COVID-19 has already impacted the way the world works. In these unprecedented times, N R Doshi has kept the safety of its employees and their families at the topmost priority. Where there is a fight against time is going on to find a cure for coronavirus, the economy is also trying its best to survive the worst. To keep the…
Your data speaks, but do you listen? Well, most businesses don’t realize the value of insights into business analytics. With technology disruption, data is more accessible than ever. You generate plenty of data out of operations on a daily basis. However, they don’t know how to organize, process, and analyze the data to extract business insights. Businesses also need to…
Money laundering in UAE is a pestilential issue that has been haunting banks and financial institutions for decades. Government and businesses are at the risk of tax evasions and financial crimes all the time. It needs constant monitoring with utmost scrutiny. Even a slight error or mismanagement can put you in a legal quagmire. Numbers don’t lie Over the years,…
Author – Balasubramanian Vanchinathan 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…
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. It is also used 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…
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 UAE government removed the statutory requirement of 51% ownership by local sponsor. Any 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. It is 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 are…
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. However, it still accounts for the related VAT.…
Introduction The financial industry has been facing money laundering challenges since years. For example, even some of the non-financial businesses have been inundated with money laundering risks. The national, regional, and international organizations and associations have also responded to these high risks with relevant anti-money laundering policies and regulations for countries and companies. However, a key issue is that businesses,…