Uae Regulatory Requirements

For mainland companies, the law requires companies to conduct an audit every year. However, this should not be subject to authority. Most free zone authorities require that an annual verification be carried out and presented to them at the time of licence renewal. Regardless, it is always recommended to conduct an annual audit with a reputable accounting firm. As the UAE`s compliance requirements now meet international standards, it will be mandatory to submit them to the government in the future. Labelling requirements apply to all products shipped in wholesale and retail packaging. To avoid shipment rejections, it is important that U.S. exporters comply with UAE labeling requirements and verify that all information on the product label is accurate and legible. Companies are strongly advised to check the regulations for their specific goods and clarify any issues before exporting. Overview of different labelling and labelling requirements, including restrictive advertising or labelling practices, and where to get more information. Historically, the UAE has always welcomed foreign companies and created more favorable conditions for entrepreneurs than anywhere else in the world. Companies in 100% foreign-invested free economic zones certainly continue to attract a significant amount of foreign capital, while reporting requirements, the presence of offices and the introduction of authorized capital have changed. These changes have brought a number of conditions and rules for the UAE`s corporate and banking sector.

These changes have significantly affected requirements for the scope of client identification documents, much more detailed information on the source of funds and planned activities. For UAE FTZ companies, audit requirements depend entirely on the jurisdiction of the free zone where they are registered. UAE Free Zone enterprises may be required to have their financial records verified and submitted to their respective free zone authority within the time limits set by each relevant free zone. Companies engaged in the following activities must comply with AML/CFT requirements: According to the UAE`s offers to further improve corporate transparency, anti-money laundering (AML) and anti-terrorism (AML) requirements must be met. These requirements are also part of banks` Know Your Customer (KYC) requirements to maintain your company`s bank account. What are the most demanding regulatory compliance and reporting components in the UAE? Food labelling is of particular importance in the UAE with regard to product labelling. Standard water. S GSO 9:2017 “Prepacked Food Labelling” and its referenced GSO standards identify food labelling requirements for the UAE. This e-bike standard has been approved and published as a technical regulation and is mandatory. For more information and the latest information on food labeling, please contact our office and we can put you in touch with the U.S. Foreign Agricultural Service team in the UAE. 19.

In May 2021, the UAE Minister of Economy, His Excellency Abdulla Al Marri, announced that amendments to the Companies Law regarding foreign ownership will be implemented from 1 June 2021, and subsequently, the Dubai Department of Economic Development (Dubai DED) issued new guidelines to implement the decree, with 100% foreign ownership available for more than 1,000 commercial and industrial activities. including contract activities, oil and gas activities, various commercial activities, agricultural activities and production activities. However, the list of approved activities excludes economic activities with strategic implications in seven key sectors. Companies wholly owned by foreign investors will not be subject to additional fees, guarantees or specific capital requirements. The Decree does not apply to commercial agencies governed by the Commercial Agencies Act. Here, we have compiled a list of compliance requirements that you need to know before entering the UAE market and taking advantage of the business environment. Regulatory compliance and reporting in the UAE ensures that all companies comply with all the country`s laws and regulations – no one is excluded. Anti-Money Laundering (AML) and Anti-Terrorism (CFT) regulations in the UAE must also be adhered to. Many of the compliance requirements are met by the bank itself during the KYC process. Companies engaged in the following activities It is not only important for UAE companies to know some of the compliance requirements, but also to ensure that these requirements are properly met in a timely manner to avoid penalties for your business. Public limited companies listed on the UAE stock exchanges are now required to publish a sustainability report.

This information must comply with the standards of the Global Reporting Initiative (GRI) and all sustainability standards and requirements of the Dubai Capital Markets and the Abu Dhabi Stock Exchange. Additional guidelines have been established by some free zones in the UAE, such as the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM). The AML module of the DFSA Regulation (the AML module) contains all the regulatory requirements that apply to a data subject in the DIFC regarding anti-money laundering, terrorist financing and relevant sanctions in a single module. It provides a single point of reference for all concerned individuals overseen by the DFSA for AML, CBC and sanctions compliance in the DIFC. A joint statement announced the inclusion of the UAE Central Bank and the People`s Bank of China`s Digital Currency Institute in the Multi-Central Bank Digital Currency (m-CBDC) Bridge Project, led by the Hong Kong Monetary Authority and the Bank of Thailand. The project, supported by the Bank for International Settlements (BIS) Innovation Centre, investigates the use of CBDC and distributed ledger technology (DLT) in instant cross-border payments and examines scalability, interoperability, data protection and governance. It aims to simplify cross-border remittances transfers by reducing costs, reducing inefficiencies and easing the burden of complicated compliance. The UAE is largely a tax-free economy.

Corporate income tax (CIT) currently applies only to branches of foreign banks and oil and gas companies. From 1 June 2023, the corporate tax rate will be applied at the standard rate of 9% to all business activities on the continent on taxable profits above AED 375,000. There is no income tax or withholding tax. It should be noted that despite all the current regulations and requirements mentioned above, these are still slightly less stringent than in most other stable jurisdictions. This mainly applies to minimum balances on accounts – while the UAE requires around $100,000 on average – as the minimum account balance, this amount can be considerably higher in other countries. At the same time, the UAE undoubtedly complies with all regulations and standards within the framework of international compliance and bilateral agreements with the tax authorities of other countries. In this way, the country ensures stable and reliable positions in the banking and financial world in combination with favorable tax conditions for investors and companies. Animal fats and ingredients must come from halal-slaughtered animals. The use of pork fat, like all pork products, as an ingredient is prohibited unless the products are sold with all pork and non-Muslim products in designated restricted areas of retail stores. These sections are clearly marked for non-Muslims. The labels of pork meat and products containing pork comply with the general labelling requirements and clearly indicate that the product contains pork. If the product is halal (the halal logo is printed on the label), the supplier/importer must provide a halal certificate from one of the halal certifiers accredited in the United States and approved by the UAE authorities.

The list of approved halal certifiers and the scope of work of each certifier can be obtained from the Emirates Standards and Metrology Agency (ESMA).

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