UAE removed for EU blacklist after issuing Economic Substance Rules
The United Arab Emirates (UAE) issued Ministerial Decision No. 215 of 2019 on 11 September, containing guidance for businesses on compliance with the Economic Substance Regulations (ESR), enacted on 30 April in Resolution No. 31 of 2019. As a result, the European Union’s Code of Conduct Group on Business Taxation announced that it had removed the UAE from its blacklist of non-cooperative jurisdictions on 10 October.
DMCC strikes warehousing and logistic deal with JAFZA
The Dubai Multi Commodities Centre (DMCC) and the Jebel Ali Free Zone (JAFZA) have signed a Collaboration Agreement for the provision of warehousing and logistic solutions to DMCC companies in JAFZA. All companies established in DMCC will be able to use warehouses in JAFZA while being exempted from registration and licensing fees.
Abu Dhabi Global Market (ADGM) launches ‘Digital Sandbox’
Abu Dhabi Global Market (ADGM) has launched ‘Digital Sandbox’ – a new cloud-based environment for fintechs, banks and others to co-create and test products with regulatory guidance in order to deliver better services to clients.
Bahrain – a good alternative to ‘offshore’
Forming a company in Bahrain offers excellent access to the GCC states as well as Bahrain’s expanding network of over 30 double tax agreements with key partners, which is further supplemented by bilateral investment treaties and free trade agreements.