DIFC’s Post

The Prescribed Company Regulations (PCR) were enacted in 2019 and were further updated in 2020 and 2022. In both cases to expand the regime to a wider base of applicants. Despite these amendments, DIFC has been met with continued demand to further expand the regime. DIFC has sought to balance the objective of operating as a jurisdiction of substance against demand for access to special purpose style vehicles used for legitimate structuring purposes and transactions. With the introduction of UAE Corporate Tax, concerns around substance requirements are reduced and DIFC is of the view that further expansion of the PC regime is now appropriate. The updated PCR came into effect on 15 July 2024, and can be accessed via DIFC’s Legislative Database. For a confidential discussion on the new legislation and how your business might be able to benefit from the same, please DM me or contact me at david.pang@dentons.com

#DIFC has announced the enactment of updated Prescribed Company Regulations, allowing DIFC to open up the PC regime to a global base of applicants, including for family wealth and estate planning #GCC #familywealth Read more: https://lnkd.in/de-C9vaC #PrescribedCompanyRegulations

Exciting update from the #DIFC! 🚀 The Dubai International Financial Centre (DIFC), one of the leading financial hubs in the MEASA region, has announced significant amendments to its Prescribed Company (PC) Regulations which are likely to increase the use of this form of holding company by businesses around the world. #Clara is here to help you navigate these changes seamlessly. Key updates: 🔹 Expanded Eligibility: Establishing a PC now includes more eligibility scenarios, such as entities controlled by GCC citizens, those holding GCC registrable assets, and those established for a “qualifying purpose”. Companies anywhere in the world can also establish a PC provided they appoint a director from a DFSA-registered Corporate Service Provider (CSP), such as Clara. 🔹 Enhanced Compliance: DIFC is updating AML procedures to handle increased demand while maintaining a robust legal framework. Clara ensures you stay compliant with these updates. 🔹 Streamlined Usage: PCs must be used solely for their qualifying purpose or as holding company vehicles. 🔹 Commercial Package: Reduced fees and flexible licensing for qualifying applicants, including existing PCs. These changes to the PC Regulations may set the stage for the PC to become a strong alternative to ADGM, Cayman or Singapore holding companies for businesses operating from emerging markets. Contact us for more information about how these changes can benefit your business! 🌟 Read the full story here: https://lnkd.in/de-C9vaC #DIFC #Clara #RegulatoryUpdates #Compliance #CorporateStructuring #Dubai  

CIRP Regulations - Form in which a claim is to be submitted under the Regulations is directory and not mandatory - What is important is, the claim must be supported by proof 2024 KHC OnLine 6071

Recently, CBIC issued a Instruction No. 10/2024-Customs, dated 01.05.2024 allowing electronic certificates of origin (e-CoO) to be considered for the purpose of claiming preferential benefit under India-Korea CEPA. Relevant portion is extracted below. #Customs #FTA #FTP #CEPA

The registration period for the FY 2025 H-1B cap season ended on March 25, 2024. USCIS will now randomly select enough beneficiaries who have correctly submitted their registrations to meet the FY 2025 H-1B numerical allocations (H-1B cap), including the advanced degree exemption (master's cap). USCIS will notify all prospective petitioners with selected beneficiaries that they are eligible to file an H-1B cap-subject petition for those beneficiaries. For more information on this USCIS notification, please check the link below. Read the full story here - https://lnkd.in/g3u3SJ8m #regulatorycompliance #newsroom #uscis #immigrationcompliance #update #H1Bform #nonimmigrantworkers #compliance #guidelines #FormI-129 #fy2025

In my post dated 29th June, we discussed the extension of the Interest Equalisation Scheme (IES) by DGFT. Here’s the latest update: The DGFT has issued Trade Notice No. 08/2024-2025, detailing the following: ✅ Capping: For the period from 1st July 2024 to 31st August 2024 the Interest Equalisation will be capped at Rs. 1.66 Cr per IEC ✅ Eligibility: The scheme, extended via Trade Notice No. 07/2024-2025 dated 28.06.2024, is applicable only to MSME Manufacturer Exporters who qualify for a 3% IES benefit ✅ UIN Requirement: Applicants with a generated UIN for FY 2024-2025 are not required to generate a revised UIN for the extended period #interestequalisationscheme #IEC #DGFT #tradenotice

Document Verification Process with UDIN DGFT have issued Trade Notice No 09/2024-2 explaining the process of verifying the authenticity of Licences, Authorisations, Scrips, Certificates, Instruments etc through the Unique Document Identification Number (UDIN). 🟢 Locate the UDIN at the top-right corner of your electronically-issued document. 🟢 Go to the DGFT Website (https://dgft.gov.in) > Services > Info for Customs Authorities > Verify UDIN. 🟢 Enter the UDIN to download and verify the complete electronic document. 🟢 No login credentials are needed. For paper documents, one can compare the details with the electronic copy obtained via the UDIN. This streamlined process ensures quick and hassle-free verification. #trade #DGFT #importexport #easeofdoingbusiness

2-step analysis or 8-step analysis? This post is about the 2-step analysis by USCIS. USCIS follows a structured approach to evaluating EB1A applications. (Please refer to my previous posts to learn more about the 8-step analysis.) STEP 1: In step one, officers assess if the evidence meets regulatory criteria. They check if your evidence aligns with the claimed criteria, like a leading role in your field. STEP 2: Once you pass step one, it's time for the final verdict. Officers consider all evidence collectively to decide on your eligibility. This step is crucial, as it gauges your expertise and impact in your field. Throughout the process, officers use the "preponderance of evidence" standard. This means they weigh whether your claims are more likely to be true than not. So, make sure your evidence is solid and convincing! If you meet the criteria or claim a one-time achievement, it's on to the final merits determination. If everything checks out, you're on your way to approval! #EB1A #USImmigration #USA

Display of information - Secured assets possessed under the SARFAESI Act, 2002 What are the practical challenges during implementation of captioned notification. -       Asset Classification -       Adherence to IRAC Norms for income recognition -       Reversal of Interest and charges which are due but not received in case of assets are classified as NPA -       Recognition of income out of recovery of NPAs Contact for solution of captioned challenges.