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UAE Free Zone Companies: Who Can Enjoy the Zero Corporate Tax Regime?
To maintain the appeal of business-friendly free zones to investors worldwide, the UAE has adopted a host of significant policy initiatives, including implementing a 0% corporate tax for free zone companies that meet certain requirements. In this blog, we will explore these free zone companies and the conditions that they must fulfil to enjoy the zero corporate tax regime under the UAE’s Corporate Tax Law.
The Impact of Corporate Tax on Foreign Investment in the UAE
In recent times, the business landscape in the UAE has undergone a transformative shift with the implementation of corporate tax challenging its traditional status as a tax haven. In this blog post, we’ll delve into the anticipated implications before the corporate tax laws were announced, the current state of foreign investments, and strategic approaches for mitigating potential impacts.
UAE Transfer Pricing Guidelines
The Corporate Tax Law (‘CT Law’) introduced in the UAE comes with a bundled package along with the Transfer Pricing provisions also being introduced in the UAE along with the CT Law. Transfer Pricing provisions play a significant role in the tax system and have a significant impact on the tax liability of a company or a group. Transfer Pricing provisions are complex and are often litigative and debatable.
Taxability of Natural Persons in UAE
There is a lot of buzz in businesses and industries in UAE with the introduction of Corporate Tax Law (‘CT Law’) in the country. The CT Law when introduced, had prima facie cleared the buzz on the applicability of the Corporate Tax provisions for Natural Persons wherein it was clarified that CT Law will be applicable to natural persons only if they conduct business or business activities in the UAE and the gross turnover from such activities conducted in UAE exceed AED…
Corporate Tax for Non-Residents in the UAE: A Guide
The provisions of Corporate Tax Law (‘CT Law’), introduced in the UAE, defines ‘Taxable Persons’ for the purpose of Corporate Tax (‘CT’). As per the provisions of CT Law, CT in UAE is applicable not only to a Resident person in the UAE but also to specific Non-Resident Persons subject to certain conditions being satisfied.
Navigating Transfer Pricing Rules in the UAE: Key Considerations for Multinational Companies
In the complex world of international finance, the UAE plays a pivotal role for many multinational corporations. Its strategic location and business-friendly environment make it an attractive hub for companies looking to expand their global footprint. However, navigating transfer pricing rules in the UAE is crucial for multinational companies to ensure they comply with tax regulations and maintain transparency in their financial dealings. In this blog post, we’ll delve into the key considerations and requirements for transfer pricing in the…
Importance of Adverse Media and PEP Screening in Combatting Money Laundering in 2024
The threat of money laundering continues to impact the global financial system, and with advanced technology and professional money launderers growing increasingly sophisticated, it’s only getting more difficult to detect and prevent these crimes. According to estimates[i] by Nasdaq Verafin in their 2024 Global Financial Crime Report, a whopping USD 3.1 trillion in illicit funds have been funnelled into the global financial system. With financial crimes on the rise, both nations and organisations have been strengthening their defences against them.
Understanding Trade-Based Money Laundering
International trade is the backbone of the global economy. It enables countries to overcome limitations in natural or financial resources by accessing goods they cannot produce themselves. In doing so, international trade promotes economic growth and cooperation among nations. With globalisation and the proliferation of the free market economy, international trade reached $32 trillion in 2022.
Suspension of 32 Gold Refineries in the UAE: Important Lessons for the Dealers in Precious Metals and Stones (DPMS)
Crimes can impact organisations in unexpected ways. For businesses that deal with precious metals, such as gold, which is extremely vulnerable to money laundering and other heinous crimes, the risks they face are even higher. What if a company purchases gold that has been traded by paying bribes to armed militias, who then use the funds to displace indigenous tribes from their habitats? Or what if a customer purchases a gold product from a retail trader using the proceeds of…
The Significance of Sanctions Lists for AML Compliance in the UAE
The Cambridge Dictionary defines a sanction as “a strong action taken in order to make people obey a law or rule, or a punishment given when they do not obey.” In the context of international law, sanctions are designed to address significant threats to peace and security. According to the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organisation that provides training and certification and disseminates information on the detection and prevention of money laundering, described sanctions as punitive or…
AML Compliance in Dubai Real Estate
The UAE is one of the wealthiest countries in the world. In terms of GDP PPP (Purchasing Power Parity) per capita, the UAE ranked 6th globally in 2022. PPP measures the relative value of currencies by comparing the cost of a fixed basket of goods and services in different countries. It, therefore, provides a consistent and accurate comparison of GDP, cost of living, and other quality-of-life measures between countries. In 2022, the UAE’s…
What is Integration in Money Laundering?
Money laundering is exactly what the name suggests—it is a process to make dirty money appear clean.
The story goes that in the 1920s, Al Capone, a Chicago-based gangster, used cash-intensive laundromat businesses to disguise his money generated from criminal activities. This practise allegedly gave rise to the term “money laundering.” However, an article published in Mental Floss suggests that the whole story might be a myth. It explains that in the early 1900s, a lot of cash sent to the…
Liquidation of Companies in the UAE
Imagine a company that had been running successfully for over 10 years was hit by a severe financial downturn. Its sales dropped significantly, and the company found it harder and harder to meet its financial obligations. Expenses began piling up, and soon, the company was unable to pay its suppliers or cover essential business costs.
Faced with mounting debts, the company chose to close its operations. The company had assets worth AED 5 million, including a warehouse, delivery trucks, and machinery….
Navigating Corporate Governance in DMCC (Dubai Multi Commodities Centre)
How can self-interest, which, by definition, is about the self, end up benefiting society as a whole?
While this may sound counterintuitive, Adam Smith believed that in a competitive market, this happens all the time. To improve quality, reduce costs, and cater to customer demands, businesses try to outdo each other. Their drive for growth leads to innovation and creates better products and services. The “invisible hand” turns individual ambitions into a force for progress in a competitive marketplace.
Setting Up a Business in DMCC
Globalisation is characterised by the free movement of capital across countries. But why does capital need to move? It is almost like capital has a mind of its own. It tries to find opportunities where it can achieve the highest returns, which often means moving across borders to areas where resources are more abundant, labour is more cost-effective, or markets are expanding rapidly. This movement allows for more efficient allocation of resources, increased…
Business Structuring in the UAE
The economic aspirations of a country depend on how well it prepares the ground for its long-term value creation, and the UAE has dominated this story in the last couple of decades. Between 2000 and 2022, the GDP of the UAE has grown by almost 500%. This is an extraordinary achievement that highlights the UAE’s forward-looking economic policies. However, the UAE’s growth story is not simply a matter of historical data. Its true potential will be unleashed in the coming…
Business Restructuring Challenges Faced by UK Expats in the UAE and How to Overcome Them
Businesses need to respond to change, sometimes quite drastically!
The need for making substantial changes to a business may arise from a host of different factors, ranging from an overwhelming financial challenge to disruptive technology that has altered the entire competition landscape. It may also happen that the organisational structure that worked well for decades no longer fits the changing market dynamics. This is where restructuring comes into play.
Why are UK Expats Looking to Set Up a Business in the UAE?
The economic landscape is rarely static. Economic cycles and overall technological progress create disruptions that characterise the continuous evolution of global businesses. Although the UK has dominated technological innovation and economic growth for centuries, the rapid shift in global dynamics has led many UK expats to explore new business opportunities elsewhere. The UAE has become one such place that has been able to capture the dreams of UK expats, with over 5,000 British companies and more than 100,000 UK nationals…
The Evolution of ESG in the Gold Industry
The movement of capital often determines the trajectory a society takes. The ethical values with which capital investments are made can, therefore, influence social and environmental outcomes, sometimes even more profoundly than regulatory interventions. But how do we collectively determine the values that capital represents, universally?
Closing the Loop: Climate Action through Circular Economy
“The code of our humanity is faithful service to that unwritten commandment that says we shall give our children better than we ourselves received.”
Aaron Sorkin, The West Wing
Is our fidelity to this “unwritten commandment” simply a moral choice, or does some fundamental existential truth lie there? How do we, as a species, balance our desire to grow with the threat of depleting resources and global climate change? The answer to this is the essence of sustainable development: fulfilling our needs…
Carbon Offsets: Risks and Mitigations
The clarion call was made during the 2015 Paris Agreement that decarbonisation is no longer a matter of choice but a global imperative! We explore the risks and mitigations of carbon offset projects to help companies achieve net zero targets without jeopardising their reputation.
The UAE’s New Ministerial Decree No. (68) of 2024 on Responsible Sourcing of Gold
In this blog, we will delve into this Decree and understand how following strict due diligence measures can help various entities operating in the UAE assess and mitigate risks associated with the sourcing of gold. We will also explore what relevant entities in the supply chain and precious metals dealers, that fall under the ambit of this new law, should do to stay compliant and avoid administrative penalties in the process.
The Positive Financial Impact of a Sustainable Supply Chain
The need for a sustainable supply chain has become a pressing need rather than an option. Not only can this shift help towards a sustainable world, it can have a positive financial impact on businesses as well.
The Crucial Role of Sustainable Supplier Collaboration and Selection
In the age of heightened environmental awareness, businesses are being pressured increasingly by multiple stakeholders in the economy to adopt sustainability across their operations. In order to successfully implement a sustainable supply chain, businesses must set clear sustainability goals, employ the latest and most innovative technology into operations, setup a skilled and efficient compliance function, involve employees in sustainability initiatives, and most importantly, should have sustainability as a key criteria while selecting and engaging with suppliers and business partners.
ISO 27001 & 27701 Certifications: Understanding Their Benefits
ISO/IEC 27000 family of standards is the framework that sets the guidelines and best practices for systematically managing information security. In this blog, we shall specifically look at ISO 27001 and ISO 27701 and how the measures required to obtain these certifications help companies enhance the defences of their information systems—both digital and physical.
What is a Phishing Email? 5 Signs to Look for When Spotting One
You may have heard of the term ‘phishing’ at least once. You may even recall receiving an email that seemed ‘phishy’. Phishing emails stand out as a common and insidious danger in a world that becoming ever more digital. In this blog post we’ve created a guide to understanding what phishing emails are and equip you with the knowledge to recognise them. Delve into the types of phishing attacks, learn how to spot them, and discover essential defence strategies to…
Zero-Day Ransomware and AI Defence Tools
Zero-day ransomware pose a formidable threat to businesses worldwide and in an age where almost everything has gone digital, the idea that your business might be a victim of one such attack, delivers a heightened dose of terror. While organisations have been implementing various AI risk mitigation strategies, zero-day ransomware and how AI can play a role in defending against them deserves a closer look.
Protect Your Devices – What Are Malwares & How Do You Avoid Them?
It doesn’t take much consideration to realise that, for most of us, our entire lives are connected to the digital world. From financial details to medical records, to personal interactions, virtually everything can be accessed through our phones and personal computers. All of this data can be compromised by a simple click or tap on the wrong link that leads to a malware infection of your device. As technology advances, so do the tactics of cybercriminals. In this blog, we’ll…
AI-Powered Risk Mitigation: A Comprehensive Overview
The integration of Artificial Intelligence (AI) has emerged as a game-changer when it comes to the field of cyber security, revolutionising risk mitigation strategies. As organisations navigate the intricate realm of digital threats, leveraging AI for comprehensive risk management has become imperative. This blog provides a concise yet insightful overview of AI-powered risk mitigation, drawing insights from recent research papers and industry perspectives.
What is SOC 2 Certification and How Does it Help Small Businesses?
As more and more businesses go digital in a fast-paced and ever-growing era of technology, and an increasing number of high-profile data breaches appear on our daily news feeds, customers and stakeholders demand assurance that their sensitive information is in safe hands. This is where SOC 2 certification comes into play. While the process is something bigger organisations may be familiar with, smaller and newer businesses may be falling behind and underestimating the importance of this certification. In this blog…
Innovative Ways to Enhance User Experience in Mobile Apps
In a world where thousands of mobile applications are released every day, with more than 3 million apps available in Google Play itself, usefulness alone might not be enough to make an app stand out. The process of building an app should begin by asking three fundamental questions: First, does it make life easier or better for the user? Second, is it easy to use? And third, does it look good?
AI Regulations: Balancing Innovation and Compliance
“AI will probably be smarter than any single human next year. By 2029, AI is probably smarter than all humans combined.” The sentiment on the sublimity of AI technologies as speculated by Elon Musk in March 2024 is echoed by Jensen Huang, the CEO of Nvidia, when he said, “Generative AI is the single most significant platform transition in computing history. In the last 40 years, nothing has been this big.
Transformative Data Analytics: Shaping the Future of Businesses
Interpreting the natural world through numbers, nowadays known as data analytics, is as old as human civilisation. Ancient Egyptians meticulously analysed the Nile River’s seasonal flooding to establish one of the greatest ancient civilisations based on agriculture. The Food and Agriculture Organisation of the United Nations states, “Egyptians are credited as being one of the first groups of people to practise agriculture on a large scale,” which was facilitated by data-driven planning. At that point, data-driven actions entailed observing patterns…
Landing on The Web – Custom vs. Pre-built Website Themes
So, you’ve decided that it is time for your business to establish its very own website to tap into the lucrative online market. Or perhaps you want to revamp your existing website as your brand has grown. Whichever the case, you might want to take some time to decide what will work best for your new website: should you opt for a tailor-made, custom website or leverage the convenience of pre-built website themes?
Top 10 Benefits of Mobile Apps for Your Business – The Numbers Speak
If we take our eyes off our screens and look up long enough to glance around us, the influence of mobile apps on our daily lives becomes undeniably apparent. The statistics also speak volumes – a staggering 218 billion apps were downloaded in 2020, highlighting the monumental shift towards mobile-centric experiences. As 87% of smartphone users dedicate their mobile time to apps, businesses must recognise the immense potential of investing in mobile app development. In this article, we delve into the compelling…
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