Innovation to Boost Business Leaders’ Confidence at Rapid Pace

HLB Conducted ‘Survey of Business Leaders 2022’ - Powering your innovation engine

HLB HAMT News Team

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Get Free Consultation




    The advent of new COVID 19 variations coupled with global economic considerations and inflation have posed challenges to the advancement of the corporate environment. Considering all these concerns, but investors and entrepreneurs are optimistic. According to the survey, 95 percent of firm executives believe that faster and more effective talent management innovations, as well as long-term investments in advancing technology, are critical elements in paving the way for future success.

    HLB Survey of Business Leaders 2022

    HLB surveyed 586 clients and senior executives from 46 countries to acquire a deeper understanding of the challenges and objectives of business leaders in 2022. Regardless of the fact that the virus outbreak has been a pretty awful and hard moment for the industry, executives have emerged more competent and confident in their ability to combat and address difficulties via innovation. These topics are covered in depth in the research, which also provides advice for business executives on how to better analyse their companies’ methodologies in the long run.

    • In 2022, 54% predicted the global economy would accelerate, while 30% forecast it to remain unchanged.
    • Inflation is identified as a worry by 61% of respondents.
    • In comparison to pre-pandemic, 86% are more confident in their ability to innovate.
    • Market instability inspires people to innovate, according to 69 per cent of respondents.

    Exposure to evolving technology and innovation may be a driving element for firms, according to the great majority of company executives with AI, Cloud, and RPA being the most significant.

    A copy of the full report can be viewed here: www.hlb.global/surveyofbusinessleaders

     

    To read about this topic in our quarterly magazine, please click the link.

     

    Would you like to rate us on Google?         

     

    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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    HLB Global Expands and Welcomes New Members

    “The future is HLB” stated the newly included prestigious US accounting firms

    HLB HAMT News Team

    image

    HLB HAMT - Accounting Firm in UAE

    Phone:- +971 4 327 7775
    Mobile:- +971 55 160 1291
    WhatsApp:- +971 56 219 1607
    Email:- dubai@hlbhamt.com

      Get Free Consultation




      As the accounting industry is evolving in this demanding business climate, HLB, the global advisory and accounting network, has prioritized addressing the diverse requirements. As a result, HLB continues to develop and expand, as seen by the recent induction of its newest member firms.

      Rehmann, Whitley Penn, and Miller Cooper, three top US companies, have joined the member list of HLB to deliver a unique insight to increase collective knowledge and unlock new business prospects.

      Choosing HLB over other alternate possibilities

      HLB has a wealth of technical resources and support, global accessibility, and a commitment to customer service which gives them significant emphasis on technical advancements, such as the use of artificial intelligence (AI) in service delivery, and is continually growing its member intranet to better fulfill the demands of clients.

      HLB CEO Marco Donzelli says, “We were happy to hear our new members remark, ‘the future is HLB,’ as it is fairly unusual to have three top 100 US corporations make a move like this at the same time. The depth of service, experience and geographic coverage these enterprises provide to the network considerably improves our market position and takes us closer to achieving our worldwide growth ambitions.”

      HLB is currently the world’s 11th largest network, and it was named Network of the Year at the 2020 Digital Accountancy Awards.

      Let’s take a glimpse at HLB’s newest members

      • Rehmann

      Leadership: Randy Rupp, CEO; Stacie Kwaiser, COO

      Location: Headquarters in Troy, Michigan with 17 offices in Michigan, Ohio, and Florida

      Ranking: #33 on the Accounting Today’s Top 100

      • Miller Cooper

      Leadership: Kristen Fitzpatrick, Managing Principal; Ross Pearlstein, Chairman

      Location: Chicago, Illinois (3 offices)

      Ranking: Top 50 US Firm and 10th largest accounting firm on Crain’s Chicago List

      • Whitley Penn

      Leadership: Larry Autrey, Managing Partner

      Location: Headquarters in Fort Worth, Texas with a total of 8 offices in Texas.

       

      To read about this topic in our quarterly magazine, please click the link.

       

      Would you like to rate us on Google?         

       

      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      Giuseppe Assi
      Giuseppe Assi
      06:20 31 Jan 21
      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
      Mohamed Sheriff
      Mohamed Sheriff
      16:16 28 Jun 20
      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
      218141 JOSEPH THOMAS
      218141 JOSEPH THOMAS
      16:20 23 Jun 20
      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
      PMI
      PMI
      07:14 23 Jun 20
      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
      RAVI CHOKSI
      RAVI CHOKSI
      08:28 21 Jun 20
      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
      Maharajan Subramaniam
      Maharajan Subramaniam
      18:17 06 Jun 20
      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
      Mohammed L
      Mohammed L
      08:07 05 Jun 20
      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
      ROY ROSHAN VIVIAN
      ROY ROSHAN VIVIAN
      06:32 04 Jun 20
      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
      Basil Daniells
      Basil Daniells
      05:55 03 Jun 20
      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
      Amar Kashyap
      Amar Kashyap
      19:28 02 Jun 20
      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
      Radz de Jesus
      Radz de Jesus
      16:03 02 Jun 20
      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
      Next Reviews
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      Get in touch

      Whatever your question our team will point you in the right direction

      Start the conversation

      The new labor law in UAE has been implemented

      HLB HAMT News Team

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 50 205 9540
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Get Free Consultation




        The UAE has issued Federal Labor Law No. 33 of 2021, which replaces Federal Labor Law No. 8 of 1980. The new law will enter into force on February 2, 2022, and will bring about a variety of reforms, some of which will have a considerable influence on current employment conditions.

        The labor law reforms are significant, necessitating adjustments to current employment contracts as well as rules and processes related to long-term contracts with new hires. The New Law governs all current and prospective work relationships in the UAE’s private sector. Since the Dubai International Financial Centre and the Abu Dhabi Global Market have their own labor laws, the new law will not pertain to work interactions there.

        The essential elements of the new labor law, some of the most significant changes are discussed below.

        A. Contracts of Employment

        The new law makes it mandatory to establish employment contracts with fixed periods that cannot run longer than three years and can be extended for the same duration or shorter with both parties’ approval. Existing labour law allows unlimited contracts to remain, but they must be converted to limited contracts inside one year of the new legislation’s adoption, or by February 2, 2023.

        B. Period of Probation

        Under the new labour legislation, the maximum probationary term stays at six months. Employers must offer a minimum of fourteen days’ written notice of their intention to terminate an employee’s employment contract if the individual is on probation, according to new legislation.

        If an employee wishes to quit during their probationary term, they must comply with the following requirements:

        • If resigning to work for another employer in the UAE, offer one month’s notice; or
        • If the employee intends to depart the UAE, offer fourteen days’ notice.

        C. End of Service Gratuity

        The legislation lays out in detail how an employee’s gratuity will be calculated based on their duration of service. According to the new legislation, an ex-pat who has worked full-time for a company for a year or longer will be eligible for end-of-service bonuses based on basic salary. Each of the first five years of service will be compensated with a salary of 21 days, with each subsequent year being compensated with a compensation of 30 days.

        D. Termination during the probationary period

        1.  The employee may cancel the contract during the probationary period by presenting at least one month’s written notice.
        2. An employer may terminate an employee’s contract during the probationary period by giving the employee 14 days’ written notice.

        E. Discrimination and harassment are prohibited

        It is unlawful for an employer, coworkers, or superiors to engage in sexual harassment, bullying, or any other form of behavioural, emotional, physical, or mental hostility towards an employee. Discrimination based on sex, race, colour, religion, national or social origin, or disability is prohibited under the new regulation.

        F. Parental Leave

        Employees will be entitled to five days of paid leave in the six months following the birth of their child.

        G. Leave of Compassion

        The legislation provides for five days of paid leave in the case of the death of an employee’s husband or wife. The law provides for three days of paid leave in the case of the death of an employee’s parent, child, sibling, or grandparent.

        H. Study leave

        Employees are entitled to 10 days of study leave per year if they are enrolled in a reputable institution, and such leave will be granted only if the university issues a certificate.

        I. Notice Periods

        The minimum notice time for terminating an employment contract is still thirty days, but the maximum is now ninety days.

        1. Termination Criteria
          Under the new law, redundancy termination is a legal reason for terminating an employment contract. Redundancy was not recognised under the previous legislation.
        2. Job-Search Leave
          During the notice period, employees are now eligible to one day of unpaid absence every week to search for new work.

        The UAE Cabinet is scheduled to release executive regulations, which would presumably offer much-needed clarification on the execution of the new law’s several new sections and amendments. Once the Executive Regulations are released, the modifications made by the new law must be carefully studied and reconsidered. The Ministry of Human Resources and Emiratization will continue to provide advice on a set of critical issues.

        To read about this topic in our quarterly magazine, please click the link.

         

        Would you like to rate us on Google?         

         

        Varun R Chandra
        Varun R Chandra
        07:38 25 Apr 21
        HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
        Giuseppe Assi
        Giuseppe Assi
        06:20 31 Jan 21
        I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
        Mohamed Sheriff
        Mohamed Sheriff
        16:16 28 Jun 20
        Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
        218141 JOSEPH THOMAS
        218141 JOSEPH THOMAS
        16:20 23 Jun 20
        Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
        PMI
        PMI
        07:14 23 Jun 20
        In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
        RAVI CHOKSI
        RAVI CHOKSI
        08:28 21 Jun 20
        Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
        Maharajan Subramaniam
        Maharajan Subramaniam
        18:17 06 Jun 20
        High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
        Mohammed L
        Mohammed L
        08:07 05 Jun 20
        We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
        ROY ROSHAN VIVIAN
        ROY ROSHAN VIVIAN
        06:32 04 Jun 20
        Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
        Basil Daniells
        Basil Daniells
        05:55 03 Jun 20
        I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
        Amar Kashyap
        Amar Kashyap
        19:28 02 Jun 20
        Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
        Radz de Jesus
        Radz de Jesus
        16:03 02 Jun 20
        We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
        Next Reviews
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        Get in touch

        Whatever your question our team will point you in the right direction

        Start the conversation

        UAE: Best place to start business in 2022

        HLB HAMT News Team

        image

        HLB HAMT - Accounting Firm in UAE

        Phone:- +971 4 327 7775
        Mobile:- +971 55 160 1291
        WhatsApp:- +971 56 219 1607
        Email:- dubai@hlbhamt.com

          Get Free Consultation




          The UAE has topped the list of best countries for entrepreneurs, as per the Global Entrepreneurship Monitor’s (GEM) 2022 report. The country has been successful in outperforming other leading nations such as Netherlands and Finland.

          The Global Entrepreneurship Monitor analyzes the business environment for entrepreneurs across 50 countries, every year and prepares an assessment report. The reports intends to rank nations on the basis of the encouragement they provide to new businesses, which are of interest to not just entrepreneurs, but policymakers as well. The research also throws light on the significance of the rule of law and education systems in encouraging entrepreneurship.

          The UAE bagged the title of best place to start a business in 2022, by obtaining an NECI core of 6.8. The other countries that closely followed are Netherlands, Finland, Saudi Arabia, and Lithuania. The UAE has shown immense improvement in 11 of the 13 framework conditions. “This could be due to a combination of reasons, including the country hosting high-profile entrepreneurship promotion events such as Expo 2020,” the GEM report stated.

          There are numerous methods a country can adopt to enhance entrepreneurship and some of the major ones are supporting new business during hard times and providing required help to women entrepreneurs. UAE has helped new businesses via various initiatives during Covid-19 pandemic and they have come up with different business packages for women entrepreneurs as well. This, along with many other business strategies, has helped the country emerge as the best destination to do business in 2022.

          While the country provides all the required assistance to new businesses, the role of business consultancy firms in UAE in ensuring smooth company formation should not go unnoticed. There are numerous business consultancy firms in UAE, but finding a reliable one is a challenging process. HLB HAMT is equipped with a team of business consultants who have helped thousands of entities form their base in the country. Contact us if you are planning to set up your business in UAE.

           

          Would you like to rate us on Google?         

           

          Varun R Chandra
          Varun R Chandra
          07:38 25 Apr 21
          HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
          Giuseppe Assi
          Giuseppe Assi
          06:20 31 Jan 21
          I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
          Mohamed Sheriff
          Mohamed Sheriff
          16:16 28 Jun 20
          Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
          218141 JOSEPH THOMAS
          218141 JOSEPH THOMAS
          16:20 23 Jun 20
          Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
          PMI
          PMI
          07:14 23 Jun 20
          In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
          RAVI CHOKSI
          RAVI CHOKSI
          08:28 21 Jun 20
          Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
          Maharajan Subramaniam
          Maharajan Subramaniam
          18:17 06 Jun 20
          High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
          Mohammed L
          Mohammed L
          08:07 05 Jun 20
          We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
          ROY ROSHAN VIVIAN
          ROY ROSHAN VIVIAN
          06:32 04 Jun 20
          Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
          Basil Daniells
          Basil Daniells
          05:55 03 Jun 20
          I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
          Amar Kashyap
          Amar Kashyap
          19:28 02 Jun 20
          Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
          Radz de Jesus
          Radz de Jesus
          16:03 02 Jun 20
          We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
          Next Reviews
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          Get in touch

          Whatever your question our team will point you in the right direction

          Start the conversation

          Co-operative Societies & Crowdfunding in UAE to be Listed as Per New Law

          HLB HAMT News Team

          image

          HLB HAMT - Accounting Firm in UAE
          Phone:- +971 4 327 7775
          Mobile:- +971 55 160 1291
          Email:- dubai@hlbhamt.com

            Get Free Consultation




            The UAE cabinet passed a new legislation on cooperative organisations, allowing them to trade on stock exchanges to attract new partners. Co-operatives, which are mostly supermarkets and retail firms, will be able to obtain excess revenue and broaden their holdings by listing their shares on the stock exchange.

            Entry to financial markets will also enable co-operatives to contribute more to the country’s economic growth, strengthen their position, and prosper. As per the legislation, financial markets will be able to create specific areas for the registration, trade, and exchange of cooperative shares, which would be separate from IPO and public trading platforms.

            Crowd Funding to be a vital player

            Crowdfunding is one of the finest ways to get funds for new business concepts that would benefit youth and entrepreneurship. The UAE Cabinet authorised the use of crowdfunding to support new initiatives in the public and private sectors. Crowdfunding is a method of gathering funding from a huge number of individuals, usually through the online. The Securities and Commodities Authority (SCA) will oversee the UAE System for Crowdfunding Platform Operators.

            The UAE Gender Balance Council Strategy 2022-2026 was also endorsed by the Cabinet in order to increase the number of women in leadership positions. Economic participation, well-being, protection, and entrepreneurship are the four vital components of the council’s plan, which strives to close the gender divide in all domains.

             

            Would you like to rate us on Google?         

             

            Varun R Chandra
            Varun R Chandra
            07:38 25 Apr 21
            HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
            Giuseppe Assi
            Giuseppe Assi
            06:20 31 Jan 21
            I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
            Mohamed Sheriff
            Mohamed Sheriff
            16:16 28 Jun 20
            Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
            218141 JOSEPH THOMAS
            218141 JOSEPH THOMAS
            16:20 23 Jun 20
            Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
            PMI
            PMI
            07:14 23 Jun 20
            In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
            RAVI CHOKSI
            RAVI CHOKSI
            08:28 21 Jun 20
            Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
            Maharajan Subramaniam
            Maharajan Subramaniam
            18:17 06 Jun 20
            High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
            Mohammed L
            Mohammed L
            08:07 05 Jun 20
            We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
            ROY ROSHAN VIVIAN
            ROY ROSHAN VIVIAN
            06:32 04 Jun 20
            Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
            Basil Daniells
            Basil Daniells
            05:55 03 Jun 20
            I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
            Amar Kashyap
            Amar Kashyap
            19:28 02 Jun 20
            Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
            Radz de Jesus
            Radz de Jesus
            16:03 02 Jun 20
            We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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            UAE to cut service costs for firms under proposed Corporate Tax

            HLB HAMT News Team

            image

            HLB HAMT - Accounting Firm in UAE

            Phone:- +971 4 327 7775
            Mobile:- +971 50 677 5860
            WhatsApp:- +971 56 219 1607
            Email:- dubai@hlbhamt.com

              Get Free Consultation




              With the goal of improving the business climate, strengthening the economy and drawing more foreign direct investment, the UAE’s Ministry of Finance will review and reform service fee structures across all ministries and federal organisations. The decision comes after the UAE revealed intentions to impose a federal corporate tax on company profits beginning on or after June 1, 2023. When compared to other financial centers and established economies throughout the world, the corporate tax rate is relatively lower.

              The UAE has taken a number of steps to improve the ease of doing business in the nation, and the ministry will work with local governments in the UAE to further the objective of the fee revision and enhance the productivity of the UAE’s business landscape.

              Proposed Corporate Tax from 2023

              The UAE has long benefitted from its tax-free status to establish itself as a worldwide economic, energy, and tourist centre, attracting the world’s attention. Much of this tax-free environment is still in place, notably the absence of personal income tax.

              In past years, the UAE has made considerable tax adjustments to streamline its tax structure and broaden its revenue, bringing it into accord with worldwide guidelines and principles. Besides the “extraction of natural resources,” which will continue to be taxed at the emirate level, the new tax rate will be imposed on all enterprises and business operations in the country.

               

              Would you like to rate us on Google?         

               

              Varun R Chandra
              Varun R Chandra
              07:38 25 Apr 21
              HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
              Giuseppe Assi
              Giuseppe Assi
              06:20 31 Jan 21
              I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
              Mohamed Sheriff
              Mohamed Sheriff
              16:16 28 Jun 20
              Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
              218141 JOSEPH THOMAS
              218141 JOSEPH THOMAS
              16:20 23 Jun 20
              Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
              PMI
              PMI
              07:14 23 Jun 20
              In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
              RAVI CHOKSI
              RAVI CHOKSI
              08:28 21 Jun 20
              Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
              Maharajan Subramaniam
              Maharajan Subramaniam
              18:17 06 Jun 20
              High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
              Mohammed L
              Mohammed L
              08:07 05 Jun 20
              We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
              ROY ROSHAN VIVIAN
              ROY ROSHAN VIVIAN
              06:32 04 Jun 20
              Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
              Basil Daniells
              Basil Daniells
              05:55 03 Jun 20
              I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
              Amar Kashyap
              Amar Kashyap
              19:28 02 Jun 20
              Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
              Radz de Jesus
              Radz de Jesus
              16:03 02 Jun 20
              We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
              Next Reviews
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              Dubai adopts ‘Virtual Assets Law’ to stimulate Crypto Investments

              Lavin Nalinababu, Business Consultancy

              image

              HLB HAMT - Accounting Firm in UAE

              Phone:- +971 4 327 7775
              Mobile:- +971 55 160 1291
              WhatsApp:- +971 56 219 1607
              Email:- dubai@hlbhamt.com

                Get Free Consultation




                Dubai, the UAE’s financial hub, has taken a giant step forward in the global crypto space, announcing an unparalleled law to govern virtual assets in order to attract potential forms of enterprise as regional economic rivalry becomes more competitive.

                Virtual asset services will be regulated, monitored, and controlled by the Dubai Virtual Asset Regulatory Authority (VARA). The authority established the rules and procedures that oversee virtual asset operations, such as management, clearing, and settlement services. Also, VARA will function as the primary custodian for this niche sector, with the goal of anchoring the world’s virtual assets, which include cryptocurrencies and NFTs.

                Let’s dive straight into the details of Dubai’s virtual assets law:

                1. An individual who wishes to engage in any of the virtual asset operations must first establish a presence in the city.
                2. It is against the law for anybody in the emirate to participate in activities without first obtaining VARA approval.
                3. VARA’s primary tasks are as follows:
                  • Organizing the issue of virtual assets and tokens, as well as their trade.
                  • Virtual asset service providers are regulated and authorised.
                  • Guaranteeing the utmost layers of safety for the personal data of participants,
                  • The management of virtual asset platforms and portfolios,
                  • Checking transactions and preventing the price manipulation of virtual assets
                4. The following activities are subject to VARA authorisation and control:
                  • Services for exchanging virtual assets and currencies
                  • Services for virtual asset custody and management
                  • Service transaction between one or more types of virtual assets, and
                  • Services for the transfer and administration of virtual assets
                5. A decision made by the board of directors of the Dubai World Trade Centre would define the activities that represent a breach of the requirements of this virtual asset law and its associated decisions, as well as the penalty imposed on an offender. Other than imposing a penalty, Dubai VARA has the right to revoke the permission for up to 6 months, cancel the permit, and collaborate with the Emirate’s competent commercial licensing body to revoke the commercial license.

                The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, remarked that “the law presents a vital step that aims to advance the digital sector and protect the rights of investors, along with providing the most advanced virtual asset ecosystem in terms of organization, governance, and security.”

                The law defines the responsibilities and powers of the VARA authority, which will be deemed the responsible authority to govern, oversee, and manage virtual asset services, and enters into effect when it is released in the official Gazette.

                Except for the Dubai International Financial Centre, the virtual assets law will pertain to all special development zones, the Dubai mainland and free zones in the Emirate. The Dubai Virtual Asset Regulation Law strives to establish Dubai as a global hotspot for the virtual asset market as well as to play a role in determining the industry’s evolution.

                As the globe shifts its paradigm towards technological developments like cryptocurrencies and blockchain, the new virtual assets law will drive the crypto sector in the UAE.

                Please visit the link for the most up-to-date information about crypto news in the UAE.

                 

                Would you like to rate us on Google?         

                 

                Varun R Chandra
                Varun R Chandra
                07:38 25 Apr 21
                HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                Giuseppe Assi
                Giuseppe Assi
                06:20 31 Jan 21
                I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                Mohamed Sheriff
                Mohamed Sheriff
                16:16 28 Jun 20
                Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                218141 JOSEPH THOMAS
                218141 JOSEPH THOMAS
                16:20 23 Jun 20
                Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                PMI
                PMI
                07:14 23 Jun 20
                In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                RAVI CHOKSI
                RAVI CHOKSI
                08:28 21 Jun 20
                Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                Maharajan Subramaniam
                Maharajan Subramaniam
                18:17 06 Jun 20
                High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                Mohammed L
                Mohammed L
                08:07 05 Jun 20
                We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                ROY ROSHAN VIVIAN
                ROY ROSHAN VIVIAN
                06:32 04 Jun 20
                Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                Basil Daniells
                Basil Daniells
                05:55 03 Jun 20
                I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                Amar Kashyap
                Amar Kashyap
                19:28 02 Jun 20
                Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                Radz de Jesus
                Radz de Jesus
                16:03 02 Jun 20
                We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                Next Reviews
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                Get in touch

                Whatever your question our team will point you in the right direction

                Start the conversation

                The UAE’s new Labour Law has been formally Announced

                HLB HAMT News Team

                image

                HLB HAMT - Accounting Firm in UAE

                Phone:- +971 4 327 7775
                Mobile:- +971 55 807 4568
                WhatsApp:- +971 56 219 1607
                Email:- dubai@hlbhamt.com

                  Get Free Consultation




                  The UAE has introduced a new labour law for employees, which came into effect on February 2, 2022. The New labour Law, like the current labour law, will govern employee-employer relationships within all private sector enterprises and employees in the UAE, with the exception of the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM), which have their own employment rules.

                  What influence do labour regulations have on today’s workplace?

                  The law aims to improve the UAE labour market’s growth and stability, as well as protect employees’ rights. Substantial initiatives were undertaken to guarantee that all private-sector employees work in a pleasant, fair, and welcoming workplace.

                  The new labour law was enacted in order to react to the substantial change in the way UAE employees currently work as a result of technology improvements and the emergence of the COVID-19 pandemic. With the introduction of new provisions, the UAE’s new labour law aims to establish a more dynamic and efficient working environment, while also providing employees with additional safeguards against bullying and harassment in the workspace.

                  Several amendments to the old legislation, such as the introduction of three-year work contracts or new work models, have been made under the new labour law. It also includes many facets of employer-employee interaction in the UAE private-sector workplace.

                  The important components of the new labour law, as well as the key focal points for businesses, are listed here.

                  • Three-Year Contract – This is a limited/fixed-term contract that cannot last more than three years and can be renewed for the same period or less with consent from both parties. Unlimited contracts under existing labour law continue, but they must be changed to limited contracts within one year of the new legislation’s implementation, i.e., on or before February 2, 2023.
                  • Protection against discrimination and harassment – Sexual harassment, bullying, or any other type of behavioural, emotional, physical, or mental aggression against an employee by an employer, coworkers, or superiors is illegal. The new rule prohibits discrimination based on sex, race, colour, religion, national or social origin, or handicap.
                  • Equal pay for men and women – In the workplace, men and women should be paid equally. It underlines that women should be paid equally to men while executing the same activity or other duties of similar value.
                  • Period of probation – In comparison to prior labour laws, the new legislation states that if a person is recruited on a probationary basis not surpassing six months, the employer may cancel the worker’s employment during the probationary period by giving him a 14-day written notice prior to the date set for his termination.
                  • Termination by employee & employer during probationary period – During the probationary phase, the employee may cancel the contract by giving at least one month’s written notice. During the probationary period, an employer may terminate an employee’s contract by giving the employee 14 days’ written notice.
                  • Flexible Working Models – Full-time, part-time, temporary, and flexible employment options are available to employees.
                  • End of Service Gratuity – The law explains in detail how an employee’s gratuity will be computed depending on the length of their employment. According to the new regulation, an expat who has worked full-time for an enterprise for one year or more would be awarded end-of-service rewards assessed based on the basic pay. Each of the first five years of service will be paid a salary of 21 days, and each year beyond that will be given a salary of 30 days.
                  • Notice period – The new law requires a notice period of 30 to 90 days be issued. If both parties agree, this notification time might be waived as well.
                  • Parental Leave – In the six months following the birth of their child, employees will be entitled to five days of paid leave.
                  • Compassionate leave – Depending on the deceased’s degree of kinship, the employer may provide compassionate leave of between 3 to 5 days.
                  • Study leave – Every year, employees are entitled to ten-day study leave, provided they are enrolled in a university of repute, and such leave shall be provided only after providing a certificate from the university.
                  • Non-compete – According to the new UAE labour law, if an employer wants to preserve its business interests, it must enter into a non-compete agreement with its workers.

                  According to the UAE Ministry of Human Resources and Emiratization (“MOHRE”), the new UAE labour law is a solution to the constantly shifting labour setting in a COVID-19 society, which is characterized by technological breakthroughs. The Ministry of Labour and Employment is now drafting executive rules to supervise the execution of the revised labour law.

                  With the change in labour law, the need to re-draft existing HR policies and manuals arises. Companies are required to update employment policies, amend contracts, and possibly, use redraft their entire HR Policies and Processes to keep up with compliance requirements, and maybe other organizational changes that may have occurred in the past. Our team of experts at HLB HAMT can offer a diverse range of HR management solutions to help you stay up to date and compliant with the changes in labour law.

                   

                  Would you like to rate us on Google?         

                   

                  Varun R Chandra
                  Varun R Chandra
                  07:38 25 Apr 21
                  HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                  Giuseppe Assi
                  Giuseppe Assi
                  06:20 31 Jan 21
                  I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                  Mohamed Sheriff
                  Mohamed Sheriff
                  16:16 28 Jun 20
                  Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                  218141 JOSEPH THOMAS
                  218141 JOSEPH THOMAS
                  16:20 23 Jun 20
                  Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                  PMI
                  PMI
                  07:14 23 Jun 20
                  In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                  RAVI CHOKSI
                  RAVI CHOKSI
                  08:28 21 Jun 20
                  Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                  Maharajan Subramaniam
                  Maharajan Subramaniam
                  18:17 06 Jun 20
                  High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                  Mohammed L
                  Mohammed L
                  08:07 05 Jun 20
                  We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                  ROY ROSHAN VIVIAN
                  ROY ROSHAN VIVIAN
                  06:32 04 Jun 20
                  Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                  Basil Daniells
                  Basil Daniells
                  05:55 03 Jun 20
                  I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                  Amar Kashyap
                  Amar Kashyap
                  19:28 02 Jun 20
                  Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                  Radz de Jesus
                  Radz de Jesus
                  16:03 02 Jun 20
                  We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                  Next Reviews
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                  Get in touch

                  Whatever your question our team will point you in the right direction

                  Start the conversation

                  UAE to implement Corporate Tax from 2023

                  HLB HAMT News Team

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 50 677 5860
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Get Free Consultation




                    The United Arab Emirates has decided to introduce federal tax on corporate revenues for the financial year starting on or after June 2023. Companies have to pay a standard statutory tax rate of 9%, which would apply only when income topped Dh375,000 ($100,000) ultimately positioning the UAE in a powerful advantage when considered against other major and established economies throughout the world.

                    The proposed model, which is due to take effect from next year, will apply to all economic activity in the UAE excluding natural resource exploitation, according to a statement from the finance ministry. Although this regime would not be applicable to those firms functioning inside free zones in the UAE, they will remain immune as long as they don’t conduct business with the mainland.

                    The key objectives for corporate tax introduced in the UAE are as follows:

                    • Boosting the UAE’s prominence as a global commercial and investment centre
                    • Achieving International tax transparency standards and avoiding fraudulent practices
                    • Accelerating the UAE’s development to align itself with global markets

                    The UAE’s well-known tax haven status has received extensive reception from international corporations and rich individuals, allowing the country’s economy to diversify beyond oil and gas income, particularly in commercial and recreational heartland of Dubai.

                    Key takeaways

                    Personal income from work, real estate, and other investments, as well as any other income generated by people that is not derived from a business or other kind of commercial activity licensed or otherwise authorised to be conducted in the UAE, would be tax-free

                    • Capital gains and dividends earned by a UAE firm from its qualified shareholdings will not be subject to corporate tax
                    • Foreign tax will be credited against the corporate tax due in the UAE
                    • On both domestic and cross-border payments, there will be no withholding tax
                    • Free zone businesses that meet all necessary requirements can continue to benefit from corporate tax incentives.
                    • Foreign investors that do not conduct business in the UAE will be exempt from corporate taxes.
                    • Qualifying intragroup transactions and restructurings will be exempt from corporate tax.
                    • Businesses will only have to submit one corporate tax return every fiscal year, and they will no longer have to make prior tax payments or produce provisional tax filings. UAE enterprises will be subject to transfer pricing and documentation procedures based on OECD transfer pricing principles.
                    • Businesses engaged in the “extraction of natural resources” — such as oil and gas production — will be excluded since they are taxed at the emirate level.
                    • Generous loss transfer and utilization rules will be available to businesses.

                    Previously, the UAE’s corporate taxes solely belonged to limited industries, which were subject to a 20% tax. While personal income tax is not yet implemented in the Gulf, the UAE government’s recent actions can be considered as a strategic approach toward leading economies across the globe seeking to impose a minimum tax on corporations and to end the illicit tax activities of business giants.

                    Conclusion

                    With the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards by diversifying its economy to reduce its reliance on crude oil and also to tackle the rising competition from other economies, thereby pursuing its own drive to attract foreign businesses.

                    If you have any questions or concerns about the newly proposed federal corporate tax regime, HLB HAMT, one of the leading tax consultants in the UAE, will provide the necessary assistance.

                    Contact us at tax@hlbhamt.com

                     

                    Would you like to rate us on Google?         

                     

                    Varun R Chandra
                    Varun R Chandra
                    07:38 25 Apr 21
                    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                    Giuseppe Assi
                    Giuseppe Assi
                    06:20 31 Jan 21
                    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                    Mohamed Sheriff
                    Mohamed Sheriff
                    16:16 28 Jun 20
                    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                    218141 JOSEPH THOMAS
                    218141 JOSEPH THOMAS
                    16:20 23 Jun 20
                    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                    PMI
                    PMI
                    07:14 23 Jun 20
                    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                    RAVI CHOKSI
                    RAVI CHOKSI
                    08:28 21 Jun 20
                    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                    Maharajan Subramaniam
                    Maharajan Subramaniam
                    18:17 06 Jun 20
                    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                    Mohammed L
                    Mohammed L
                    08:07 05 Jun 20
                    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                    ROY ROSHAN VIVIAN
                    ROY ROSHAN VIVIAN
                    06:32 04 Jun 20
                    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                    Basil Daniells
                    Basil Daniells
                    05:55 03 Jun 20
                    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                    Amar Kashyap
                    Amar Kashyap
                    19:28 02 Jun 20
                    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                    Radz de Jesus
                    Radz de Jesus
                    16:03 02 Jun 20
                    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                    Next Reviews
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                    Get in touch

                    Whatever your question our team will point you in the right direction

                    Start the conversation

                    New Family Business Ownership Governance Law in UAE

                    HLB HAMT News Team

                    image

                    HLB HAMT - Accounting Firm in UAE

                    Phone:- +971 4 327 7775
                    Mobile:- +971 55 160 1291
                    WhatsApp:- +971 56 219 1607
                    Email:- dubai@hlbhamt.com

                      Get Free Consultation




                      The UAE has come up with a new governance law that aims to boost the family-owned business legislative ecosystem in the country. The new economic model, which is far more flexible and sustainable and in accordance with global governance procedures, will not just be a boon to family owned business, but also to the economy of UAE.

                      The new law, issued by His Highness Sheikh Khalifa bin Zayed Al Nahyan, gives power to family owned businesses to;

                      • prevent the sale of shares/ dividends to individuals or companies outside the family
                      • take approval from family partners prior to a shareholder selling their respective equity stake to someone outside the family

                      Apart from this, the owners of family-owned businesses are also empowered to issue family-owned shares with weighted voting rights and prevent the pledging of family-owned businesses as encumbered assets, to avoid expropriation. Cases wherein non-family members own more than 40 per cent of shares, the new law won’t be applicable.

                      The owners or co-founders of family-owned business can make use of this law by submitting a request to the Abu Dhabi Department of Economic Development (ADDED). The executive and administrative regulations of the new law will be issued from March 2022.

                      Commenting on the new law, Mohamed Ali Al Shorafa, Chairman of ADDED, said, “This law is a major pillar in enhancing the vital role played by these businesses in driving economic development. It also provides a legislative framework to ensure the growth and sustainability of family-owned companies in line with the evolving business sector, since it allows ownership by non-family members up to 40 per cent of the capital. This will support the expansion and development of family-owned businesses.”

                      He added, “Family-owned businesses in Abu Dhabi continue to contribute to economic diversification and the knowledge-based economy, equipped with decades-long experience in the market, strong resilience, and experience in partnering with government entities, as well as investing in sectors targeted by strategic initiatives launched by the emirate of Abu Dhabi.”

                      Apart from boosting the economy of the country, the new law will aid towards economic diversification as well.

                       

                       

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                      Varun R Chandra
                      Varun R Chandra
                      07:38 25 Apr 21
                      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                      Giuseppe Assi
                      Giuseppe Assi
                      06:20 31 Jan 21
                      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                      Mohamed Sheriff
                      Mohamed Sheriff
                      16:16 28 Jun 20
                      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                      218141 JOSEPH THOMAS
                      218141 JOSEPH THOMAS
                      16:20 23 Jun 20
                      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                      PMI
                      PMI
                      07:14 23 Jun 20
                      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                      RAVI CHOKSI
                      RAVI CHOKSI
                      08:28 21 Jun 20
                      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                      Maharajan Subramaniam
                      Maharajan Subramaniam
                      18:17 06 Jun 20
                      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                      Mohammed L
                      Mohammed L
                      08:07 05 Jun 20
                      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                      ROY ROSHAN VIVIAN
                      ROY ROSHAN VIVIAN
                      06:32 04 Jun 20
                      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                      Basil Daniells
                      Basil Daniells
                      05:55 03 Jun 20
                      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                      Amar Kashyap
                      Amar Kashyap
                      19:28 02 Jun 20
                      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                      Radz de Jesus
                      Radz de Jesus
                      16:03 02 Jun 20
                      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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