Blog – N R Doshi & Partners

Covid has taken the world by storm for over 2 years. It has struck like a bolt of lightning and devoured not just human lives but dismantled millions of businesses as well. The pandemic has disrupted the world economy since the outbreak of the virus. Businesses in the UAE too have taken a hit all of a sudden. The International…

Of the few support functions that companies generally outsource to professional firms, HR outsourcing is one of the common ones; however, it is incredibly important and should not be overlooked. Specifically, when you have mounting pressure of other core business processes that you are not able to find answers to: From where do I get the best contractual staff for…

Auditing – a dreaded word across businesses, is an important process for every organization. Auditing is conducted to determine the quality of financial statements, to analyze and form an opinion on business operations, and to attract potential investors for investment. There are two main types of audit – external audit and internal audit. What is an internal audit? An Internal…

An initiative of the UAE government to combat against activities related to terrorist financing and money laundering, Cabinet Decision (No 58) of 2020 on Regulation of Procedures for Real Beneficiary requires all companies to maintain a register and submit relevant details of their Ultimate Beneficial Owners (UBO). Ministry of Economy has set its deadline for submission of UBO details of…

The UAE government announced via Decree 26/2020 an important amendment to UAE Companies Law effective 01.06.2021. According to this new change the statutory requirement of 51% ownership by local sponsor had been removed and a branch of Foreign or Free zone companies directly register in UAE without a Local Service Agent. The existing Foreign and Free zone companies can terminate…

UAE, a federation of seven Emirates, is a federal, independent, and sovereign state under the Constitution of the United Arab Emirates that came into effect in December 1971. The seven Emirates include Dubai, Abu Dhabi, Sharjah, Ajman, Ras-Al-Khaimah, Fujairah, Umm al-Qaiwain. Around 85% of the residents of the country are foreigners and around 95% of the people working in private…

The Federal Tax Authority (FTA) of UAE issued a notification clarifying the various conditions under which suppliers can benefit from the Bad Debt relief scheme. This clarification is targeted to the VAT-registered suppliers that are not paid for their goods or services partially or wholly by their customers within a specified period, but still, have to account for the related…

Introduction The financial industry has been facing money laundering challenges since years; in recent years, even some of the non-financial businesses have been inundated with money laundering risks. The national, regional, and international organizations and associations have responded to these high risks with relevant anti-money laundering policies and regulations for countries and companies. However, a key issue is that businesses,…

The Jebel Ali Free Zone (JAFZA), a leading free zone of Dubai released new deadlines for the 2020 reportable period. These revised closing dates are for the submission of Notification and Economic Substance Report (ESR) by businesses under the Economic Substance Regulations. The Economic Substance Regulations UAE require onshore and free zone companies and certain other business forms carrying out…

The Dubai Customs along with the Federal Tax Authority (FTA) introduced a new service for VAT refunds on March 26, 2021. The new service is called ‘Export Verification Report’. It will be used for VAT refunds against the ‘Cleared Export Declaration’, which will be valid only for a period of not more than three months. The FTA and the Dubai…