MIDDLE EAST FOCUS – JUNE 2020
- Sovereign Middle East COVID-19 Client Support Hub
- New DIFC Data Protection Law to come into force on 1 July
- KSA to increase VAT rate to 15% to counter Covid crisis
- Why Bahrain is the better choice!
- Six considerations for selecting a Holding Company jurisdiction
- Five ‘regulatory’ reasons for maintaining your company accounts in the UAE
Sovereign Middle East COVID-19 Client Support Hub
Sovereign Corporate Services has been working tirelessly with our local and global clients across the Middle East region to help implement the strategies and resilience measures that businesses required in order to navigate their way through the international COVID-19 crisis.
Sovereign offers dedicated support throughout our regional presence in the UAE, Bahrain and Saudi Arabia to help new and existing clients to plan and implement their response whilst remaining fully committed to ensuring that businesses act responsibly when taking tough decisions.
We understand that it is not easy for anyone right now but together we can – and will – get through this. For further information or for any questions about how Sovereign Corporate Services can help you in any way, please contact us via the link here
New DIFC Data Protection Law to come into force on 1 July
Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, enacted a new data protection law for the Dubai International Finance Centre (DIFC) on 1 June 2020. The new law, which will enhance the regulatory framework in the DIFC and align it with international standards, is to come into effect on 1 July.
KSA to increase VAT rate to 15% to counter Covid crisis
The General Authority of Zakat and Tax (GAZT) announced, on 11 May, that the standard rate of Value Added Tax (VAT) in the Kingdom of Saudi Arabia (KSA) would be increased from 5% to 15% with effect from 1 July 2020.
Why Bahrain is the better choice!
Despite being the smallest nation in the GCC, the island of Bahrain punches well above its weight in attracting foreign direct investment (FDI) due to an environment that supports small to medium-sized enterprises (SME), with the added advantages of a lower cost of living and a well-educated population.
Six considerations for selecting a Holding Company jurisdiction
Multinational entreprises (MNEs) may decide to establish a Holding Company (HoldCo) as an efficient way of managing a group of subsidiaries in a particular region. This allows financing, licensing and management activities to be centralised, preferably in a politically and legally stable environment.
