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All posts by: Rethink Publications

by in Compliance, Tips

UAE Compliance Update: Dubai Virtual Asset Regulatory Authority Issues First VASP MVP License

We are starting to see greater precision around the regulatory process of the Dubai Virtual Asset Regulatory Authority (“VARA”) with the recent issue of its first operating license to FTX Exchange FZE (“FTX”), a subsidiary of FTX Europe. FTX is the first virtual asset service provider to receive a minimum viable product (MVP) license from VARA to […]

by in Economic Substance Regulation(ESR), Tax

UAE ESR Update: ESR Audit — What Process?

With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]

by in Virtual CFO Services

Newsflash: If a UAE SME lets its financial control become ‘financial out-of-control’, the risks can be existential

In a long career in finance and accounting, I reckon I’ve pretty much seen it all…. and, frankly, some of it was not very pretty! For every role where my aim was to move an organisation’s finance function towards ‘world-class’, I had another role where the primary aim, at least initially, was much less auspicious […]

by in Compliance, Industry News

Newsflash: First-of-its-kind law to regulate virtual assets in Dubai

The announcement that the Emirate of Dubai has chosen to “boldly go where no government has gone before” and create regulatory certainty that accounts for the meeting of the physical and virtual dimensions is most welcomed! The regulatory regime will seek to:  Establish a competent authority aka Dubai Virtual Asset Regulatory Authority (“VARA”); Regulate, supervise and […]

by in Virtual CFO Services

Newsflash: The Benefits to a UAE SME of a Non-Executive Director with a Financial Background

Although non-executive directors (NEDs) are only a legal requirement in the United Arab Emirates for joint stock companies (JSCs), they can be of significant benefit to small and medium-sized enterprises (SMEs). This is particularly the case for a NED with a financial background, who has perhaps operated at the level of Chief Financial Officer (CFO) […]

by in Virtual CFO Services

Newsflash: Freeing-up UAE entrepreneurs to concentrate on business-critical activities

Like their counterparts in other parts of the world, UAE business leaders are constantly striving to maintain focus on revenue-earning and business-critical activities. Yet many are distracted and deflected from this, spending endless hours on administrative activities. These typically fall into three categories: Managing the onerous requirements of a complex legal & regulatory framework Meeting […]

by in Virtual CFO Services

Newsflash: Selling your business in the UAE? How to successfully navigate the process

When the owner of a small or medium-sized enterprise (SME), whether it be an individual or a corporation, decides to sell that business it is of paramount importance that there is a smooth, professional navigation of the complex and often lengthy sale process to ensure that the business is sold to an acceptable purchaser at […]

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