Established in 2004, the Dubai International Financial Centre (DIFC) has become a leading financial hub for the Middle East, Africa, and South Asia (MEASA) region. It has also become one of the world’s most advanced financial centres, with a population of 3 billion people and a GDP of $8 trillion. Moreover, it houses more than […]
What is WPS: WPS [Wage Protection System] is a digital payment of salary transfer through Banks / Exchange Bureaus / financial institutions approved by the UAE Central Bank. Newly Mandatory for DMCC Companies: All DMCC Member firms must Register employees with active employment visas or Personal Identity Card (PIC) under each company Effect salary payments through […]
Businesses are subject to UAE Corporate Tax beginning from the financial year starting on or after 01st June 2023. As per Article 3 of UAE Corporate Tax Law, the Corporate Tax would be imposed at 9% on an income exceeding a threshold to be specified by the Cabinet. Cabinet Decision 116 of 2022, recently made […]
In an announcement to its clientele, DMCC has informed on the implementation of WPS. This is in effect from January whereby registration must be done for all employees with active employment visa or Personal Identity Card (PIC) under each company with salary payment effected before February 15, 2023. WPS or the Wage Protection System is […]
The average duration spent in the UAE by residents is set to increase as the new visa regime will encourage expatriates to stay in the country for a longer period, say recruitment and HR consultants. The UAE has introduced many new long-term residency permits including Golden Visa, Green Visa, Retirement Visa and Freelance Visa for […]
In a new initiative, the UAE has introduced Unemployment Insurance. As announced by the Ministry of Human Resources and Emiratisation (MoHRE), this came into effect from January 01, 2023. As per the Decree Law on Unemployment Insurance Scheme (Federal law number 13/2022 and Cabinet decision number 97/2022), it is stipulated that the insured person will […]
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