Standard Chartered UAE – We Love to Entertain you

(Dubai, 20/10/2014) In August 2014 already, the “so much to UAE committed” foreign bank Standard Chartered announced to exit parts of its SME business in the federation. In the beginning of this month, the mass mails went to delivery. Our recommendation to Corporate and Private Customers at that time was to close their accounts before […]

Europeans abroad beware! Inheritance Laws will be EU-regulated from 2015.

(Dubai & Berlin, 30/09/2014) The increasing “European-ization” of all areas will now also make no longer halt before inheritance. At least, once international background is concerned. The main changes with validity for successions from 17/08/2015 – an overview. On 17/08/2012 already, the new European Inheritance Regulation (Regulation EU No. 650/2012) entered into force across the […]

UAE 12th most competitive nation globally, moves up 7 places in World Economic Forum Ranking

(Dubai, 04/09/2014) This week the World Economic Forum (WEF) published the results of its annual Global Competitiveness Report (GCR) 2014-2015 with impressive rankings for the United Arab Emirates (UAE). In the actual GCR, the UAE advanced a fulminant 7 places in the overall competitiveness of its economy within just one year. UAE became now the […]

New Compliance Regime in DMCC – Unreasonably

(Dubai, 30/08/2014) Since June/July this year, licensees of Dubai’s DMCC start to rub their eyes when it comes to their annual license renewal. Out of the blue, the Free Zone Authority hands out a “DMCC Inspection Form” to its clients. Since its establishment in 2002, the former Duplex Free Zone DMCC (Dubai Multi Commodities Centre) […]

August 2014 – Shelf Companies for Sale

(Dubai, 08/08/2014) MCI offers actually several Shelf Companies, aged between 2yrs, 10mths and 6yrs, 1mth – as per August 2014. DESCRIPTION PRICE FOLLOW YRS Offshore LTD (RAKIA, UAE), 6Y/01M 9,500 USD 3,350 USD Offshore LTD (RAKIA, UAE), 5Y/09M 7,500 USD 3,350 USD Offshore LTD (RAKIA, UAE), 3Y/09M 6,750 USD 3,350 USD Free Zone LLC (RAKIA, […]

Shanghai FTZ Revised Its Negative List: From 190 Entries down to 139!

(Hong Kong, 2014-07-27) This month, the first revision of Shanghai Free Trade Zone’s (FTZ) Negative List took place. Shanghai Free Trade Zone (FTZ) was launched in September 2013 with a very successful start and a unique instrument called “Negative List” which has been adopted as innovative approach for foreign investments (FI) in the FTZ. The […]

E-Labour Cards implemented in UAE – Hefty Fines for Delays

(Dubai, 14/07/2014) The UAE Ministry of Labour (MOL) has announced that it will stop the usage of the old plastic labour cards & paper contracts starting from July 13, 2014. The Ministry will bring in new electronic work permits & contracts in lieu of the old ones. Who ever wondered about the deeper purpose of […]

BBC – How China Fooled the World (?)

(Hong Kong, 25-06-2014) We found a very interesting BBC documentary about China's debt policy and situation from February 2014, critical as well (of course). But watch yourself. The only rough comment we would like to give from our side, avoiding any form of agitation: Most states of the world increase their debt massively for regular […]

RISE by Emirates NBD – Truth and Reality

(Dubai, 13/04/2014) With effect 01/05/2014, Emirates NBD massively increases the required Minimum Balances for its Business Banking Clients. Emirates NBD, one of UAE's leading local banks frequently creates massive attention with its Marketing Campaigns, like: RISE – The Power of Small to shape the Future ("Celebrating the Spirit of Entrepeneurship") TRUTH . . . and […]

US Tax Payers – the IRS will fleece now your Bitcoin Wallets!

(Dubai, 26/03/2014) Finally, Virtual Currency (VC) Tax Rules – including the most popular, Bitcoin – came to the US on March 25! Several insiders predicted that the government will probably mandate special VC/Bitcoin Reporting on foreign disclosure forms. So far, a number of other countries have already issued their own tax rules on Bitcoin and […]


Welcome to the Web of MCI Counselors Law & Tax - have a good day!