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New Free Zone in Dubai

The list of free zones in Dubai has been increased by one. The Law has been signed yesterday it regulates the basic rules of establishment and general activities of the new free zone - Dubai World Trade Center (DWTCA).

The main purpose of the free zones is keeping to improve the economic position of the city of Dubai as a global shopping center and center for regional and international exhibitions and conferences. The main aim also is to attract regional and foreign investment in Dubai.

UAE tightened rules for retail

UAE tightened rules for retail

UAE government on behalf of the Ministry of Economy UAE has increased control over pricing in retail. These measures relate to the rising cost of living in the UAE, the authorities want to control the level of prices in the market.

New DMCC free zone portal

New DMCC free zone portal

DMCC free zone has presented a new portal - DMCC Free Zone Member Portal. Representative of Walton Consultants JLT participated in the seminar of a new portal launching, which took place on May 11, 2014 in Almas Tower.

Tightening the Anti Money Laundering Legislation in UAE

Tightening the Anti Money Laundering Legislation in UAE

The Federal National Council passed a draft of law regarding combating money laundering and terrorism financing in according to international recommendations by the Financial Action Task Force (FATF).

FATF informed that the UAE was one of the highest risk zone for money laundering, along with that the UAE was one of the most active countries that combats money laundering by establishing new laws.

BVI recent changes

BVI recent changes

According to the last report of the Organization for Economic Cooperation and Development (OECD) the British Virgin Islands have done serious work within the framework of increasing tax visibility and exchanging of information in accordance with international standards.

120 Day License

120 Day License

The Department of Economic Development of Dubai announced that they have already issued a new type of license – a 120-day license. This option will be available from May this year.

The new license will allow businessmen to start their business immediately and complete the rest of requirements within 120 days period.

Rent Increase: What to Do?

Rent Increase: What to Do?

There are many questions regarding the rent's increase. Do landlords have rights to change rental agreement? How much is a maximum increase? Can tenants protect themselves and how can they do it?

Seal Requirement Canceled

Seal Requirement Canceled

The Parliament of Ukraine created the Law of Ukraine "On Amending Certain Laws of Ukraine for Simplification of Opening Business Opening Procedures" (the Law) on May 15, 2014, which repealed the mandatory application by seals of legal entitles. The Law should come into force 6 months after its promulgation.

Canceling of the mandatory application of the seal should prune down setting up business, contracting and notarization in Ukraine, and improve business conditions.

Report bounced cheque to Dubai police using mobile phone

Report bounced cheque to Dubai police using mobile phone

Dubai police created a special mobile service, which will allow users to send a photo of bounced cheque directly to the police office. There are two conditions to report bounced cheque through the Dubai Police app: 1) cheque was issued in the Emirate of Dubai; 2) cheque is still valid.

Emirates NBD: Total income increased on 27 %

Emirates NBD: Total income increased on 27 %

Dubai: Emirates NBD Group informed that the total income for the first quarter of 2014 amounted to Dh3.33 billion. It was compared with Dh2.63 billion in the same period of 2013. The increase was around 27 per cent.

Customer loans as at 31 March 2014 were Dh239.7 billion and customer deposits as at 31 March 2014 amounted to Dh251.5 billion, an increase of 5 per cent from 31 December 2013.