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limitazioniTo better understand the MAIN FINANCIAL LIMITATIONS IN UAE, it helps to have the basic information of Sharia. Sharia (cit. Wikipedia):

In Arabic: شريعة - Sharīʿa, is an Arabic word with the general sense "Law" (literally "dirt road"), which can be interpreted in two ways, a more metaphysical one and a more pragmatic one. In metaphysical meaning, Shari'ah is the Law of God and, as such, remains unknown to men. In a pragmatic way, the fiqh, Islamic jurisprudence science interpreted according to the sacred law, is the real effort exerted to identify the Law of God; to that effect, the legal literature produced by jurists (faqīh, plural: fuqahā') constitutes work of fiqh, not Shari’a.

To emphasize the attempt practiced in some Muslim-majority Countries (Iran and Saudi Arabia), Shari'a is not just code of conduct or customary laws but rules of law. The same shari'a further distinguishes between the norms concerning worship and ritual obligations from more legal ones.

SHARĪʿA'S SOURCES

Sources of Islamic law are generally considered the Koran, the Sunna (or the hadith of the Prophet), the consensus of the scholars (ijmā') and legal analogy (qiyas). Shari'a accepts only the first two sources because manufactured or divinely inspired. While there is only one Qur'an, several collections of hadith are "official", ancient and traditional. That is why it is theorethically impossible to achieve uniquely the (true) Shari'a.

SHARĪʿA'S ORIGIN

Although in some states where there is a majority of Muslim people shari'a is seen as a source of positive law, the origin of Islam and many scholars today (such as Tariq Ramadan) tell it is more properly a code of ethical behavior that should be free of coercive power.

SHARĪʿA'S DEATH PENALTY

According to 'ulamā', the shari'a would allow the death penalty in four cases: unjust murder of a Muslim, adultery (for both men and women), blasphemy against Allah (by people of any faith) and apostasy (ridda). All other death sentences, such as death sentences for homosexuality in states such as Iran, Nigeria and Saudi Arabia, are therefore the consequence of the provisions of the extra-sharia laws.

Islam recognizes the Old and New Testaments of the Bible as a sacred religious texts, second in importance to the Quran, which clarifies and completes the revelation of Allah to the prophets. The sources of law of the Koran therefore prevail over all the previous biblical tradition, in some cases confirmed. In the case of adultery, for example, the Quran confirms the sentence of stoning, already provided for in the Torah (Deuteronomy).

On the subject of women's rights, the Qur'an states: participation to inheritance (to a lesser extent of men), ownership of property during the marriage under a separation, availability of dowry (which is an exclusive right of his wife, of which she can seek payment for ransom), right to refuse marriage proposals and marriage annulments, ability to deal with her husband to live together as separate, or the ability for the woman to ask for divorce unilaterally (without the consent of the spouse and without motivation) against payment of a ransom. Likewise, a man can divorce his wife redempting of her dowry. Her father, brothers and finally her husband have the obligation of give the woman free food, accommodation and clothing, even if she has an adequate income of their own.

The following info are taken from the Sharia:

Islam prohibits gambling in any form. It also prohibits the formulation of certain financial instruments devoted to speculation, such as:

  • Derivative products.
  • Forward contracts.
  • Options.
  • The futures.
  • Short sales.
  • Trading on-line also called "scalping".

"Daily trading of securities" is considered similar to gambling in the Arab world, better known as Maisir. The interested payment or receipt are considered practices of misuse of money, therefore exploitation, and Islam prohibits you to make profit from misuse of money.

The debt is also enshrined prohibiting the realization of investments in companies subject to a highly leverage. The funds can not cover fixed or guaranteed returns on capital.

Additionally, there are some commercial activities which are prohibited e.g.:

- Production and sale of alcoholic beverages (except special licenses).
- Processing and sale of pork products, tobacco (except in special licenses). Gambling.
- Adult activities related to the production and sale of videos, magazines, material, online included.

All that can certainly be considered immoral is illegal, such as prostitution and drugs. That is why before having to engage yourself in any kind of business activity in the UAE, you need to collect all the information and, in this regard, it is advisable to be assisted by Bright Business Consulting LLP.

IMPORTANT

WORKING RESTRICTIONS IN THE UAE

- Are not applied to foreign companies controlled by a UAE company.

This means that if the UAE company was a "holding company", the subsidiaries of this Company, living outside the United Arab Emirates, would not be bound by the UAE standards, so they would be free to operate in compliance with the laws of the jurisdiction of residence.

COMPANIES ALREADY ESTABLISHED IN UAE

In the UAE, selling and buying companies already established is neither feasible nor recommended, especially if the goal is getting a Visa for residence in the UAE.

Otherwise you have several ways to establish a company in UAE. Details about the models of society and their teams are detailed in this site - ESTABLISHING COMPANY IN UAE.