The new rules, announced by UAE Government on 8 January 2007, raised the bank guarantee on registering the broker for the main branch from AED300,000 to AED1 million and AED150,000 to AED500,000 for each branch.
The latest JAFZA Offshore Company Regulations of
2018 (‘Regulations’) introduced new provisions in Part 17 that enable existing
offshore companies in the Jebel Ali Free Zone (‘JAFZ’) to convert their legal
status from ‘offshore companies’ to an operating ‘free zone company’
(’Conversion’).
The Resolution aims to protect the position of non-UAE
national employees by private sector employers during the application of the precautionary COVID-19 measures by the UAE
government.