Monday, 26 June 2023
U.A.E Visa rules and Procedures,Free Legal Advise: How to sponsor parents by a resident in The U.A.E
U.A.E Visa rules and Procedures,Free Legal Advise: How to sponsor parents by a resident in The U.A.E: A parent visa in the UAE allows a UAE resident to sponsor their parents to live in the country. The visa is valid for one year and can be re...
Wednesday, 24 May 2017
U.A.E Visa Rules and Regulations: UAE’s non-Muslim expats now register a will
U.A.E Visa Rules and Regulations: UAE’s non-Muslim expats now register a will:
Non-Muslim expatriates can now dictate where
they want their assets to go when they die, after a decision to change rules
governing wills. The changes will ensure there is no dispute or confusion over
a deceased’s belongings and custody of children, and expats can register a will
for about Dh500.
they want their assets to go when they die, after a decision to change rules
governing wills. The changes will ensure there is no dispute or confusion over
a deceased’s belongings and custody of children, and expats can register a will
for about Dh500.
Abu Dhabi has had no way of registering wills
drafted in the UAE or an expat’s home country.
drafted in the UAE or an expat’s home country.
Saturday, 24 December 2016
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: Indian Passport rules liberalized
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: Indian Passport rules liberalized: Indian Passport rules liberalized
In order to streamline, liberalise and ease the process of issue of passport, Indian Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport.
In order to streamline, liberalise and ease the process of issue of passport, Indian Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport.
Friday, 21 October 2016
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: UAE opens consulate in Kerala
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: UAE opens consulate in Kerala: The UAE has opened a Consulate General in Kerala, India, and appointed
Jamal Al Zaabi Consul-General to Kerala, to further ties between the two
countries.
The opening of the second UAE consulate in India
comes within the context of bolstering the growing relations between the
two countries, UAE Ministry of Foreign Affairs and International
Co-operation said.
"I am delighted to announce the opening of the
new UAE consulate in the Indian state of Kerala. It represents an
important achievement and a new boost for bilateral relations between
the two friendly countries," said Under-Secretary at the UAE Ministry of
Foreign Affairs and International Co-operation, Mohammed Mer Al Raisi,
in a ceremony in the presence of Kerala Governor P Sathasivam, Kerala
Chief Minister Pinarayi Vijayan, Assistant Under-Secretary for Consular
Affairs at the UAE Ministry of Foreign Affairs and International
Cooperation Ahmed Elham Al Dhaheri, Ambassador of the UAE to India Dr.
Ahmed Abdulrahman Al Banna, a delegation from the Ministry of Interior
and a group of notable political figures and businessmen from the UAE
and India.
Jamal Al Zaabi Consul-General to Kerala, to further ties between the two
countries.
The opening of the second UAE consulate in India
comes within the context of bolstering the growing relations between the
two countries, UAE Ministry of Foreign Affairs and International
Co-operation said.
"I am delighted to announce the opening of the
new UAE consulate in the Indian state of Kerala. It represents an
important achievement and a new boost for bilateral relations between
the two friendly countries," said Under-Secretary at the UAE Ministry of
Foreign Affairs and International Co-operation, Mohammed Mer Al Raisi,
in a ceremony in the presence of Kerala Governor P Sathasivam, Kerala
Chief Minister Pinarayi Vijayan, Assistant Under-Secretary for Consular
Affairs at the UAE Ministry of Foreign Affairs and International
Cooperation Ahmed Elham Al Dhaheri, Ambassador of the UAE to India Dr.
Ahmed Abdulrahman Al Banna, a delegation from the Ministry of Interior
and a group of notable political figures and businessmen from the UAE
and India.
Tuesday, 6 September 2016
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: UAE bankruptcy law effective from 2017
U.A.E Visa Rules,Dubai visa Rules,U.A.E Labor Law: UAE bankruptcy law effective from 2017:In a media round table, the UAE’s Ministry of Finance (MoF) today shared details of the federal bankruptcy law which was recently approved by the UAE Cabinet on September 4.
The federal bankruptcy law falls under the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, UAE President, and His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
The new law works on identifying different ways to avoid bankruptcy cases and liquidation of the debtors’ funds, a comprehensive financial restructuring outside the scope of the court, composition procedures and the possibility to get new loans under terms set by the law.
Regulations will also prevent individuals from bypassing the law as there are a number of punishments, including a five-year prison sentence, as well as fines up to Dh1 million, the Ministry said in a media statement today.
The final draft of the law, which is considered an important addition to the UAE legislative system, was reviewed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
The bankruptcy law sets up a new regulatory body the “Committee of Financial Restructuring”.
The UAE Cabinet will decide on the number of members and entities that will represent the committee, and will administer the committee’s law and its procedures.
The committee is in charge of: overseeing the procedures of financial restructuring outside the scope of the court, appointing experts in the field of financial restructuring, establishing an electronic record of individuals issued against them a bankruptcy ruling, by either imposing restrictions as ordered by the court or the loss of eligibility under the provisions of the law.
The committee is also responsible for organising and sponsoring initiatives that raise awareness among the public on the specification and objectives of the law, submitting periodical reports on the achievements, suggesting amendments to any provision of the law and determining any fees incurred, as well as any other tasks or mandates stated by the law or the UAE Cabinet.
Al Tayer highlighted that the Ministry sought to implement a law that is based on modern legislative and economic principles, while taking into consideration the global developments and changes taking place in the economic and business sectors.
These efforts have led to implementing the bankruptcy law, and distinguishing it from other laws on a regional level as well as in developed countries.
The law was set to match various bankruptcy cases, determine all legal tools to restructure the debtor’s business in accordance with specific terms and conditions as well as a legislative framework.
“Mature economies have proven the need to implement a bankruptcy law in each country that wishes to strengthen its economic status. The bankruptcy law is considered as one of the most important pillars for the local economy, as it provides protection for all parties, in addition to its pivotal role in attracting capital, in a safe and attractive investment environment and providing a protection legislation and legal acts,” Al Tayer added.
The law includes raising credit levels and financial guarantee within its legislative priority to strengthen the confidence among investors and boost the economy by enabling the financially distressed businesses to restructure, and pay their debts and obligations without disrupting the production process in accordance with transparent legal framework.
This makes it the only law which includes those specifications in the Arab region.
Which businesses are covered by the law
The law is implemented on:
-Companies that were established under commercial company laws, as well as the companies that were not established under the commercial company law
-Semi- or fully-owned companies by the federal or the local government where their establishment legislatives are under this law
-Companies and institutions established in free zones and which do not have provisions to regulate composition procedures or restructuring bankruptcy according to the Federal law No. 8 of 2004 concerning financial free zones
-Any trader and licensed civil company
Al Tayer added: “We are delighted to adopt the final draft of the bankruptcy law, to encourage entrepreneurs who seek a secure investment environment to direct their investments in the country, while strengthening their trust in the legislative and legal infrastructure in the UAE that implements clear and transparent laws preserving their rights and achieving balance between the creditor and the debtor as well as prioritise creditors with guarantees over the ones without guarantees.
“The bankruptcy law will contribute in supporting the strategic plans adopted by UAE to develop its economic, financial and legislative structure.
"The law will also raise the UAE’s competitiveness levels in international reports, which will support the sustainable economic growth and enhance the national economy, which in return support the sustainable economic growth and promote the national economy on a global level.”
The federal bankruptcy law falls under the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, UAE President, and His Highness Sheikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
The new law works on identifying different ways to avoid bankruptcy cases and liquidation of the debtors’ funds, a comprehensive financial restructuring outside the scope of the court, composition procedures and the possibility to get new loans under terms set by the law.
Regulations will also prevent individuals from bypassing the law as there are a number of punishments, including a five-year prison sentence, as well as fines up to Dh1 million, the Ministry said in a media statement today.
The final draft of the law, which is considered an important addition to the UAE legislative system, was reviewed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs.
The bankruptcy law sets up a new regulatory body the “Committee of Financial Restructuring”.
The UAE Cabinet will decide on the number of members and entities that will represent the committee, and will administer the committee’s law and its procedures.
The committee is in charge of: overseeing the procedures of financial restructuring outside the scope of the court, appointing experts in the field of financial restructuring, establishing an electronic record of individuals issued against them a bankruptcy ruling, by either imposing restrictions as ordered by the court or the loss of eligibility under the provisions of the law.
The committee is also responsible for organising and sponsoring initiatives that raise awareness among the public on the specification and objectives of the law, submitting periodical reports on the achievements, suggesting amendments to any provision of the law and determining any fees incurred, as well as any other tasks or mandates stated by the law or the UAE Cabinet.
Al Tayer highlighted that the Ministry sought to implement a law that is based on modern legislative and economic principles, while taking into consideration the global developments and changes taking place in the economic and business sectors.
These efforts have led to implementing the bankruptcy law, and distinguishing it from other laws on a regional level as well as in developed countries.
The law was set to match various bankruptcy cases, determine all legal tools to restructure the debtor’s business in accordance with specific terms and conditions as well as a legislative framework.
“Mature economies have proven the need to implement a bankruptcy law in each country that wishes to strengthen its economic status. The bankruptcy law is considered as one of the most important pillars for the local economy, as it provides protection for all parties, in addition to its pivotal role in attracting capital, in a safe and attractive investment environment and providing a protection legislation and legal acts,” Al Tayer added.
The law includes raising credit levels and financial guarantee within its legislative priority to strengthen the confidence among investors and boost the economy by enabling the financially distressed businesses to restructure, and pay their debts and obligations without disrupting the production process in accordance with transparent legal framework.
This makes it the only law which includes those specifications in the Arab region.
Which businesses are covered by the law
The law is implemented on:
-Companies that were established under commercial company laws, as well as the companies that were not established under the commercial company law
-Semi- or fully-owned companies by the federal or the local government where their establishment legislatives are under this law
-Companies and institutions established in free zones and which do not have provisions to regulate composition procedures or restructuring bankruptcy according to the Federal law No. 8 of 2004 concerning financial free zones
-Any trader and licensed civil company
Al Tayer added: “We are delighted to adopt the final draft of the bankruptcy law, to encourage entrepreneurs who seek a secure investment environment to direct their investments in the country, while strengthening their trust in the legislative and legal infrastructure in the UAE that implements clear and transparent laws preserving their rights and achieving balance between the creditor and the debtor as well as prioritise creditors with guarantees over the ones without guarantees.
“The bankruptcy law will contribute in supporting the strategic plans adopted by UAE to develop its economic, financial and legislative structure.
"The law will also raise the UAE’s competitiveness levels in international reports, which will support the sustainable economic growth and enhance the national economy, which in return support the sustainable economic growth and promote the national economy on a global level.”
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