UAE Introduces Filing Requirements Relating to Beneficial Ownership - Deadline of 27 October 2020
Afridi & Angell, October 2020
On 24 August 2020, the UAE issued Cabinet Resolution 58 of 2020 on Regulating the Procedures of the Real Beneficiary (the Resolution). The Resolution, amongst other things, aims to establish a legal framework for identifying and recording details of real beneficiaries of entities licensed to conduct business in the UAE. The Resolution is an additional step towards the UAE’s efforts in combating money laundering, the financing of terrorism and illegal organisations...
Dubai Family Ownership of Common Property Law
Afridi & Angell, September 2020
On 13 August 2020, the Ruler of Dubai issued Law 9 of 2020 to regulate family ownership of common property in the Emirate of Dubai (the Law). The Law aims to establish a legal framework for family ownership of common property in Dubai and to facilitate its transmission among successive generations. This concept of undivided family assets introduced by the Law also exists in other jurisdictions. There are many family run businesses in Dubai...
UAE Foreign Direct Investment Law vs GCC Customs Exemption
Afridi & Angell, August 2020
As reported in our inBrief of 15 April 2020, Federal Decree-Law 19 of 2018 on Foreign Direct Investment (the FDI Law) permits majority foreign investment in certain business sectors and activities. Although majority ownership is attractive, it is not the only factor that a potential foreign direct investor should consider. One additional factor is whether the proposed business would qualify for the 5% GCC customs duty exemption that is discussed below...
• Co-author of Doing Business in the United Arab Emirates 2015/2016, PLC Multi-Jurisdictional Guides
• Co-author of Managers' Liability in UAE Limited Liability Companies, India Business Law Journal July/August 2015
• UAE Limited Liability Companies, IFLR, April 2011
• New law regulates steps for contract termination, Emirates Business 24/7 (May 27, 2009) (co-author)