Virtual Asset Regulatory Authority (VARA)

Dubai’s Virtual Asset Regulatory Authority

Dubai’s Virtual Asset Regulatory Authority (VARA) is a transparent and trusted guiding authority in the world of virtual assets. Established in March 2022 by Law No. 4 of 2022, VARA is responsible for regulating, supervising, and overseeing virtual assets and their activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones (excluding the Dubai International Financial Centre). VARA has the authority to modify, refine, adjust, or expand its regulations as needed to adapt to

Setting up a business in the UAE

Setting up a business in the United Arab Emirates (UAE) can be an excellent opportunity for entrepreneurs looking to expand their operations in the Middle East. The UAE offers a dynamic business environment, a strategic location, and a supportive regulatory framework. In this blog post, we will discuss the key steps involved in setting up a business in the UAE.   Step 1: Choose a business activity and legal structure. The first step in setting up a business in the UAE is to decide

Tax Residency Certificate in the UAE

A tax residency certificate in the UAE is a document that confirms the tax residency status of an individual or a company in the UAE. The certificate is issued by the UAE Ministry of Finance and is used to claim tax benefits under the double tax avoidance agreements (DTAA) that the UAE has signed with other countries.   Here are some of the uses of a Tax Residency Certificate from the UAE:  1) Avoiding double taxation: The TRC allows an individual

VAT amendment

Amendment of VAT Laws in UAE

Federal Decree-Law No. 18 of 2022 – Issued 26 Sep 2022 (Effective from 1 Jan 2023)   January 1, 2023, will mark a significant date for the UAE’s Value-Added Tax (VAT). During this time, the country will have completed five years under its tax regime, and the first major changes to VAT laws will take effect.   Listed below are the changes that all business owners should be aware of:   Article 1 – Definitions New definitions are added for Relevant

Money laundering

Anti-Money Laundering (AML)

Over the past several decades, money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money laundering, and several anti-money laundering policies have been put in place to help this effort to the maximum.  Anti-money laundering laws entered the global arena soon after the Financial Action Task Force was created. The FATF was responsible for the creation of most anti-money laundering standards, and it made a framework for countries to


100% ownerships for expatriates in UAE

Non- UAE citizens can fully own businesses in the Country – A law that is going to boost the economy. The UAE has announced changes to laws surrounding business ownership and commerce in the country. This has been implemented this year to make the UAE more expat-friendly and to open up the country to business and foreign investment to boost the local economy. President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a decree overruling foreign ownership


Business Acquisitions – Factors To Be Considered

An acquisition is a corporate transaction where a company purchases most or all of the other company’s shares to gain control over the acquiring company. The acquisition is a good strategic move if proper planning and analysis are done. The acquisition is a big-budget process than starting from scratch. Even though the acquisition is costly, there are many benefits like getting financial assistance, acquiring valuable legal rights, accessing a wider customer base, obtaining human resources, etc. The following is the summary


Automation In Finance

Over the last few years, there has been rapid development in technology which affects every industry and in a highly competitive global market. It’s very important to adopt these technologies to stay competitive in the market. The finance department within a company is key for measuring the performance of the company, managing the risk, and assessing the return on investment. Therefore it’s important to keep the finance department up to date with the latest technology. One of the ways to increase


E-commerce in the United Arab Emirates

Nowadays, information technology has affected the structure of businesses. Technology has given new focus and identity to all aspects of organizational structure and functions including policy formulation, decision-making, administration, production, sales, marketing, communications, and human resources. The invention of faster internet connectivity and powerful online tools has resulted in a new commerce arena i.e., E-commerce, which offered many advantages to companies and customers. Electronic commerce also known as “E-commerce’ is the process by which businesses and consumers buy and sell

Corporate Tax

Corporate Tax in the United Arab Emirates

Introduction of Corporate Tax in the United Arab Emirates In the past couple of years, UAE has gone through significant changes in the tax system to modernize and cope with the international best standards. UAE has taken wide steps to enhance tax transparency long before by introducing various laws. One of them was the Value Added Tax (VAT). The main objectives of the UAE CT are that it will boost UAE’s position as a world-leading hub for business