The Dubai Chambers recently organized three specialized workshops aimed at enhancing the understanding of legal aspects and compliance requirements. This initiative is part of their commitment to provide the business community with essential knowledge about the regulatory landscape affecting various sectors in the United Arab Emirates.
The workshops covered crucial topics, including maritime law in the country, principles of corporate governance, internal controls, and regulatory procedures endorsed by the Federal Tax Authority. A total of 111 representatives from the business community participated in these sessions.
Letters of Credit
The first workshop was held in collaboration with the firms “Stevenson Harwood” and “Freight Disputes and Legal Solutions,” alongside the “National Committee for Shipping and Supply.” It focused on maritime law and the shipping industry in the UAE, giving a comprehensive overview of maritime legislation. The session outlined the roles and responsibilities of importers and exporters and discussed the fundamental aspects linked to international trade terms and letters of credit. Participants gained valuable legal insights related to shipping and logistics operations, as well as current trends in the maritime sector, including the shift towards technology and carbon emission reductions.
Compliance Requirements
The second workshop centered around raising awareness regarding the registration process for tax agents, organized in partnership with the Federal Tax Authority as part of the “Zero Government Bureaucracy” initiative. It aimed to enhance the business community’s understanding of tax requirements and compliance associated with the registration of tax agents.
The third workshop, conducted in collaboration with “KPMG,” delved into governance and internal control topics. It examined strategies for developing resilient business practices by strengthening internal control frameworks and corporate governance principles. Participants explored future global regulatory frameworks through case studies and practical examples, learning about the design and implementation of effective internal control systems and the importance of overseeing information technology. Additionally, the session emphasized the need for fostering a strong compliance culture to ensure sustainability and long-term growth.
Through these events, the Dubai Chambers aims to support the local business community by facilitating access to legal information and fostering a deeper understanding of regulatory requirements, thereby enhancing the competitiveness of businesses in Dubai and encouraging private sector contributions to the economic development of the emirate.