Good to Know

Commercial and Professional licenses are the most common among entrepreneurs to acquire, due to the relatively straightforward application process, and the fact that the majority of activities are available under these types of licenses.

As a part of the program for enhancing the environment for businesses and investors, a new framework has been introduced in Dubai in 2021. In this article, we would like to cover the new Law No. (16) of 2021 (New Law), issued by Dubai's Prime Minister, Sheikh Mohammed bin Rashid.

Following the update on the directives for implementation of ESR dated 11 September 2019, the Ministry of Finance (MoF) has released an Amendment to the UAE Economic Substance Regulations on 10th and 19th of August 2020, respectively:

• Cabinet Resolution No. 57 of 2020 (“Resolution”); and
• Ministerial Decision No. 100 of 2020 (“Ministerial Decision”).

The European Union (“EU”) in 2017 had included the United Arab Emirates (UAE) in the list of non-cooperative jurisdictions. The blacklisting was on concerns about shifting of profits mainly for the reasons of either No or only Nominal (NOON) Tax, lack of transparency and exchange of information, and lack of substance requirements.