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Due to tax-liberal policy, safety, ethnic diversity, economic well-being, and the overall happiness level, the UAE became a second home for many people. In 2021, the total expat population comprised 8,84 million people (given that the total population of the country is 9,99 million, as of the moment of this article publication).

Re-domiciliation is the process of transferring the company’s area of operation (domicile) from one jurisdiction to another, via changing the country of incorporation or within the same country but from one register to another, preserving the same legal identity. There are more than 40 Free Zones in the UAE, and each of the jurisdictions defines its own operation laws and domicile.

Effective from 1 June 2021, the decision on full ownership of Mainland Companies adopted earlier, was announced by the Ministry of Economy. Thus, the amendment of the Commercial Companies Law No. 2 of 2015 (Law of 2015) took effect by a Federal Decree-Law No. 26 of 2020 (The Decree).

In September 2021, the Dubai World Trade Centre Authority (DWTC) signed an Agreement with the Securities and Commodities Authority (SCA) as a regulating document in operating the crypto assets transactions by fintech companies within DWTC. Thus, key areas of a new framework’s coverage will be offering, regulating, issuance, listing, and trading of crypto assets and adjacent financial activities in the DWTC Free Zone.