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Finance Law

Emirates Maritime Arbitration Center (EMAC) with Pro- Arbitration Approach

Emirates Maritime arbitration center has commenced the operation from last September completing first year with good record of arbitration. EMAC is unique of its kind in the region aimed to address and resolve the maritime disputes via arbitration and Mediation based on the standard regulatory frameworks available with industry.   UAE, As a shipping Hub ...

Fair treatment to tax payers is the moto of FTP Law in UAE

United Arab Emirates (UAE) has taken the historic stand of introducing the tax system to the country and the more or less similar regimes are under pipeline with the other Gulf Countries.  Value added Tax (VAT) will be the first tax under the new Law to be imposed with the effect from the beginning ...

Company is a Corporate Entity with distinct Legal Personality

Company is a Juristic person with separate legal status distinct from its owners, shareholders, Directors and Managers through the concept of corporate Veil. Company can sue and can be sued under the private and public international law. The incorporation of the company takes different forms depending upon the status of the company, either sole ...

Relevancy of contract for Corporate Transactions

Contract is a voluntary arrangement between the parties consisting the essential ingredients of Agreement, Contractual Intention and consideration. Offer and Acceptance leads to the agreement and when the agreement is reached with legal sanctity, it is concluded as contract.  Business environment is with full of agreements between businesses and individuals, even the business entities ...

Criminal Liability of cheque bounces vis-a vis Debt Recovery in UAE

Cheque is a Negotiable instrument which carries the promise of payment unconditionally. Virtually, it is kind of promissory note with the promise of unconditional payment. The bounce of cheque has been termed as Criminal offence or Quasi Criminal wrong in all major jurisdictions. Cheque bounce is a cheque fraud under the Laws of United ...

Crimes Complaint

The principle stipulated by the UAE legislator in the Code of Criminal Procedures in the article (7), has given exclusive jurisdiction to the Public Prosecution to initiate and follow-up the criminal lawsuits. However, the UAE legislator has opined in certain circumstances by restricting that right to considerations governed by the interest of the litigants being ...

Legal Capacity To Practice Business

Legal capacity to practice business means that the person is qualified to engage in commercial activity. The natural person will be considered to have the legal capacity to practice business when he attains the age of twenty-one calendar years of age. The article (18/1) of the Commercial Transactions Law stipulated that any person who ...

Offence Of Giving A Check Without Balance

The UAE legislator has criminalized the act of giving a draft (check) in bad faith without a sufficient standing and drawable balance pursuant to the article (401) of the Penal Code and its amendment. It has also criminalized the act of withdrawing all or part of the balance after giving the check making the ...

WHY YOU NEED A WILL HERE?

United Arab Emirates (UAE) is a Sharia law country in respect of personal status and Inheritance. As per the UAE Law, UAE Courts will adhere to Sharia law in a situation where there is no Will in place. This means if you die without a Will, the local courts will distribute your estate and appoint ...

Debt Recovery in UAE (Domestic or International) @ Affordable terms

Debt is an amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. The duty or obligation arises out of debt usually secured through the negotiable instruments or debt agreement by which ...