Dubai, November 14th, 2019
The Spanish Business Council in collaboration with BSA Ahmad Bin Hezeem & Associates LLP organized last Wednesday a breakfast seminar on the theme “Overview on Compliance & Sanctions in the UAE”.
The session was conducted by Eduardo Delage, the head of the Spanish and America Latin Desk at BSA, who displayed insights an information on the economic, commercial and financial penalties applied by one or more countries that are under the list of the sanctioned countries. He also explained what are the procedures and who imposes the sanctions, how can they affect your business with sanctioned countries. Special licences may be required to conduct activities more susceptible to the possible breach of sanctions.
Following was presented which compliance requirements are needed in order to open a new company account in the UAE, in addition to personal documents it is obligatory to provide information about the existing business in any other jurisdiction outside the UAE and report all the operations and activities.
Highlit conclusions on the seminar:
- Macro-economic consequences. The inevitable increase in oil prices will have a negative effect on economic growth in the UE Economic.
- Increase in regional tensions. The current situation could well increase regional tensions, furthering religious conflicts in the area and augmenting the risk to European investment, not only in the already troubled Yemen, Syria, Lebanon and Iraq, but also in some of the more prosperous Gulf States.
- Knock-on effect. A knock-on effect on its closest allies (Australia, Canada, Japan, Gulf States and South Korea). Consequently, European businesses that work in these countries should keep in mind the possible impact of these sanctions on their activity in Iran.
- Opportunity. The opportunity for Spanish and European businesses to increase their trade with Iran. With these sanctions, US companies and their subsidiaries will disappear from an emerging power in the Middle East.
BSA Ahmad Bin Hezeem & Associates LLP with 19 years of success and 9 offices in 6 countries, is a growing law firm in the Middle East. A full service law firm, that have a comprehensive knowledge of local laws and customs. Also have access to the best legal solutions which are commercially sound and cost-effective.