The DIFC liquidation process follows a set of clearly defined stages, as outlined in the DIFC Insolvency Law. If a DIFC company becomes insolvent and is unable to repay its debts, liquidation of the business becomes a mandatory step. If your business is facing involuntary liquidation or dissolution within the Dubai International Financial Centre (DIFC), … Read more
Close a Mainland Company in UAE (Avoid Fines & Legal Issues) It is one of the sad parts of a venture when there is no way to go but simply close the business for several reasons. This can happen for several reasons — financial losses, operational challenges, mismanagement, or simply the owner deciding not to … Read more
For VAT purposes, two or more legal persons (or entities) can be declared related parties if they meet criteria around control, influence, or shared economic interest. These criteria, categorized into economic, financial, and regulatory factors, establish that the connection between these entities justifies recognition for tax purposes: Economic Practices Economic practices refer to the commercial … Read more
Virtual assets are changing conventional conceptions of money, investing, and ownership through the impact of the given transformation as per emerging trends in the system; today, virtual assets have taken on a number of forms, and all the types contribute to the ongoing disruption of the financial and ownership sphere. Also read: VARA Company Rulebook … 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
UAE Corporate Tax was introduced under the Law, known as Federal Decree-Law No. 47 of 2022. The tax applies to companies and individuals conducting business in the UAE. Every business in the UAE should necessarily ensure compliance with registration, maintenance of records, filing, and payment with the FTA. Corporate Tax Compliance means following all tax … Read more
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