Running a business has its fair share of difficulties and at times, a run in with the law is imminent. Having legal aid that those times are critical to a company’s success. However, when you look at the successful businesses, we will understand they don’t wait till they get indicted to hire a lawyer.
Interestingly, these companies rarely go to court because every business step that they take will be reviewed by legal experts to make sure that they don’t infringe the lines of the law. We have explained the need of legal advisor in detail in the following parts.
Who said that you can only hire legal advisors only after your business has met with a lawsuit? Ensure that your business is making the right steps from the start by having an expert on your side from the beginning.
The best thing about having legal advisors in your business setup process is that they will help you get the most advantages from the government since you are starting out. These early incentives can get you a lot of advantages, in terms of both monetary and social support.
A legal advisor can help you in every facet of your business, and this also includes the hiring process. Did you know that there are legal rights for job candidates that must be fulfilled? For example, any discrimination or unnecessary leeway for specific candidates can get you in trouble with the law.
With legal advisors, you can mitigate the risks by either having them conduct the hiring process or have them on supervision. Even a seemingly harmless process like hiring can turn out to harm you if you are not careful. Hence, I more reason to choose a legal advisor.
Business owner rarely has the time to study whole sections of the law that pertain to their niche. So it’s easy to make mistakes along that way. By having expert lawyers on guard, you can make informed business decisions that are in line with the laws of the area that you operate.
Without such assistance, we see businesses make the wrong moves legally, not deliberately, but they do not have any guidance on the legal side of things.
Making legally sound business decisions also makes your business a name that people can trust.
Contracts and other legally binding documents become an everyday ordeal when your business starts to grow. But did you know that these contracts may hide very important matters that pertain to your business?
Sometimes you might be signing into deals that would later come back to harm you. Hence care must be given so that these contracts are properly reviewed before moving then forward. Again, your area of expertise may not be the law and you must accept that you are not the best person for the job.
Having a team of expert lawyers on board is a whole different scenario, they will go through the material with a fined toothed comb, revealing each and every aspect of the contract and how it affects your company.
Even though how careful you are, you cannot rule out the possibility of receiving a lawsuit one day. And if the allegations are of serious nature, then it can stress you out very bad. The end result will be you scrambling to make sense of everything, and this includes finding a lawyer you can trust and laying out the framework for the case. However, this increases the risk of losing the case by a large margin.
However, when you have the assistance of a legal advisory team or a professional legal advisor, you are always prepared for lawsuits. The team of expert lawyers will start working right away to create a counter plan, helping you to resolve the matter to your advantage.,
We have discussed how the business people find it hard to wrap their heads around the different laws and move their business forward at the same time.
By corresponding with a legal team, you are also expanding your knowledge in law that pertain to your business. In time, you will also have basic knowledge of the business law of your country.
This is greatly helpful in not just making business decisions but also as a magnet for attacking powerful people. When you are looking for future prospects, in order for them to do business with you, they must feel secure around you. they must have the confidence that you are the person they can depend on, and knowing the ropes of law certainly makes you seem like a person they depend on.
The lifeblood of the business world is transactions. They happen all day every day, keeping the whole structure afloat. However, the inflow and outflow of money should be carefully measured so that the business has a record of everything.
However, there are also scenarios where some of your clients may refuse to pay you. In such cases, you don’t have to involve directly, as you can have your lawyers take care of it. If the client doesn’t want to pay, the lawyers will inform them of further implications.
The mark of a good business is that it also thinks ahead and make plans for the future while serving their clients in the present. When you have business expansion in mind, either domestically or internationally, certain variables come into play like the tax, foreign rules (if applicable), finance, acquisition etc.
And making the wrong move here means that you can face serious consequences in expansion, which can really hurt your business as well as your bank account.
But when you have people who know the law on your side, expansion is a breeze!
When you are running a business, there are certain facets of it that can really get you in a lot to f trouble with the law. Having the aid of a law firm makes conducting business a whole lot easier and safer. If you are looking for the best legal consultants in Dubai to partner with, then Al Nassar Advocates is the way to go!
The UAE has made a series of changes in the way it handles money laundering. The government has gone the additional mile in clubbing the Anti-money laundering laws with terrorism financing so that the law Federal Decree No. 20 of 2018 applies to several verticals of illegal monetary transactions. The new laws are in accordance with the guidelines set by the Financial Action Task Force, which pertain to terrorism financing and anti-money laundering regulations.
His Highness Sheikh Khalifa bin Zayed Al Nahyan himself issued the creation of a unit that solely handles money laundering, terrorism financing, and other illegal transactions. The new law implements a methodology where the institutions having an income, either through business or other professions must be completely accountable for their finances. They must not open accounts anonymously or under any pseudonyms.
The institutions must also identify, evaluate and update on crime risks that are involved in their area of business. there should also be internal policies that must be in place so that the company can review the risks better and intercept them before it escalates.
As per the new reforms, if any person or institution is caught performing the following procedures with the knowledge that the funds were generated as a result of a crime, then action will be taken against them.
One must note that these actions we have specified will only count as a crime if the person handling the money is aware that it is from illicit sources, otherwise, the crime is considered to be committed out of negligence. Since money laundering is not considered to be a predicate crime, a person charged for predicate crime can be charged money laundering penalties if they are found guilty with money laundering.
The financial information is set in place to regulate financial institutions by reviewing their report and other financial activities. If any discrepancies are found out in the operation of a financial institution, the report will be handed over to the concerned law enforcement teams.
The financial information unit can also have the authority to transfer the reports on illicit conduct to other countries who may help the UAE departments in the process.
There are other government bodies that regulate monetary proceeding in UAE and often, for cases that span across multiple jurisdictions, they collaborate with each other. The following government bodies are active in UAE’s Anti-Money Laundering initiative:
The penalties that come in effect when charged with Money Laundering begins with a fine that ranges from DH 10,000 to DH 1 million. There is also a chance of imprisonment that can last up to 10 years.
Are you facing legal complications that pertain to Money Laundering? Put yourself and your business in the safe by hiring expert lawyers to present yourself in court. With Al Nassar Advocates in Dubai, you will always have the legal upper hand! Contact us today to know more!
The recently introduced Foreign Direct Investment Law (Federal Law 19 of 2018) is an epoch making event in UAE’s economic history. As per the new law, foreign shareholders can now have upto 100% ownership of companies in specified sectors. The FDI law provides for a positive list and a negative list which is nothing but the sectors in which 100% FDI is allowed and sectors in which they are not. As per the law, the UAE cabinet is to form a FDI committee which will suggest the sectors to be included in the ‘positive list’. The final decision on the sectors in the ‘positive list’ will be left to the UAE cabinet. A broad outline or principles has been given for the Foreign Direct Investment committee to determine the sectors under positive list.
(i) To be in alignment with the overall plans of UAE;
(ii) Value addition to UAE economy;
(iii) Technology innovation and job opportunities and training for UAE Nationals;
(iv)The overall expertise, repute and competency of the FDI firm;
(v) Modern technology implementation and
(vi)Any other requirement and conditions as may be imposed by the UAE cabinet from time to time
The level of such ownership can be fixed at any level, either 100 percent or any lesser percentage. Conditions may also be imposed on the minimum capital requirement, the form of entity and Emirati (employment on board) requirement etc.
Not-permitted sectors (The negative list)
Article 7 of the FDI law specifies the negative list in which higher levels of FDI is not permitted. These are:
(i) Petroleum products exploration and production;
(iii) Security, Military, Arms and Weapons and uniformed services and equipments etc;
(iv) Post & Telecom;
(v) Banking and Financial services;
(vi) Transportation (Land & Air);
(vii) Hajj & Umrah services and services such as publishing, labour, recruitment, pharmaceutical, blood banks, quarantines, electricity and water supply etc.
The cabinet has the right to add or remove any sector from the above list.
Article 10 lists the procedure to apply for increased FDI ownership. The application should be processed within 5 working days by the competent authority. License shall be issued by the Economic Department of the Emirate concerned, while rejected applications have an appeal process defined. Detailed procedures for registration, renewals etc. are being issued separately.
For sectors that are neither on the positive list nor on the negative list, applications can still be submitted for higher FDI. A new FDI Unit will be created under the Ministry of Economy. The FDI unit shall recommend the FDI policies to the Government and establish a comprehensive database of FDI projects in UAE and monitor their performance too.
The new FDI law is a path breaking event in the annals of UAE’s economy. Though at present there is no clarity on the exact sectors under ‘positive list’, the UAE cabinet has been given the powers to issue directions on this. The cabinet may accordingly permit a ownership of less than 100%, place restrictions on the type of entity, specify minimum capital investment, allow greater FDI ownership in specific Emirates and so on. We, at Al Nassar, advocates in Dubai are constantly monitoring each and every development in the sector and undertake a careful review of every Act, Article and law made in this regard. Whether you are a MNC looking to improve your UAE presence, or a local business wanting to know how the new law will affect the future of UAE’s economy, you can contact Al Nassar Advocates for more clarity and information on the issue.
If you were to carefully review the new mortgage law in Dubai, one thing becomes crystal clear; it is aimed at strengthening the real estate field in UAE. The new law paves the way for more foreign investment in the city. The reforms don’t just end there as the new law supports “alternate funding methods.”
“By developing Dubai’s Mortgage Law, we will help real estate organizations to operate in perfect harmony and enhance their smart resources to provide the best possible services to the customers and create strong new investment tributaries.” Said Sultan Butti Bin Mejren, Director-General of Land Department
Hence, we can derive three major motives that Dubai is trying to achieve
With that said, the laws also serve the purpose of bringing more structure to Dubai’s Mortgage system. The key takeaways are:
Dubai has a curious case with its mortgage proceedings as the country faced an increased demand for land in recent years is what the professional real estate lawyers says. The real estate prices saw great gains, as much as 79% from 2007. Even though the high prices will bring in more overseas capital, the Dubai government realized the need for a most structured set of rules and regulations to maintain order and smooth progression of the economy. Therefore, without waiting for things to worsen, the Dubai government has made the necessary changes to keep the system running at full steam.
The new Mortgage laws will enable the flow of REITs (Real estate investment trusts) and alternate finances, which will greatly help the developers to build property without struggling to find capital. Since Dubai now stands as a prime location for investment opportunity to foreigners, the new laws certainly give them better visibility when it comes to investing in Dubai. These new reforms fall under the vision “Dubai plan 2021”.
The new set of laws is also aimed at helping the middle-class residents to buy their own property, freeing them from rentals. With the current real estate scenario, a user will have to pay at least 32% of the total value of the property upfront. With the new laws, this value is expected to decline, helping the mid-tier section to own property in Dubai.
The new Mortgage laws are indeed a welcome change in Dubai, and it will help many to realize their dream of owning property in Dubai.
Before venturing out to find the best real estate lawyer in Dubai, you must ask yourself if you know the qualities to look for in a real estate lawyer that puts them a cut over the rest. Since they handle very delicate matters that are usually of large financial significance, you need to carefully review their skills and reputation before going through with the appointment.
If you do want to find the best real estate lawyers in Dubai, select a lawyer who possesses the following set of skills:
Lawyers need to have the license of the respected jurisdiction license if they want to deal in a certain state. Lawyers often reject clients from states that they do not operate in. But if the details were to go unnoticed, you might be hiring a lawyer who is not authorized to practice in that specific area. This can lead to further legal complications. The remedy is pretty simple as you can ask for their license before hiring them and ask them about their jurisdiction rights.
When you are hiring a real estate lawyer, you have to be sure that he/she is giving you all the right info without any blinds on. When something goes wrong or if your business strategy needs immediate change, you must have to hear it no matter how negative it is. Leading the client on without giving out proper info will cause a breakdown if something bad were to happen.
When you are in the process of buying or selling real estate, you must inquire about the area where you are trading. There might be some complication tied to a piece of land that might hinder its value over time and knowing everything about it from the get-go will be a major help. A real estate lawyer with appreciable local knowledge will have all the key skills to facilitate a smooth trade.
If you are looking for a real estate lawyer for a specific purpose, make sure that the lawyer has enough grasp of the matter. This can be easily evaluated if you review their past cases. If they do not have enough expertise in the field that you need help in, choose another real estate lawyer who does have experience in that specific field.
You can spot the best real estate lawyers in Dubai by how much value they give to their client’s time. Like the saying that goes “Time is money,” every second matters when it comes to business. You will know that your real estate lawyer is serious about your matter when he/she shows up for meetings and other legalities punctually.
The real estate lawyer that you select must be skillful enough to get you the best deal always. They must be able to convey the ideas better and have the proficiency to conduct deals that make the client happy. Negotiations are a critical part of real estate trade because the deal must be in such a way that both parties can leave happy. You need a skillful lawyer to find that sweet spot.
There is no real benefit in having a real estate lawyer who has all the above qualities but does not respond in time to your queries. Promptness or availability are two different attributes that achieve the same end result – better client satisfaction. Just think of a scenario where you need immediate legal assistance, but your real estate lawyer in Dubai is nowhere to be contacted! So be sure that the people you hire are available to you.
We know how hard it can be to get a real estate lawyer in Dubai who can check all the right boxes at all times. We, Al Nassar & CO., found a solution to this by giving you access to a group of lawyers who have proven their mettle in their respective fields. This way, you will always have the best possible help by your side 24/7. Why wait, contact us now!