New UAE Laws – the financial implications for small businesses

New UAE Laws – the financial implications for small businesses

While the announcement stated that these changes will take place with immediate effect, by Presidential Decree, the actual text of the legislation has not yet been published so some information may be subject to change or further clarification. The reforms are wide-ranging and relate to matters governing personal relationships, including inheritance rules and divorce.What will be of interest to business owners will be the guidance regarding the division of assets on death. Previously, all assets in the UAE, for expats and citizens alike, have been governed by Sharia Law, the law of the UAE but this is set to change. Moving forward, expats will be able to have the inheritance rules of their home country applied instead and interestingly, this applies to non-Muslims and Muslins alike. This change will bring