Shipping and maritime companies account for their finances differently from almost any other industry in the UAE. Instead of tracking revenue and cost by month or by product line, the fundamental accounting unit is the voyage itself, each trip a vessel makes is treated as its own venture, with freight revenue and voyage costs recorded … Read more
A business carrying a large portfolio of trade receivables runs into the same recurring question: how much of that balance will actually never get collected. IFRS 9 requires businesses to recognize this upfront, as an expected credit loss, rather than waiting until a specific debt is confirmed uncollectible. Getting the calculation wrong in either direction, … Read more
Liquidating a DIFC company is not automatically a sign of financial distress. The Dubai International Financial Centre (DIFC) has its own independent legal system, its own Insolvency Law, and its own Registrar of Companies, separate from mainland Dubai authorities, and that separation shapes every step of the closure process. Whether a company is winding down … Read more
Why Formal Closure Matters — and Why Stopping Operations Is Not Enough A UAE mainland trade licence does not expire or close automatically when a business stops trading. It remains legally active in the Dubai Department of Economy and Tourism (DET) commercial register until the owner formally applies for cancellation — and every obligation attached … Read more
For VAT purposes, two or more legal entities can be treated as related parties where they share control, influence, or economic interest, even where they’re registered as entirely separate businesses. This matters because UAE VAT law gives the Federal Tax Authority the power to aggregate the taxable supplies of related entities where their separation appears … Read more
VARA regulations in Dubai have been introduced by Law No. (4) in 2022. The regulations provide that persons shall only carry out virtual asset activities in accordance with the Virtual Assets Regulations and with the permission and a license granted by VARA. This article analyzes the structure of these regulations, the recent changes in the … Read more
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