Non-resident companies: FBR issues separate procedures/conditions
The Federal Board of Revenue (FBR) has made it mandatory for non-resident companies (having no Permanent Establishment in Pakistan) to be registered to provide tax registration or incorporation document from relevant regulatory authorities of the foreign country.
DFSA enhances its Collective Investment Funds Regime
Following the consultation period on a number of proposed legislative changes that were set out in Consultation Paper No. 115, the DFSA has made amendments to the Collective Investment Law 2010 and the DFSA Rulebook.
On 12 November 2018, the DIFC enacted the new companies law regime, which aims to reduce compliance requirements in order to create commercial flexibility for businesses, and seeks to clarify previously uncertain matters to ensure closer alignment with international best practice.
The UAE foreign investment law has recently been issued and published. Federal Law No. 19 of 2018 on Foreign Direct Investment (the “FDI Law”) aims to promote foreign direct investment in the UAE and secure the country’s position as a leading and growing international business hub.
In order to increase the economic competitiveness of the UAE, there have been recent initiatives undertaken by UAE free zones including the creation of a freelancer permit, the introduction of a new type of commercial licence by the Dubai International Financial Centre (“DIFC”) and the launch of a new commercial license for tech start-ups by the Abu Dhabi Global Market (“ADGM”).