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Blogs

Women’s Week Celebrations at MSATC!

Post author By user
Post date March 21, 2021

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As achievements were always celebrated, we celebrated womanhood!

We heard them talk of their unique stories, we heard of the stereotypes they thrived to break, we heard what they thought of International Women’s Day!

As UAE shares, upholds and sings loud the success stories of incredible women in the land, who has made a beautiful impact, instilled hope, and set a path ahead for other women, without waiting for any specific day; we assure the same – we are always proud to talk about our women and the difference they bring to the space every day. We try and discover new possibilities and opportunities to display the pounding talent and the inbuilt urge in them to make an impact.

March 8^th was not any reminder or a day for special reforms at MSATC. It was a day to rejoice, begin new things and hear them talk a little extra!

We believe in initiatives, ideas, and new beginnings and MSATC has always looked up to making days memorable with events and start. This women’s day has marked a kickstart to Entrepreneurship talks. Women talked, under the initiative “MSATC – Talks”.

Their dreams discussed; the vision portrayed. When we sensed major things are waiting for the two incredible women who joined us virtually, they talked about humble beginnings, the support system behind, parenting, and strong achievements.

Us being always passionate of entrepreneurship, were chilled hearing them talk ideas and growth! We have always believed, communication and learning flows in with each conversation.

MSATC is grateful for all the strong women in its premises and around the premises, supporting, enhancing, and beautifying its growth. All the incredible women who have made us feel empowered every day – are treasured!

Tags UAE

Blogs

3 Important “Ultimate Beneficial Ownership” queries now answered!

Post author By user
Post date March 1, 2021
No Comments on 3 Important “Ultimate Beneficial Ownership” queries now answered!

The Department of Economic Development in reference to its Cabinet Resolution No. (58) of 2020 regarding the regulation of the true beneficiary procedures has made the notification submission live.

What is the purpose of UBO?

The main purpose is to enhance transparency of entities registered in the UAE, as well as to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.

Who is an Ultimate Business Owner of a company?

Any natural person who ultimately owns or controls or has the right to vote over at least 25% of the company’s share capital, whether through a direct or indirect chain of ownership or control, or any natural person who has the right to appoint or dismiss most of the directors of the company.
If no natural person meets the criteria under point (a) above or if there are doubts as to the identity of the beneficial owner, the beneficial owner shall be any natural person who manages or administers the company; or

If no natural person satisfies both conditions above, then a natural person who is responsible for the senior management of the company will be deemed as the UBO. Entities will need to assess who constitutes a UBO and consider whether anyone is a nominee Director / Manager. The Register of Shareholders / Partners is not a new concept as this is a requirement outlined in the UAE Commercial Companies Law, as well as in respective Free Zone Companies Regulations. Although the Resolution requires additional information to be detailed (for example, voting rights).

What are the Exceptions?

All companies in the UAE, both mainland and free zone companies (with the exception of companies incorporated in the free zones (financial) and companies owned by the Federal Government and their subsidiaries), must now maintain at their office premises:
a. A shareholder register;
b. A register of beneficial owners; and
c. A register of nominee directors.

Blogs

Key insights about ADGM’s Data Protection Regulations 2021!

Post author By user
Post date March 1, 2021

In today’s Hyperconnected world, it has never been easier to share your personal data with other individuals & organizations. People often share their personal details and many other information to organizations. Don’t you think your personal data must be safeguarded and protected by the businesses you share it with?

Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre located in Abu Dhabi, has announced that it has enacted the Data Protection Regulations 2021, which will replace the current Data Protection Regulations 2015. Furthermore, it has conducted an international benchmark of international standards and best practices and believes the European Union’s General Data Protection Regulation (which took effect in May 2018) is the leading international standard and best practice for robust Data Protection legislation.

What does Personal Data consist of?

Name
Address
Phone Numbers
Medical Records
Income
Cultural Profile
And many more….

Purpose of this initiative?

The new Regulations are adapted to the needs of ADGM and are intended to be proportionate and business friendly, without undermining the key ambition of achieving a high standard of protection for personal data. New regulations aimed at increasing the protection of personal data processed in ADGM.

What are the best international practices ADGM has placed?

Promoting Data Protection
Maintaining the register of data controllers
Enforcing the obligations upon Data controllers
Upholding the rights of individuals

ADGM recognizes that adoption of the new Regulations will result in significant changes and additional responsibilities for Data Controllers and Data Processors. Accordingly, a transition period is proposed of 12 months for current establishments, and 6 months for new establishments, from 14 February 2021.

Through applying the new regulations, entities can be assured of the highest standards of data protection, in line with international best practice. In the end, its all about protecting personal data which builds trust and enhances relationships.

Tags ADGM

Blogs

From desert to Mars! UAE being the first Arab country on Mars Mission – With Hope, nothing is impossible, and the UAE knows no limit.

The probe carried the dreams of millions of Emiratis, Arabs and expatriates in the UAE. The wait is now finally worth as the UAE made history on Tuesday 9^th Feb 2020, the United Arab Emirates just became the fifth nation to successfully send a spacecraft to Mars when its robotic probe, named Hope, began orbiting the red planet.

The Emirates Mars Mission “Hope Probe” will be the first probe to provide a complete picture of the Martian atmosphere. The mission was initiated six years ago to come to fruition at the time of the UAE’s golden jubilee (The federation was founded on 2 December 1971). Having only recently started (2009) flying satellites at Earth, the nation didn’t have the full skill set to mount an interplanetary mission.

What will the probe study?

The Hope probe is expected to provide the first-ever complete picture of the Martian atmosphere. It will do this by monitoring weather changes throughout the day during all seasons — something no other mission to the Red Planet has done to date.

One example of weather phenomena in Mars that the UAE hopes to study are the famous, massive dust storms that have been known to engulf the Red Planet — as compared to the short and localized dust storms on earth.

It will also focus on better understanding the link between weather changes in Mars’ lower atmosphere, with the loss of hydrogen and oxygen from the upper layers of the atmosphere.

The probe, for the first time, will study the link between weather change and atmospheric loss, a process that may have caused the Red Planet’s surface corrosion and the loss of its upper atmosphere.

Exploring connections between today’s Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth and the potential of life on Mars and other distant planets.

This plays into the story of why the planet is now missing most of the water it clearly had early in its history. However, the goal is to study how the different layers of the atmosphere interact with one another and how those interactions change depending on the time of day and year.

It will take about 55 hours to complete one orbit. Scientists will be able to learn the details about atmospheric changes in Mars and this study is expected to continue for one Martian year (687 Earth days).

Objectives of the Mission:

Integrate the global Mars science community on specific and vital questions.
Examine why Mars is losing its upper atmosphere to space. Track the behavior and escape of oxygen and hydrogen as well as the building blocks of water.
Study the connection between the upper and lower levels of the Martian atmosphere.
Create a first global picture of how the Martian atmosphere alters through the course of a day and between different seasons.
Observe various weather phenomena such as temperature patterns and dust storms. Understand how the atmosphere interacts with the Mars topography.
Examine and uncover the causes of surface corrosion.
Look for the connection between the real climate of Mars and todays’ weather.

The excitement across the nation is palpable. Buildings are being lit up in red to celebrate the success of the mission. It is a great inspiration to the youth and Arab youth in general to take up STEM subjects in school and at higher education levels.

The successful arrival of the UAE’s Hope Probe to Mars has made us the world’s first Arab and Islamic country to reach Mars!

Tags Featured, UAE

Blogs

Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

Post author By user
Post date December 8, 2020
No Comments on Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

The Ministry of Finance’s portal for the filing of the Notifications and Economic Substance Reports is now live!

The due date for filing the ESR notification and report (for the reporting period ending 31st December 2019) is 31st December 2020.

In August 2020, the UAE Cabinet issued updated economic substance regulations which revoked and replaced the previous economic substance regulations introduced in 2019. The new ESR is accompanied by updated guidance on the application and interpretation of the new ESR and notice regarding the deadline for submission of notification and reporting under the new ESR.

The new ESR together with the supporting documents have introduced important changes to the economic substance regime. All entities should re-assess whether they fall within the scope of the new ESR and if so, will be required to submit (or resubmit) notification to the Ministry of Finance portal.

Given that the ESR notification and ESR report are due less than a month from now, businesses should start concluding their ESR assessments as soon as possible.

Failure to comply and submit the Notification and Substance Report within the allotted time frame shall result in penalties.