal Law No. (2) of 2015 on Commercial Companies, allows a company with a special resolution passed by the General Assembly to merge with another company through the conclusion of a ‘Merger (Read more...)
Changing the horizon of Arbitration in Dubai
The Emirate of Dubai has through Decree no. 34 of 2021 (the “Decree”), made major changes to the functioning of the Dubai International Arbitration Centre (DIAC). The Decree has abolished both ‘the Emirate Maritime Arbitration Centre’ as well as the ‘the Dubai International Financial Centre Arbitration Institute’ and has transferred their employees, assets, rights, and (Read more...)
(DIFC) Dubai International Financial Center’s Will Services
Dubai International Financial Center (DIFC) was established in 2004 as a financial free zone having independent legal and regulatory framework aiming to foster growth and economic progress in the nation. DIFC has its unique and independent legal as well as regulatory framework in the United Arab Emirates (UAE). Special DIFC court have been created for (Read more...)
Data Protection in the U.A.E.
The United Arab Emirates (UAE) has become a major financial hub of the world where multinational corporations are establishing their base. The large-scale digitization of the economy post-Covid-19 generated massive quantities of data which the corporations used for improving their businesses. The ability of data to generate wealth makes it the ‘new oil’. However, data (Read more...)
Green Visa in the UAE
The United Arab Emirates’s (UAE) government in September 2021, announced its projects of the 50 intending to transform the UAE over the next 50 years. This set of economic and development projects have captivated the interest of foreign investors as this project is aimed at providing the nation and its residents a sustainable future. Amongst (Read more...)
Cyberbullying Laws in the UAE
Cyberbullying is a modern phenomenon that has arisen as a product of two distinct convergent changes in XXIst century society, these are: Globalization: The increasing interconnectivity of individuals and groups through technology and global markets, which leads in turn to an increase in the abundance of telecommunications and electronic networks. Social Media: Tied in some (Read more...)
New Horizons: How external counsel can help you explore and secure market entry opportunities
We are happy to share with you our latest publication on IR Global November 2021 issue on ”How external counsel can help you explore and secure market entry opportunities”. Members from different jurisdictions with diverse expertise on various fields have contributed on this publication. Thomas Paoletti the founder and Managing Partner of Paoletti Legal Consultants (Read more...)
UAE’s New Labor Regulations
The UAE government has introduced some massive changes to labor laws of the nation through the new Federal Decree Law No 33 of 2021. The new law which will take effect from February 2022, is aimed at enhancing elasticity, resilience, and sustainability of the nation’s labor market and to promote flexible and competitive business environment (Read more...)
IR Global London Conference & 10 Year Celebration
IR GLOBAL – a multi-disciplinary professional services network that provides legal, accountancy, financial advice to companies and individuals around the world. After the pandemic, the team has finally welcomed its members back to London for the annual conference and celebrated its 10th (11) year anniversary! Paoletti Law Group was honored to be a Headline sponsor (Read more...)
Economic Substance Regulation in the UAE
The economy of the United Arab Emirates began as a mostly subsistence economy, based on fishing, pearl diving and dessert-accommodated transportation; nonetheless, there is an aspect of this economy that has stayed regular and unchanging from these early days to the discovery and extraction of oil: Trade. Since before the advent of modern civilization, the (Read more...)
GREEN PASS, Between Control Requirements and Risks for the Person In-Charge
On October 15 came into force the obligation under DL No. 127/2021, for employers to check the possession of the Green Pass obtained as a result of vaccination or the negative outcome of an antigenic or molecular swab to all employees, as well as suppliers and consultants called to work within the company. The text (Read more...)
Small Claims Tribunal-Employment disputes in the UAE
In the legal system of the United Arab Emirates, the issue of employment and industrial relations is guided by a common law structure similar to that of the medieval Lex Mercatoria in Europe, in which the employers, employees and competitors could resolve their disputes through arbitration and mediation; the advantage of this system is that (Read more...)
Contractual Disputes in the UAE
The judicial process in the United Arab Emirates is fairly like most other countries, with one important difference: This has to do with the fact that instead of an accusatory system, it is an inquisitorial system. For this reason, it is understandable that most investors, workers, and citizens in general prefer a more conciliatory (Read more...)
Ultimate Beneficiary Owner (UBO) Declaration
Intending to curb money laundering, financial fraud, tax evasion, and terror finance, the UAE government is taking steps to ensure financial transparency. Many individuals take the advantage of the complex corporate ownership structures and indulge in such activities harming the interests of governments across the world. One important step to curb such activities is recognizing (Read more...)
Women related Laws in The UAE
In the year 2015, the United Arab Emirates (UAE) government established a federal entity by the name of Gender Balance Council to develop and implement the gender balance agenda in the country. The council aimed at increasing female participation in decision-making positions. The overall objective was to position the UAE as a model for gender (Read more...)
Laws that Tourists Visiting The UAE Should Know
The United Arab Emirates (UAE) with its exotic shopping malls is a prime attraction point for shoppers. If tourists buy products from a shop participating in the ‘Tax Refund for Tourists Scheme’ they can claim refunds for the Value Added Tax paid on the products. This scheme is only available for individuals leaving the country (Read more...)
Commercial Fraud in the UAE
The United Arab Emirates (UAE) had made the necessary changes to its anti-fraud provision by bringing in Federal Law No. 19 of 2016 to especially deal with commercial fraud cases. This law applies to the entire territory of the UAE along with the free zones across the UAE. Commercial fraud has been defined as an (Read more...)
Passport Retention
Can my Employer Retain my Passport? There have been numerous instances in the past where individuals have complained of their passports being retained by their employers. The vulnerable position of an expatriate worker further deteriorates when the employer takes away his or her passport. Holding of a passport by an employer discourages an individual from (Read more...)
Incorporation of a Company: Mainland Vs FreeZone
The recent amendments to the Commercial Company Law in 2020, allowed 100% foreign ownership for a business established in the mainland UAE. This amendment to the Commercial Company law allows 100% foreign investment without the requirement of having an Emirati as 51% owner for registration of an Onshore Company in the United Arab Emirates (UAE). (Read more...)
ADGM issues new data protection rules on Fees and Fines
Abu Dhabi Global Market (ADGM) established in 2013 by the Abu Dhabi Chamber of Commerce, is an international financial center and a free zone, located in Al Maryah Island in Abu Dhabi, UAE. It became fully operational in 2015. ADGM aims to promote Abu Dhabi as a global financial center and an effective contributor to (Read more...)
VAT Regulations in the U.A.E.
The United Arab Emirates (UAE) introduced Value Added Tax (VAT) through Federal Law no (8) of 2017, to generate a new source of income to fund the nation’s high quality public services. The new tax was implemented to decrease the nation’s dependence on natural resources like oil and petroleum. VAT is imposed on every value (Read more...)
5 Major Legal Amendments in the UAE
UAE Bankruptcy Law amendment The Cabinet of the United Arab Emirates (UAE) has through an amendment in 2020 made an effort to help the businesses facing an Emergency Financial Crisis (EFC) because of the spread of Covid-19 and the subsequent lockdowns. The debtors have been exempted temporarily from the obligatory filing of bankruptcy after 30 (Read more...)
UAE Amends Laws Relating to Cheque Bounce
Intending to discourage increasing crimes of bounced cheques, the United Arab Emirates (UAE) government has, through Federal Decree Law No 14 of 2020, made changes to the provisions of the Commercial Transaction Law of 1993. The amendment decree will come into effect in January 2022. The law has been amended to allow for partial payment (Read more...)
Legal reforms that will further strengthen the UAE
The Covid-19 pandemic has brought many fold challenges to global economy which affected the daily lives of people across the world. The pandemic required a push from our governments to undo the damages and to initiate structural reforms required to strengthen the economies. The government of the United Arab Emirates has recently initiated long awaited (Read more...)
Purchasing Property in Dubai
Foreigners and immigrants account for almost 89% of the population of the United Arab Emirates. It was only recently in 2002 that the foreigners were allowed to buy property in specified areas around the UAE. Through Regulation (3) of 2006, Emirate of Dubai determined the areas where foreign nationals were allowed to acquire ‘Real Property’- (Read more...)
Establishing E-Commerce business in the UAE FreeZone
The United Arab Emirates (UAE) is known for its world class malls and state of the art facilities provided in the same. The E-commerce business while already thriving got a big boost during this pandemic when people relied on online platforms for even grocery shopping. Despite having the best shopping malls, many companies in the (Read more...)
Residence Visa in the UAE
The United Arab Emirates (UAE) provides resident visa to an individual and his/her dependents if he/she (1) is employed by a company, (2) is employed in the government sector (3) has invested in a business (4) has a property, in the UAE. Additionally, university sponsored students and elderly foreigners who want to retire and reside (Read more...)
Recent Amendments to the UAE Bankruptcy Law
The post Covid amendments made to the UAE’s Bankruptcy Law of 2016 are a drastic but necessary step to deal with the steep fall in the growth and profits of the companies based in the United Arab Emirates (UAE). The resulting fall in growth of companies amid the Covid-19 crisis not only affected their profits (Read more...)
Doing Business in United Arab Emirates
The UAE is the major regional hub and the commercial capital for the Middle East. It has one of the most liberal trade regimes in the Gulf. The position of the UAE means it is the centre of traffic between Europe, Africa, and Asia. As a gateway between these regions, the UAE holds the potential (Read more...)
The Middle East and North Africa: A dynamic region for inward & outward investment
We are inviting you to read our Latest Publication on IR Global The Middle East & North Africa: A dynamic region for inward & outward investment from Thomas Paoletti. Session Topics: i. Starting a business in/out of MENA: How easy is it for entrepreneurs and businesses in/out of MENA to start a business in your jurisdiction? (Read more...)
material test
https://paoletti.cloud-tester.com/wp-content/uploads/2020/11/481285.jpg (Read more...)
International Expansion: Building your Business Overseas
“Despite these uncertain times, expanding overseas can be a key driver for future growth for an ambitious business. International expansion can breathe new life into a company, drive huge value and set it on a path of continued success.” (Read more...)
International Contracts: How has the global pandemic impacted international contracts?
“The COVID-19 pandemic is one of those once-in-a-lifetime events that few people predict but which AFFECTS everyone – individuals, businesses and governments.” – Andrew Chilvers, IR Global – Editor (Read more...)
International Governance: The Risks You Face as a Global Director
With recent data protection legislation across different jurisdictions, companies are now being held to account regarding their use of personal data. Will this result in a more litigious culture for companies and what does this mean for boards? (Read more...)
Customer Portal User Guide
Customer Portal User Guide (Read more...)
International Deal Making: Assisting Acquirers
IR Global presents in the publication “International Deal Making”. (Read more...)
IR Global – “Meet the Members” – MENA
IR Global presents in the publication “Meet the Members” 11 of the 42 representatives of the MENA Forum – Middle East and North Africa. (Read more...)
Negotiating Effective Contracts & Dealing with Disputes: Advice from Outside Counsel
Negotiating Effective Contracts & Dealing with Disputes: Advice from Outside Counsel (Read more...)
The new legislation changes aim at enhancing the ease of doing business in the DIFC…
The new legislation changes aim at enhancing the ease of doing business in the DIFC… (Read more...)
Doing business in Dubai: local partner or on your own?
In this post I want to go into practical detail and answer a series of questions investors ask themselves when they decide to implement a process of internationalization here in the Emirates. Tackling and solving these first questions is fundamental to the success of the whole venture, because building such a project is a bit (Read more...)
Why should you get in touch with a lawyer to start a business?
Starting a business? Get in touch with a layer. Let’s start with a practical situation. After a trip to Dubai, an Italian entrepreneur in the food industry decides to enter the market there, realizing the Emirate offers many opportunities, particularly in light of the upcoming Expo 2020. Now, what can he do to get some (Read more...)
Prevention is better than cure
Also in the law fields is better to prevent. Over the years medicine has taught families the importance of prevention, of taking care of ourselves to stay healthy and avoid illness. Unfortunately, the legal profession has not followed the same example and, even today, it’s common to hear the same opinion of a client I (Read more...)
Why a written contract is important (second part)
.In the last post I dealt with this subject – the importance of the written contract – which could seem banal, but which, on the contrary, is an issue that ought to be clearly put on the table. And so I’ve decided to go into further detail about this in a second article. If in the (Read more...)
Why a written contract is important
If you lose a 2 million dollar project because you forgot to finalize a contract, what can you do? Nothing, I’m afraid. If something like this happens, you can’t react afterwards and hope to fix it. That contract is lost forever. I’m not speaking about a hypothetical case, but of a real occurrence. Here in (Read more...)
The Breitling case: incorporated joint venture in Dubai
Today I want to discuss joint ventures and, in particular, a real case I dealt with a few months ago. But first I think it’s useful to spend some introductory words on what a joint venture is and what forms it can take. The term Joint Venture defines a form of collaboration among enterprises, with (Read more...)
Abu Dhabi Global Market Updates Data Protection Regulations – Legal update N.2
Abu Dhabi Global Market Updates Data Protection Regulations (Read more...)
Revised FIDIC suite of contracts takes effect
Effective last December, the International Federation of Consulting Engineers (FIDIC) published the second editions of its suite of contracts for the construction industry. (Read more...)
Ir global blockchain
The rise of bitcoin and criptocurrencies. (Read more...)
