RIYADH, SAUDI ARABIA The Ministry of Commerce, Saudi Arabia advised business owners and commercial establishments to make use of the extended six month period to correct the violations of the Anti-Commercial Cover-up Law (Tasattur). The ministry identified seven types of tasattur and the penalty for the crime includes a maximum Read more…
The General Directorate of Passports (Jawazat) informed that any employer, who allows his expatriate worker to take up jobs for their own personal advantage or for a monetary consideration, shall be punished with a maximum imprisonment of three months and penalty upto SR 50,000. The employer, who commits the violation Read more…
The Ministry of Finance under the umbrella of Saudi Vision 2030, has issued the Pre-Budget Statement. Economic recovery and revived growth constitute key pillars underpinning fiscal and economic targets for FY 2022 . The governments effort in combating the pandemic have led to minimising the impact, has minimised the threat Read more…
What you need to know. What is AML law in UAE? Anti-money laundering (AML) refers to the laws, regulations, and procedures that are put into place to prevent disguising illegally obtained funds as legitimate income, when it is not. Money-laundering investigations by law enforcement often involve scrutinizing financial records for Read more…
New Date February 16, 2022 Ministry of Commerce, Saudi Arabia has extended the National Commercial Concealment Correction Program for another six months until February 16, 2022. The program commenced on February 28, 2021 and was intended to end on August 23, 2021. This is an additional opportunity granted from the Read more…
The UAE government on 19th May, has announced an overhaul of foreign ownership rules applicable to commercial companies which enables 100% stake of onshore companies from June 1st, 2021. It might be an enormous relief for the foreign investors in UAE, now you can invest and own your own business it’s Read more…
Abu Dhabi (6th) and Dubai (8th) are also ranked in the top 10. The fDi intelligence magazine of Financial Times, in their ‘2021 Global Cities of the Future’ index, has awarded Bahrain’s capital city Manama with the fifth position globally among cities of all sizes and first position among small Read more…
The landmark initiative ends the 70 year old Kafala (Sponsorship) System in the Kingdom. Saudi Arabia’s Ministry of Human Resources and Social Development formally declared that the new labor reform initiative will come into force on March 14, 2021. Ministry said that this labour initiative is in continuation with Saudi’s Read more…
Oman aims to put its economy back into track post the pandemic-hit period. Sultanate of Oman has approved a new Economic Stimulus Package on Tuesday, with a mission to set back right the economy impacted by the spread of corona virus. The package, approved by Sultan Haitham bin Tarik is Read more…
Saudi Arabia set to curb commercial concealments. As part of their ongoing fight against commercial coverup businesses, the Ministry of Commerce and the National Anti-Commercial Concealment Program of Saudi Arabia have set August 23, 2021 as the deadline to correct all the violations with respect to Anti-Commercial Concealment Law. According Read more…
