The Ministry of External Affairs has recently issued an advisory note on Registration of ECNR Passport holders for Indians who are travelling on employment | work in 18 ECR Countries from India. From 1st January 2019, for all Indians who are holding ECNR passport, can register before flying through an Indian government portal This initiative has…

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has made significant and progressive decisions for foreign workers who serve the private sectors with regard to their bank guarantee, insurance and visa provisions. What are the most important decisions…

Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under UAE company law and…

MOA amendment as per the new Commercial Company Law –Don’t worry if you have not revised your MOA.    The companies who have not yet amended their Memorandum Of Association (MOA) following the measures of the new Commercial Companies Law need not worry now. The deadline was set earlier for 30th June 2017 by the…

Disclosure of accurate value of inventory is very important for a business organization to give a true and fair picture of the finance position as well as the profit/loss account for a particular period. Verification of inventory and its valuation has vital role in financial audit as well. Inventory is defined as assets that are…

7 Steps for liquidating a company in Dubai Silicon Oasis

Dubai Silicon Oasis Authority, a 100% government-owned free zone that promotes modern technology based industries with the urban master-planned community, state-of-the-art infrastructure, and in-house business services. Following are the Steps to liquidate a company in Dubai Silicon Oasis The Company should submit a notice to the DSO free zone authority mentioning, the reason behind the…

Existing offshore companies registered in other jurisdictions can transfer their Domicile to RAKICC. “Re-domiciliation” or “Transfer of Domicile” is the process by which a company/enterprise moves its domicile from one jurisdiction to another by changing the country under whose laws it is registered or incorporated while maintaining the same legal identity. Companies re-domicile or opt…

weekly gcc economic updates

The UAE is expected to lead economic growth in the Arabian Gulf in 2017  (12 April 2017  to 18 April 2017) The economic growth in the Middle East had a mixed surge in the first quarter of the year 2017. The nonoil sectors had a strong foot in the first quarter of the year 2017…

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