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All posts by: re think

by in Compliance

Applications for DFSA’s Innovation Testing Licence 2021 Winter Cohort now open!!!

The Dubai Financial Services Authority (DFSA) is now accepting applications from local and international firms wishing to enroll on the Innovation Testing Licence (ITL) Winter Cohort Programme 2021. Applicants are invited to begin the first stage of the process by completing an online ITL cohort application[1] by 30th November 2020. What is the ITL? The […]

by in Compliance

DIFC eases regulatory framework for Venture Capital set-ups

Introduction The Dubai Financial Services Authority (“DFSA”), the financial services regulator in the Dubai International Finance Centre (“DIFC”), recently amended its regulations introducing certain regulatory relaxations to existing and proposed venture capital set-ups in the DIFC. The amended regulations are covered under various DFSA Rulebooks including General, Prudential Rules, Collective Investment Rules, Glossary and Fee […]

by in Compliance

200 UAE law firms suspended by Ministry of Justice over AML breaches – How to avoid being the next!

The Ministry of Justice [MoJ] – the designated Authority for licensing/supervising lawyers throughout the UAE, incl. the mainland, financial and commercial-free zones[1] – has recently announced that 200 UAE law firms had their licenses suspended for a minimum duration of one month for failing to comply with the UAE’s anti-money laundering (AML) Law[2] and procedures.[3] […]

by in Tax, VAT

UAE VAT Update – VAT Public Clarification on the VAT registration of ‘Sole Establishments’

The Federal Tax Authority (FTA) has released a new Public Clarification on the VAT registration of ‘Sole Establishments’. As defined by the FTA, the term ‘sole establishment’ refers to a legal form of business which is 100% owned by a natural person. Considering that a sole establishment does not have a legal personality that is […]

by in Industry News

News Flash: UAE introduces Beneficial Ownership regulations

The UAE has announced the formal roll-out of uniformized minimum disclosure requirements for corporate entities incorporated in the UAE and the introduction of a beneficial ownership register. The new regulations – Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (the Resolution) – came into effect on 28 August 2020. Key […]

by in Compliance

A PARADIM SHIFT FOR REGULATORS – FINTECH AND TECH STARTUPS IN THE UAE & ISRAEL

In recent years, the UAE and Israel have become leading hubs for innovation and technology – both actively championing the development of financial technology (fintech) and disruptive technological innovations within each of its regions. The UAE has established itself as the largest fintech hub for start-ups in the Middle East region, which is in line […]

by in Industry News

More funds for Dubai SMEs – Emiratis can obtain financing up to Dh420,000, backed by 50 per cent capital guarantee

Small and medium enterprises in Dubai that are fully-owned and managed by Emiratis can now obtain financing of up to Dh1 million backed by a 100 per cent capital guarantee and financed by Dubai SME’s financial arm, the Mohammed bin Rashid Fund. Dubai SME, the agency of Dubai Economy mandated to develop the SME sector, […]

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