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masaraudit · 2 years ago

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All you need to know about the FTA-Approved Tax agency in Dubai, United Arab Emirates

The UAE Federal Tax Authority (FTA) is responsible for implementing and administering tax laws in the United Arab Emirates. As part of its efforts to ensure tax compliance, the FTA approves tax agencies that can assist taxpayers with their tax obligations.

A tax agency is a company that provides tax-related services to businesses and individuals. These services include tax registration, tax return filing, tax accounting, and tax advisory services. To become an FTA-approved tax agency in Dubai, a company must meet certain criteria set by the FTA.

Some of the key requirements for becoming an FTA-approved tax agency in Dubai include:

Registration with the FTA: The company must be registered with the FTA as a tax agency.

Qualified staff: The company must have qualified staff with expertise in tax-related matters.

Compliance with tax laws: The company must comply with all tax laws and regulations in the UAE.

Technology capabilities: The company must have the necessary technology and systems in place to provide efficient tax-related services.

Financial stability: The company must be financially stable and have the necessary resources to provide tax-related services.

Once a company meets these requirements, it can apply to become an FTA-approved tax agency. The FTA reviews the application and conducts an assessment of the company's capabilities before granting approval. If a company is approved as an FTA-approved tax agency, it can provide tax-related services to businesses and individuals in Dubai and throughout the UAE. The company will also be listed on the FTA's website as an approved tax agency.

An FTA-approved tax agency in Dubai is a company that has been approved by the FTA to provide tax-related services to businesses and individuals in the UAE. To become an FTA-approved tax agency, a company must meet certain requirements and undergo an assessment by the FTA.

Introduction to FTA-Approved Tax Agency:

An FTA-Approved Tax Agency is a company that has been approved by the United Arab Emirates Federal Tax Authority (FTA) to provide tax-related services to businesses and individuals in the UAE. These services include tax registration, tax return filing, tax accounting, and tax advisory services.

To become an FTA-Approved Tax Agency, a company must meet certain requirements set by the FTA, such as registration with the FTA, having qualified staff with expertise in tax-related matters, compliance with tax laws, technology capabilities, and financial stability. The FTA assesses the company's capabilities before granting approval. Once approved, an FTA-Approved Tax Agency can provide tax-related services to businesses and individuals in Dubai and throughout the UAE. The company will also be listed on the FTA's website as an approved tax agency.

The FTA-Approved Tax Agency program is designed to ensure tax compliance and provide taxpayers with reliable and efficient tax-related services. By working with an FTA-Approved Tax Agency, businesses, and individuals can ensure that they are meeting their tax obligations while also receiving expert guidance and advice on tax matters.

What is Value Added Tax (VAT) in Dubai?

Value Added Tax (VAT) is a type of consumption tax that is charged on the supply of goods and VAT services in Dubai, United Arab Emirates (UAE). VAT is a tax on the value added at each stage of the production and distribution process. It is ultimately borne by the end consumer, but businesses are responsible for collecting the tax and remitting it to the government.

VAT was introduced in the UAE on January 1, 2018, at a standard rate of 5%. The VAT law applies to most goods and services, with some exceptions, such as healthcare, education, and certain financial services. Businesses with annual revenues exceeding AED 375,000 are required to register for VAT, while businesses with annual revenues between AED 187,500 and AED 375,000 can choose to register voluntarily.

Registered businesses must charge VAT on their taxable supplies and can reclaim VAT paid on their business expenses. They must also file VAT returns with the Federal Tax Authority (FTA) and remit any VAT due to the government.

VAT has become an important source of revenue for the UAE government, and it is used to fund public services and infrastructure projects. As such, compliance with VAT regulations is important for businesses operating in Dubai and throughout the UAE. FTA-Approved Tax Agencies can assist businesses with their VAT compliance obligations and ensure that they are meeting all the necessary requirements.

Why do you need an FTA-Approved Tax Agency?

There are several reasons why you may need an FTA-Approved Tax Agency in Dubai or throughout the UAE:

Ensure Compliance: An FTA-Approved Tax Agency can help ensure that your business is complying with all the necessary tax laws and regulations. This can help you avoid penalties and other legal issues related to non-compliance.

Save Time: Managing tax-related matters can be time-consuming for businesses, especially those with limited resources. An FTA-Approved Tax Agency can take care of your tax-related obligations, allowing you to focus on other aspects of your business.

Expertise: FTA-Approved Tax Agencies have qualified staff with expertise in tax-related matters. They can provide you with accurate and reliable advice on tax-related issues, helping you make informed decisions for your business.

Efficiency: FTA-Approved Tax Agencies have the necessary technology and systems in place to provide efficient tax-related services. This can help ensure that your tax-related matters are handled in a timely and accurate manner.

Avoid Mistakes: FTA-Approved Tax Agencies can help you avoid mistakes related to tax-related matters. This can help you avoid penalties and other legal issues.

Working with an FTA-Approved Tax Agency can help you ensure compliance with tax laws, save time, access expertise, increase efficiency, and avoid mistakes related to tax-related matters. It can be especially helpful for businesses that are new to the UAE tax system or those with limited resources.

How to choose the right FTA-Approved Tax Agency in Dubai?

Choosing the right FTA-Approved Tax Agency in Dubai is an important decision that can have a significant impact on your business. Here are some key factors to consider when selecting an FTA-Approved Tax Agency:

Reputation: Look for an FTA-Approved Tax Agency with a strong reputation in the market. You can ask for referrals from other businesses or check online reviews to gauge their reputation.

Expertise: Ensure that the FTA-Approved Tax Agency has qualified staff with expertise in tax-related matters. They should have a deep understanding of UAE tax laws and regulations.

Technology Capabilities: Choose an FTA-Approved Tax Agency that has the necessary technology and systems in place to provide efficient and accurate tax-related services. They should have the ability to handle your business's specific needs and requirements.

Service Offerings: Look for an FTA-Approved Tax Agency that offers a wide range of tax-related services, including tax registration, tax return filing, tax accounting, and tax advisory services.

Communication: Communication is important when working with an FTA-Approved Tax Agency. Choose an agency that has open lines of communication and is responsive to your needs and concerns.

Cost: Consider the cost of the services provided by the FTA-Approved Tax Agency. While cost should not be the only factor to consider, it is important to ensure that the fees charged by the agency are reasonable and transparent.

By considering these factors, you can choose the right FTA-Approved Tax Agency that can provide the necessary tax-related services for your business in Dubai and throughout the UAE.

Fines and penalties for non-compliance with VAT regulations in Dubai:

Non-compliance with VAT regulations in Dubai can result in fines and penalties. Here are some examples of fines and penalties that may apply:

Late Payment Penalty: If a registered business fails to pay the VAT due on time, they may be charged a penalty of 2% of the unpaid tax immediately after the due date, and another 4% penalty is imposed on the seventh day following the deadline.

Late Filing Penalty: If a registered business fails to file its VAT returns by the due date, it may be charged a penalty of AED 1,000 for the first offense, and AED 2,000 for each subsequent offense.

Incorrect Tax Return Penalty: If a registered business files an incorrect tax return, it may be charged a penalty of AED 3,000 for the first offense, and AED 5,000 for each subsequent offense.

Non-Registration Penalty: If a business is required to register for VAT but fails to do so, it may be charged a penalty of AED 20,000.

Non-Compliance Penalty: If a registered business fails to comply with other VAT regulations, it may be charged a penalty of AED 15,000 for the first offense, and AED 30,000 for each subsequent offense.

It's important to note that these penalties are subject to change and may vary depending on the specific circumstances of each case. In addition to these penalties, non-compliance with VAT regulations can also result in legal action, which can lead to further fines and penalties, including imprisonment. Therefore, it's essential for businesses to comply with all VAT regulations in Dubai and throughout the UAE. An FTA-Approved Tax Agency can assist businesses with their VAT compliance obligations and help avoid penalties and other legal issues related to non-compliance.

Why Choose MASAR:

MASAR is a well-established and reputable FTA-Approved Tax Agency in Dubai. Here are some reasons why you may want to consider choosing MASAR:

MASAR is a team of highly qualified professionals with extensive experience in tax-related matters. They have a deep understanding of UAE tax laws and regulations and can provide accurate and efficient tax-related services.

MASAR has invested in the latest technology and systems to provide clients with efficient and accurate tax-related services. They can handle a wide range of tax-related services and can customize their solutions to meet specific business needs and requirements.

MASAR offers a wide range of tax-related services, including tax registration, tax return filing, tax accounting, and tax advisory services. They can help businesses throughout the entire tax compliance process, from registration to filing and beyond.

MASAR has a client-centric approach, with open lines of communication and responsive customer service. They provide regular updates on the status of tax-related matters and are available to answer any questions or concerns clients may have.

MASAR offers cost-effective solutions, with transparent and competitive pricing. They work with clients to understand their specific needs and requirements and offer tailored solutions to meet their budgets.

MASAR has a strong reputation in the market, with many satisfied clients. They have been providing high-quality tax-related services to businesses in Dubai and throughout the UAE for many years.

MASAR is a reliable and trusted FTA-Approved Tax Agency in Dubai, with a team of experts who can provide accurate and efficient tax-related services. They offer a wide range of tax-related services, use the latest technology, and have a client-centric approach to communication and customer service.

Conclusion:

Selecting the right FTA-Approved Tax Agency is essential for businesses in Dubai and throughout the UAE to ensure compliance with VAT regulations and avoid penalties and other legal issues related to non-compliance. MASAR is a reputable and reliable FTA-Approved Tax Agency that can help businesses with their tax-related matters. They have a team of highly qualified professionals with extensive experience in tax-related matters, the latest technology and systems, and a client-centric approach to communication and customer service. MASAR offers a wide range of tax-related services and can tailor their solutions to meet specific business needs and requirements. They have a strong reputation in the market and offer cost-effective solutions with transparent and competitive pricing. Overall, MASAR is a trusted and reliable partner for businesses seeking assistance with their tax-related matters in Dubai and throughout the UAE.

#Tax Agency in Dubai #Auditing firm in Dubai #Auditors in UAE #VAT Services in UAE #Corporate Tax in UAE #Excise Tax in UAE

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ginniagarwal · 5 years ago

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Looking For Talent? Here Are The Top 10 Recruitment Companies In Delhi NCR

Over fifty per cent of the HR managers have open positions but are unable to find qualified candidates for the same, states an industry insight by CareerBuilder, a world-reckoned leader in HR technology. At the same time, 1.3 million graduates are roaming unemployed in the national capital itself, struggling to find a job despite having the right skills & qualifications. The question that arises here is, ‘Why is there such a huge gap between recruiters and job seekers? And more importantly, how can this gap be bridged?’

A recruitment company can be effective in connecting employers with the right talent. They maintain a complete database of job seekers and can help employers find the best candidate to fill their vacant position in no time. They leverage the latest recruitment tools and technologies like Applicant Tracking Systems, automated chatbots, social media platforms, and much more to speed-up the recruitment process.

Companies can avail recruitment services in Delhi, Gurgaon, Noida, or any other city to find a firm that could analyse their company’s requirements and shortlist the best candidates. If you are also looking for the top recruitment companies in the capital city, here is a list comprising the top 10 names.

ABC Consultants

https://www.abcconsultants.in/

Incepted in the year 1969, ABC Consultants has successfully assisted hundreds and thousands of companies in finding the right talent in the past 50 years. Dr Bish Agrawal set the founding stone of the company with the aim to usher in a unique and innovative approach in recruitment. It targets the middle and senior management levels across various industries.

Today, the company has become a family of over 465 consultants and believes in building long-term relationships, thus, enjoying 75% business as repeat business. One can approach ABC consultants to avail all types of recruitment services in Delhi like executive search, senior & middle-level hiring, recruitment process outsourcing, recruiter training programmes, and much more.

HR International

http://www.hrinternational.in/

Those looking for jobs abroad, HR International is the name they should turn to. This ISO 9001:2015 certified company was set up in the year 2005 by the H.R. Group of Companies. Working for this leading recruitment company in Delhi is a group of 150 dedicated consultants, who analyse each client’s manpower requirements and shortlist applicable candidates. It is approved by the Ministry of External Affairs and has even set up its international executive search companies in different parts of the world like Dubai, Nepal, and Poland.

UprightHC https://uprighthc.com/

Aiming to provide a “Right Talent Experience Journey” to all its clients, Upright Human Capital is one of the most trusted recruitment firms. It is known for providing the best recruitment solutions for start-ups, SMEs, and enterprises. This unique recruitment firm is a brainchild of Ms Tripti Diundi (Founder) and Mr Rajiv Mehta (Co-Founder). Companies of all scale can avail their services like recruitment services, consulting services, employee engagement, policies & compliance formation, and background checks. They empower enterprises by helping them hire the best talent, streamline their HR processes, and enable continuous improvement in the HR sector.

Headquartered in Gurgaon, it serves companies in all industry verticals like IT, eCommerce & e-Tailing, BPOs, KPOs, start-ups, banking & finance, research & advisory, etc. They also have the experience and expertise to fulfil requirements like mass hiring, executive search, performing a diligent check on current as well as potential employees, and making your workplace a healthier environment. In fact, it has been appreciated for its expertise in RPO and has gotten its name etched among the top recruitment outsourcing companies as well.

GlobalHunt

https://www.globalhunt.in/

Specialising in executive search & selection, GlobalHunt India Pvt. Ltd. has made its mark globally as one of the leading recruitment outsourcing companies in India. It enables companies to leverage their business potential through strategic and well-executed HR services as well.

It also offers its services for Middle Management Hiring, Project Based Hiring, and Recruitment Process Outsourcing. The recruitment agency has over a decade of experience and a global presence in leading markets like Asia, Africa, Europe, and America.

Alliance Recruitment Agency

https://www.alliancerecruitmentagency.com/

With its recruitment services covering a broad spectrum of markets, Alliance Recruitment Agency has got its name etched among the top recruitment companies in Delhi NCR. Its recruitment services are not limited to India, it serves global clients as well. One can get manpower recruitment services, project-based hiring, RPO services, executive search services, and comprehensive staffing solutions from them.

It covers different locations like in the Middle East, South Asia, Africa, and America. Companies from all industries like engineering, retail, sales & marketing, legal, telecommunication, hospitality, and many more can consult the Alliance Recruitment Agency for its impeccable services.

AVA Placement Services

http://www.avaplacement.com/

AVA is the name that comes to the mind of companies when they have any type of manpower staffing requirement in Delhi, Noida, Gurgaon, Ghaziabad, and other parts of the NCR region. In a span of just five years, the company has made its name among the top 10 recruitment companies in the capital city. AVA comes with an experience of over a decade. It serves all domains like IT, healthcare, finance, analytics, telecom, engineering, event & advertising, logistics, and much more.

ManpowerGroup Services India Pvt. Ltd.

https://www.manpowergroup.com/

Providing innovative workforce solutions, Manpower Group has emerged as a leading in the recruitment industry. The company is managed by Mr Sandeep Gulati (Managing Director). This manpower recruitment agency is engaged in providing services like recruitment process outsourcing, contract staffing, permanent recruitment, and various other innovative workforce solutions. Their services cover all aspects of human resource management, right from mapping the market and assessing the requirement to workforce management.

Career Strategy Solution

http://www.careerstrategysolutions.com/

A recruitment company with a fast growth curve, Career Strategy Solution has a track record of meeting diverse client needs across all industry verticals. The firm was established in the year 2011 and has been effectively delivering manpower consultation services. The company operates on a multi-level basis and assists in areas like sales, production, marketing, etc. It can offer customised hiring, headhunting, and manpower recruitment as per the client company’s requirement.

Diligent International

https://diligentinternational.co.in/

Staff augmentation, HR consultation, leadership hiring, IT staffing, recruitment process outsourcing, and contract staffing are some of the services you can get when you join hands with Diligent International. Working in the industry for over a decade, this recruitment company in Delhi has gained in-depth insight into all industries. It works by selecting staff on the basis of their skills and connecting them with companies that are in dire need of the same skill to flourish.

itForte Staffing Services Private Ltd.

http://www.itforte.com/

For companies in need of experts and professionals in the IT niche, itForte Staffing Services Private Ltd. is the recruitment company in Delhi NCR that they should join hands with. This firm was set up by Mr Dinesh Batra, who is a senior IT professional with more than 20 years of experience.

The team comprises senior IT recruiters who have over three decades of experience in the IT and telecom industries. One can get all types of recruitment services like recruitment & temp staffing and recruitment process outsourcing in the IT & T sector.

Over 42% of the companies are now approaching a recruitment company to shorten their time to hire. Moreover, 41% of employers feel that joining hands with a recruitment agency could help them find candidates with the exact skills that they need. You can also cut down your time for the hiring process and find the best talent from the vast talent pool by taking the services of a professional staffing company.

These were the top 10 recruitment companies in Delhi NCR. While some companies come with years of experience, others are rising to the top because of their unique and innovative approach to recruitment and staffing solutions. You can shortlist the companies from this list based on your specific requirements and avail their services for employing the right talent in your organisation.

#recruitment services #recruitment Company #talent acquisition

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jackson65788 · 2 years ago

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The Benefits of a Dubai Mainland License

You can set up your business in Dubai if you have a license issued by the Dubai Department of Economic Development (DED). It is mandatory for foreign nationals to have a UAE national partner holding 51% of the paid-up capital of the company. You can pay this partner a fixed fee per year or a percentage of the profits. There are many benefits to getting a Dubai Mainland license. Here are some of them:

Business setup in Dubai Mainland

Setting up a Mainland company formation in Dubai mainland is a great option if you're looking to expand your business, while remaining flexible and cost-effective. There are certain requirements to meet in order to register a company, but overall, the process is fast and easy. The process can be completed in as little as 15 minutes. Once the application process is completed, you'll need to apply for a license from the relevant government agencies.

There are two types of licenses you can get for your business in the UAE, a free zone license and a mainland license. The difference between mainland and free zone licenses is in the cost. A mainland license costs about the same as a free zone license, while a free zone license costs a lot more. You'll need a physical address for a mainland business setup in Dubai whether it's a traditional office or a co-working space. The size of the office will depend on the number of visas you need.

Benefits of obtaining a Dubai DED license

A Dubai DED license is a crucial step towards starting a professional or commercial venture in the UAE. It enables you to carry out a range of business activities, including financial consultancy, legal advisory, healthcare services, beauty salons, and more. Moreover, DED licenses have few limitations and hassle-free registration processes. Moreover, they allow you to set up multiple branches in the UAE to expand your business.

For business start-ups, a Dubai DED license is an essential step to ensure a smooth process and a successful business venture. These licenses are granted to businesses that carry out certain activities. This type of license can be obtained within minutes and is ideal for a company that is just starting out. If you are planning to establish a business in Dubai, you can take advantage of the fast and simple process of obtaining a license from the DED. You can apply for this license online or at service centers and smart lounges.

Cost of obtaining a Dubai Mainland license

A limited liability company (LLC) is the most common type of Dubai Mainland license. This type of license allows entrepreneurs to conduct business activities in the UAE and outside the country. However, the first step to setting up an LLC is to choose a name for your company. It is vital to choose a name that reflects the business' objectives, as there are strict regulations regarding company names in the UAE. Names must not contain political or offensive language, and must reflect the moral values of the UAE.

The cost of obtaining a Dubai Mainland license depends on the kind of business you wish to establish. In general, you should expect to pay around AED 40,000 for a mainland license. This fee includes the cost of a business license, office space, and a visa. In addition, you should also account for the mandatory government charges, including notary fees, licensing fees, and registration with government departments.

#Dubai #Business

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peergrowth · 3 years ago

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Which are the best headhunters for Dubai?

A headhunter is an organization that works on behalf of an employer to recruit employees. Companies engage headhunters to uncover Talent and find people who fit specific job needs. Headhunters are also known as executive recruiters, and the service they provide is often referred to as executive search.

What is an executive headhunter?

Executive headhunters get their name from the fact that they are genuinely headhunters. Executive search businesses hire specialized headhunters to find the top candidates and approach them directly. They work for the customer, the employing company, not the candidate. If you receive a call from an executive headhunter, they are considering you for a position with a particular client.

All of the recruiting agencies listed below provide recruitment, staffing, HR outsourcing, and recruiters for hire to clients worldwide. They offer clients a range of services, from the initial recruiting candidate search to promptly appointing the best candidate for the job. You can also use the services of these recruitment/placement consultants if you don't get a job through campus placements.

Industries served

The following are some of the industries they serve for;

Accounting & Finance jobs, Advertising & PR jobs, Aviation, Banking & Insurance Jobs, Construction Jobs, Customer Service jobs, Education/Teaching jobs, Electronics, IT & Telecom jobs, Engineering & Technical jobs, Fabrication and Erection, Healthcare & Medical Jobs, Hospitality jobs, HR & Training jobs, Legal Department jobs, Oil and Gas, Oil Fields and Refineries, Operations Department jobs. Property and Real Estate Jobs. Sales & Marketing jobs. Secretarial & Administration jobs. Senior Management jobs, Supply Chain jobs

Top Recruitment Firms in Dubai, United Arab Emirates

The recruitment agencies listed below have a thorough awareness of the job markets in the UAE and the Middle East. It boasts an extensive network of organizations. It has contracts and dedicated and experienced recruiters for many professional disciplines, excellent customer service, and a high rate of successful placements.

1. Adecco Middle East is a recruitment firm based in the Middle East.

The Adecco Group, based in Zurich, Switzerland, is a Fortune Global 500 company and the world's most significant human resources and temporary staffing supplier.

2. Agile Consultants

The top recruitment agency in the Middle East, with a high retention rate of employees. Apply now for the most delicate jobs in the UAE and the GCC! Offer tailored services to clients and prospects, armed with exceptional local knowledge, expertise, and networks.

3. Alliance Recruiting Services

Alliance Recruitment Agency is an international recruiting, staffing, HR services, and placement organization serving enterprises, start-ups, and firms in the United States, Canada, the United Arab Emirates, the United Kingdom, and India.

4. ANOC

ANOC is a Dubai-based Recruiting and Manpower Consultancy that has been in operation for over 20 years. The company is part of the AL NAHDA GROUP, which partners in business services, travel, tourism, contracting, trading, and e-commerce.

5. BAC Middle East

BAC Middle East is the UAE's longest-running professional recruitment consultancy. It was the first recruitment agency to receive ISO9001 accreditation, reflecting our continual emphasis on quality and customer satisfaction. It was founded in 1979 and has been at the forefront of its recruitment market for 39 years.

6. Peergrowth group

They are a reputable management consulting firm specializing in Search and Advisory services.

They are one of the leading recruitment firms in Dubai, and our goal is to work with leading organizations to meet their human capital needs. They understand our clients' difficulties while filling a vacancy and our undecided candidates about the next best opportunity. They exist solely to personalize the entire process and make it into a long-term relationship.

7. Budge Talent

Budge is one of the leading recruitment and HR consultancies in the UAE and GCC, focusing on the construction, real estate, and asset management industries. They have nearly 15 years of local knowledge working with experienced consultants and an unparalleled network of clients and applicants worldwide, bringing you a refreshing approach to recruitment. Established in 2003 with offices in the UK and Dubai, they have nearly 15 years of local knowledge working with experienced consultants and an unparalleled network of clients and applicants worldwide, bringing you a refreshing approach to recruitment.

Online recruiting has become more prevalent in Dubai due to different online job portals and recruitment agencies, and professionals may now apply for relevant positions online.

You can apply through reputed recruitment organizations in Dubai to ensure that you apply for a real job. Most of these firms offer online recruitment platforms where businesses can post job openings, which you can easily register for and use.

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ladystylestores · 4 years ago

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S Korea sees highest jump in cases in weeks: Coronavirus updates | News

Spain is to begin 10 days of mourning on Wednesday in memory of the more than 27,000 people who have lost their lives to the coronavirus. Flags will fly at half-mast.

A new study is warning that Brazil could be facing a death toll of 125,000 people by early August while the WHO has warned the Americas are the new epicentre.

President Donald Trump continues to put pressure on US states to reopen the economy.

Nearly 5.6 million cases of coronavirus have been confirmed around the world, according to data from Johns Hopkins University. More than 350,000 people have died, while nearly 2.3 million have recovered.

Here are the latest updates:

Wednesday, May 27

10:35 GMT – Oman to end lockdown of Muscat governorate

Oman will on Friday end a lockdown of its Muscat governorate – which includes the capital – that has been in place since April 10 as the sultanate eases its coronavirus containment measures, the state news agency reported.

It said a state committee had also ordered government entities to ensure at least 50 percent of employees are working from their offices from May 31.

10:29 GMT – British Tour heralds return of elite-level tennis in UK

A series of professional tennis events will take place in Britain from early July as the sport continues to emerge from the shutdown caused by the pandemic.

The Lawn Tennis Association (LTA) said four British Tour events would be held between July 3-26, subject to confirmation of government requirements.

“Since the coronavirus crisis, we have been working incredibly hard to support all our players, venues, coaches and officials through this very challenging time,” LTA chief executive Scott Lloyd said in a statement.

“I’m delighted to announce today the next stage of elite tennis’s return to competing safely behind closed doors as part of a five-phase plan coordinated by UK Sport with Government.”

10:17 GMT – EU proposes 750bn-euro recovery fund

The European Commission proposed a 750 billion euro recovery fund to reboot the European economy that has been hit hard by the coronavirus outbreak, a top official said.

Paolo Gentiloni, the EU Economic Affairs Commissioner, in a tweet, hailed the proposal as a “European breakthrough” that would “tackle an unprecedented crisis”.

09:23 GMT – France halts hydroxychloroquine for coronavirus treatment

The French government banned treatment of COVID-19 patients with hydroxychloroquine, a controversial and potentially harmful drug that US President Donald Trump has said he is taking preventively.

The move came after two French advisory bodies and the World Health Organization warned this week that the drug – a treatment for rheumatoid arthritis and lupus – had been shown to be potentially dangerous in several studies.

Under the new French rules, the drug can be used only in clinical trials to test its efficacy against the virus.

The WHO warned this week that hydroxychloroquine had been shown to be potentially dangerous in several studies [George Frey/AFP]

09:01 GMT – Indonesia reports 686 new cases, 55 deaths

Indonesia reported 686 new coronavirus cases, bringing the total number of infections in the Southeast Asian country to 23,851, a health ministry official said.

Indonesia also confirmed 55 new deaths from the virus, bringing the total fatalities to 1,473, the official, Achmad Yurianto, told reporters.

Meanwhile, 6,057 people have recovered.

.@DrAmirKhanGP shares how you can keep fit and active from home during #coronavirus lockdown. pic.twitter.com/pBZxSFgSVf

— Al Jazeera English (@AJEnglish) May 27, 2020

08:32 GMT – Spain begins 10 days of national mourning

Spain has begun an official 10-day mourning period for the tens of thousands of victims of the coronavirus pandemic in the country.

All flags on public buildings across the nation and on Spanish naval vessels will be lowered to half-mast until June 5 to pay tribute to the more than 27,000 people that have so far lost their lives.

Read more here.

08:28 GMT – Philippines reports 18 new deaths, 380 more infections

The Philippines’ health ministry reported 18 new coronavirus deaths and 380 additional infections, the highest single-day increase in cases in more than seven weeks.

In a bulletin, the ministry said total deaths have reached 904, while confirmed cases have risen to 15,049. It said 94 more patients have recovered, bringing total recoveries to 3,506.

Customers wearing protective face masks make their transactions through a plastic barrier as a preventive measure against the coronavirus disease (COVID-19) in a local grocery in Quezon City [Eloisa Lopez/Reuters]

08:22 GMT – Finland unemployment nearly doubles in April from year ago

Finland’s number of unemployed jobseekers nearly doubled in April to 433,100 from 229,700 a year earlier, the Ministry of Economic Affairs and Employment said.

The number of jobseekers increased by 124,000 in April from the previous month, it said.

The ministry’s numbers, based on registered jobseekers at Finland’s employment offices, includes those who have been temporarily laid off due to the coronavirus outbreak.

07:37 GMT – Russia reports new deaths, cases

Russia said 161 people with the coronavirus had died in the past 24 hours, bringing the nationwide death toll to 3,968.

Officials reported 8,338 new cases, pushing Russia’s overall case tally to 370,680.

07:15 GMT – Singapore reports 533 new cases

Singapore’s health ministry reported 533 new coronavirus cases, taking its total to 32,876.

06:57 GMT – UK gov’t says ‘move on’ to public outraged over Cummings conduct

The British government said that it was time to move on after Prime Minister Boris Johnson’s senior adviser provoked outrage and widespread scorn by making a 400 km (250 mile) road trip during the coronavirus lockdown.

Dominic Cummings has refused to quit after it was revealed that he had driven from London to northern England in March with his 4-year-old son and his wife, who was sick at the time, to be close to relatives.

Johnson has backed his adviser.

“Now I think is the time for us all to move on,” Housing Secretary Robert Jenrick told the BBC.

“That’s not to say this isn’t an important issue or that people don’t care a great deal about it but I think there is a lot more that we need to focus on now, like the virus and the economy.”

Dominic Cummings, special advisor for Britain’s Prime Minister Boris Johnson leaves his house in London, following the outbreak of the coronavirus disease (COVID-19) [Hannah McKay/Reuters]

06:32 GMT – Bulgaria to reopen restaurants, bars and cafes

Bulgaria will allow restaurants, bars and cafes to reopen at full capacity on June 1 as the Balkan country further eased restrictions imposed in mid-March to stop the spread of the coronavirus.

Health Minister Kiril Ananiev approved the decision, and also allowed the resumption of cultural and entertainment events, including theatres, concerts and stage performances. Dance classes could also resume, using up to 30 percent of their indoor capacity and up to 50 percent of the outdoor capacity.

According to the order, however, discos, piano bars and night bars must stay closed as the country remains under a declared epidemic situation until June 14.

06:10 GMT – Dubai eases lockdown restrictions

Cinemans, gyms, educational institutes and entertainment attractions have been allowed to reopen in Dubai, days after an extension on a nationwide curfew was imposed in the United Arab Emirates.

There will be no restrictions on movement or business operations between 6am and 11pm local time, Dubai’s Media office said, adding that social distancing rules must be observed.

Under the directives of @HHShkMohd, @HamdanMohammed announces the gradual reopening of business activities in #Dubai from Wednesday, 27 May. There will be no restrictions on movement between 6.00 am and 11.00 pm. pic.twitter.com/7ZeMKpyKUY

— Dubai Media Office (@DXBMediaOffice) May 25, 2020

Hello, this is Farah Najjar taking over from my colleague Kate Mayberry .

05:30 GMT –

I am handing over this blog to my colleagues in Doha shortly.

A quick update on developments this morning. The global death toll has risen above 350,000, according to Johns Hopkins University, South Korea has seen its highest spike in cases in 49 days with a new cluster now emerging around an online delivery depot, and Japan and the EU are preparing giant new stimulus packages for coronavirus-hit economies.

05:00 GMT – Pakistan government mulls renewed lockdown measures as cases surge

Pakistan’s government is mulling a renewed lockdown after its move to lift many coronavirus restrictions over the past two weeks led to a surge in new cases.

Defacto health minister Zafar Mirza said there had been a “severe rush” to markets and people were behaving as if “the virus had been eradicated” since the curbs were relaxed.

04:45 GMT – Major economies prepare massive new stimulus packages

The European Union and Japan are preparing massive new stimulus packages to get their economies moving after weeks of coronavirus lockdown.

Japan’s measures are due to be finalised at a cabinet meeting later on Wednesday. The $1.1 trillion package includes cash for small and medium-sized enterprises, payouts to healthcare workers as well as funds for vaccine development and medical equipment, and rental subisidies for people or businesses who are struggling.

The 27-nation EU is also due to unveil its latest stimulus plan on Wednesday. The more than one trillion euro initiative involves grants, loans and guarantees. Some of the more fiscally conservative nations have expressed concern about the grants because they would need to be repaid through joint borrowing, which could lead to higher national contributions to the EU budget.

04:20 GMT – South Korea sees spike in cases with new cluster at retail logistics centre

South Korea has seen its biggest surge in new coronavirus cases in 49 days with a new cluster emerging at a retail logistics centre west of Seoul.

The Korea Centers for Disease Control and Prevention (KCDC) says it confirmed 40 new cases up to midnight on Tuesday.

At least 36 cases have been linked to the Coupang warehouse, which was closed for disinfection on Monday. All 3,600 people who work there are being tested for the virus. Coupang enjoyed a surge of business as South Koreans stayed indoors although some of its workers complained about conditions.

“We are very nervous about community infections and we are keeping a close eye on the situation,” vice minister for health Kim Kang-lip said at a briefing.

Coupang workers in their distinctive royal blue clothing at the logistics centre [Kim Hong-Ji/Reuters]

04:15 GMT – ‘I use it as a prophylaxis’: El Salvador’s leader touts hydroxychloroquine

El Salvador’s Nayib Bukele has joined US President Donald Trump and Brazilian President Jair Bolsonaro to extol the benefits of hydroxychloroquine.

Bukele said he wasn’t promoting it as a treatment of coronavirus – given medical concern about its use – but as a preventative measure.

“I use it as a prophylaxis, President Trump uses it as a prophylaxis, most of the world’s leaders use it as a prophylaxis,” he claimed.

In case you’re wondering about the drug, read what our resident doctor had to say about it here. There are some pretty nasty side-effects.

WHO suspends clinical trial of hydroxychloroquine for COVID-19

04:00 GMT – New Zealand expects safe travel plan with Australia by June

New Zealand Prime Minister Jacinda Ardern is expecting a draft blueprint for resuming travel between the two countries will be ready by early June.

“We are working to move on this as quickly as we can can,” Ardern told reporters this morning. “We are both very keen on it … across both sides of the ditch.”

The idea is to create a travel bubble that would allow Australians and New Zealanders to travel to each other’s countries without the need for a 14-day coronavirus quarantine.

03:25 GMT – Singapore sets up vending machines for masks

Singapore has set up vending machines at community centres around the island to dispense free, resuable face masks.

The city-state made face masks compulsory on April 14 and gave out free masks to every household.

02:05 GMT – Australia records youngest coronavirus death

A 30-year-old man with underlying health conditions has died in Queensland, becoming the youngest victim of the coronavirus in Australia.

The authorities are tracing a possible link between the man and the Ruby Princess cruise ship which triggered the biggest cluster of cases in the country after it docked in Sydney in March. His partner is also showing symptoms of the disease.

Some 103 people in Australia have now died from coronavirus.

01:30 GMT – Global death toll exceeds 350,000: Johns Hopkins

Data compiled by Johns Hopkins University shows the confirmed death toll from coronavirus around the world is now 350,417, with roughly 28 percent of those deaths in the United States. The actual toll could be much higher.

US – 98,902

United Kingdom – 37,130

Italy – 32,955

France – 28,533

Spain – 27,117

China, where the disease was first recorded late last year, has confirmed 4,638 deaths.

We have been trying to document some of the lives lost over the past few months.

You can read more on some of the victims here. If there is someone you would like to pay tribute to please do get in touch.

00:00 GMT – Spain to begin 10 days of national mourning

Spain, one of the countries worst hit by the coronavirus, will begin 10 days of national mourning on Wednesday to remember the more than 27,000 people who have lost their lives to the disease.

Flags will be flown at half-mast at the thousands of public buildings across the nation, as well as on the ships of the Spanish navy.

At the end of the mourning period on June 5, King Felipe VI will also lead an official ceremony in remembrance of the dead.

23:30 GMT (Tuesday) – Police in Brazil raid home of Bolsonaro rival in coronavirus probe

Brazilian federal police on Tuesday raided the homes of Rio de Janeiro Governor Wilson Witzel as part of a COVID-19 corruption investigation.

Witzel is a political rival of right-wing President Jair Bolsonaro.

The federal police said the search warrants were part of an investigation into alleged corruption involving the use of public money earmarked for the coronavirus pandemic. Read more on that story here.

Supporters of Brazil’s president Jair Bolsonaro who has dismissed the coronavirus as a ‘little flu’ protest against Rio de Janeiro Governor Wilson Witzel’s measures to fight the outbreak. Witzel is now the target of a police probe into the use of coronavirus funds [Lucas Landau/Reuters]

23:00 GMT (Tuesday) – ‘Still accelerating’ – WHO warns on coronavirus in Americas

The WHO’s regional Latin American health authority has warned that the new coronavirus is “still accelerating” in Brazil, Peru, Chile, El Salvador, Guatemala and Nicaragua, with the Americas becoming the new epicentre of the global pandemic.

Hello and welcome to Al Jazeera’s continuing coverage of the coronavirus pandemic. I’m Kate Mayberry in Kuala Lumpur. Read all the updates from yesterday (May 26) here.

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dailykhaleej · 5 years ago

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NMC Health placed under UK court supervision

All of NMC Health’s operations might be supervised by Uk court appointees. Picture Credit score: DailyKhaleej Archive

Dubai: Abu Dhabi primarily based NMC Health has been placed under the UK court’s supervision. The court will now appoint directors to supervise the entire administration and operations of the UAE’s largest healthcare operator.

The present Board of Administrators of NMC “cease to have decision-making powers with immediate effect”. These powers switch to the Directors who’re liable for the day-to-day operating of NMC.

However “all hospitals, medical centres, care facilities and other operations in the group are not subject to the administration procedure – so their current activities will not change,” an announcement issued Thursday confirmed.

A court within the UK got here into the image as a result of NMC Health is listed on London Inventory Trade, and thus certain by UK guidelines governing public firms. It listed on the LSE in 2012.

This follows an attraction filed by ADCB with the UK court for “joint administration” of NMC Health, after it was discovered that the hospital operator had $6.6 billion in financial institution debt and was in no place to pay it off.

UAE banks mixed have exposures of Dh10 billion plus, with ADCB having the best at Dh3.6 billion.

In an announcement after the UK court dominated in favour, ADCB issued an announcement: “ADCB and different key collectors have concluded that an administration course of is probably the most appropriate route to make sure a rescue and turnaround of NMC Health PLC and its subsidiaries.

“And to guarantee continuity of operations for sufferers, healthcare staff and different stakeholders. An administration is a course of designed for a speedy enterprise restoration and is subsequently distinct from liquidation.

“The true picture of the financial difficulties faced by NMC only became apparent through a series of announcements by the Company since February 2020, including the uncovering of over $4 billion of previously undisclosed debts,” ADCB stated in an announcement instantly after the UK court order.

“Contrary to the information the Group provided to ADCB and in breach of the various loan covenants and commitments, following these revelations, the Bank learned that it was among over 80 major regional and international financial institutions that extended credit to the Group.”

Not on, however…

This place was contested by Faisal Belhoul, who had taken over as Govt Chairman, lower than two weeks in the past at NMC Health. He had stated repeatedly these previous few days that an organization getting placed under administration would result in worth destruction.

However with new revelation of NMC’s general perilous debt place. There have been few takers among the many banks to take up Belhoul’s place.

Even then, efforts had been on till Wednesday to try to get ADCB to alter its thoughts on joint administration. However late on Wednesday, Belhoul threw within the towel, stating that with no deal possible with ADCB, being placed under administration was the one choice.

Faisal Belhoul, solely lately confirmed as Govt Chairman, was keen to do no matter it takes to show round NMC. However having the corporate under administration was not one thing he needed. Belhoul will nonetheless have a decisive function to play, along with his 9% stake. Picture Credit score: DailyKhaleej Archive

Enter the Administrator

Who would be the NMC directors?

The UK court has appointed personnel from turnaround advisory agency Alvarez & Marsal to take “immediate control”. The agency will work on behalf of all stakeholders.

“Their priority is to ensure stability and the continuation of uninterrupted healthcare services at the Group’s medical facilities,” ADCB stated in an announcement. “The joint administrators are also tasked with implementing robust governance, conducting a full, transparent investigation into suspected previous irregular financial activity and taking adequate steps to initiate the recovery of any missing assets and funds.”

No extra of the affected person strategy. ADCB needed to ratchet up the authorized choices, and getting the UK court concerned was probably the most logical step in that path. Picture Credit score: DailyKhaleej Archive

Expose them

ADCB’s stance on the topic was made clear in Thursday’s assertion – “This proactive strategy to put the Group in administration was taken in response to latest developments, together with the revelation of beforehand undisclosed liabilities of over $four billion, which suggests a major threat of insolvency.

“NMC may have concealed material information from creditors, shareholders, rating agencies and regulators. It also recently disclosed suspected fraudulent activity, which has impacted the Group’s financial position and the interests of ADCB and other key stakeholders.”

Fraud, insolvency

That ADCB takes up the 2 phrases – fraud and insolvency – in the identical assertion exhibits the stance it’ll take. Banks could have began dropping their endurance with the gradual tempo that inner investigations had been going down at NMC. (The investigations had been introduced effectively earlier than Belhoul got here into the image by taking 9 per cent stake by means of considered one of his funding autos.)

Asset stripping and extra?

With NMC in administration, will the main focus be on making an attempt to dump these property which can be deemed as non-core and retain the hospitals and different healthcare providers? In recent times, NMC had expanded into territories outdoors of the UAE, and had additionally made a string of high-profile acquisitions. (A few of these purchases had been made paying “top-dollar” and much above their market worth on the time, in line with some bankers within the know.)

NMC presently has a employees energy of 15,000 plus throughout its community. Will there be a discount in these employees numbers in some unspecified time in the future is a query that’s there on everybody’s minds. To date, NMC has managed to retain its core workforce of medical doctors, nurses and different key personnel.

Phrases of reassurance

ADCB was fast to make its stance clear on what subsequent. “The Bank has committed to extend short-term working capital facilities to the Company when the joint administrators commence their work,” the assertion stated.

“ADCB would like to express its appreciation for the Group’s doctors, nurses and other critical care providers and employees, who are working tirelessly to serve local communities in challenging circumstances. The Bank will continue to coordinate with other creditors to support NMC at this critical time for the Group, its employees and patients.”

NMC as a pioneer

Since its arrange within the mid-1970s, NMC established its credentials as a key non-public healthcare enterprise. By means of the 1990s and the final decade, it cemented that place by means of a sequence of growth, together with a number of speciality hospitals in Dubai and Abu Dhabi.

It now has 194 medical services throughout 19 nations, in line with the ADCB assertion and has touched the “lives of the majority of UAE residents”.

Abu Dhabi primarily based billionaire Dr. B.R. Shetty was the founding father of NMC Health and UAE Trade Home, two powerhouses of their respective classes. Each entities are actually under investigation. Picture Credit score: DailyKhaleej Archive

NMC was additionally the flagship round which Dr. B.R. Shetty constructed up a enterprise empire within the UAE and elsewhere. Now, with NMC going into administration – and a step away from full-scale insolvency – the UAE arm of that empire is in relative tatters.

The opposite arm, UAE Trade Centre, can also be under investigation, this time by UAE Central Financial institution.

And it solely took three months and 15 days for the entire edifice to crack.

Dr. B.R. Shetty outlines his plans

“Out of respect for due course of and to permit the assorted investigations to rapidly and independently undertake their mandates, I’ve refrained, so far, from making any intensive public statements.

Nevertheless, as I’ve stated beforehand, I’m rigorously enterprise my very own investigations of the data obtainable to me, and I’ll make these findings generally known as quickly as doable, and within the correct and applicable method.

I’m extraordinarily keen and decided to carry to gentle the complete information, and the entire reality, round what has transpired to all stakeholders as rapidly as doable. That is particularly pressing to be able to carry a lot wanted help and reassurance to the hundreds of devoted medical doctors, nurses and healthcare staff of NMC Health, and in gentle of the present public well being disaster.”

– Anjana Kumar, Chief Reporter

Break up of ADCB’s publicity to NMC

* ADCB supplied credit score services to numerous entities within the NMC Group. Following the three-way merger in Could 2019, whole credit score publicity of $981 million to NMC was made up of $767 million in services prolonged by ADCB, $147 million by the previous Union Nationwide Financial institution and $67 million by Al Hilal Financial institution.

* ADCB has “never provided unsecured loans to NMC’s principal shareholders,” it stated in an announcement.

“The Bank’s assessment of NMC was based on financial statements published by the Group, which were audited as a listed company since 2012. The information available to ADCB, including half-year financial statements released in August 2019, showed a profitable business with healthy cashflows, a comfortable debt position and strong fundamentals, operating in markets displaying strong growth in demand for healthcare.”

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allocationassist1 · 1 year ago

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Worried about getting licensed to practice medicine in Dubai? Allocation Assist has got you covered. Our team can help you get your license quickly and easily on the first try without complicated paperwork. Contact us today to start your licensing journey with confidence.

#medical consultancy agencies in dubai #healthcare advisory agency in dubai

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allocationassist · 1 year ago

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DHA License for Doctors and other Medical Staff

Allocation Assist is a medical job consultancy in Dubai that helps doctors to get DHA license and job placement in Dubai. Our team of experts will assist you with the entire process, from submitting your documents to finding you a suitable job. Once you have your DHA license, you will be able to practice medicine anywhere in Dubai. If you are a Doctor and looking for DHA license for Doctors and other medical staff, just contact us.

#healthcare dubai #dha licensing service in dubai #dha license for doctors #healthcare advisory agency in dubai

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almamiller-blog · 7 years ago

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Dubai company registration made easy for you

Dubai is one place where everyone wants to set their business up. The strategic location of Dubai, its proximity to the vast oil resources of the Middle-East and enormous business opportunities here make it a vantage point for setting up offshore companies. Note that while Dubai is considered as one of the most chilled out places on earth, Dubai company registration could be easy or difficult depending on how you approach the work.

Types of licenses issued in Dubai

This is an important point for you to note because the documentation related to trade licenses and permissions may vary depending on category of your business. For example, the documentation required for a general category business will vary from businesses involved in healthcare or food trading or financial services.

Given below are the three categories of business licenses that are issued in Dubai. These categories depend on the kind of business you are involved in.

Commercial license is granted to those businesses that engage in all types of trading activities.

Industrial license is granted to those businesses that engage in industrial or manufacturing activities.

Professional license is granted to those businesses that engage in service and crafts and employ artisans and other professionals.

The licenses are issued by the Department of Economic Development. It is a government agency that operates from several offices in Dubai. There is an approval process in place and the approvals are granted by different departments depending on the nature of your business. For example, if your business is in the financial services sector, you must have the approval from the UAE Central Bank. The Dubai Chamber of Commerce & Industry is involved in all Dubai company registration.

Business structure

You should also be aware of your business structure because this is a strong determinant in the registration of your business.

The Federal Law in Dubai identifies seven legal business structures. These are

1. General Partnership

2. Partnership in Commendams

3. Public Shareholding

4. Private Shareholding

5. Joint Venture

6. Share Partnership

7. Limited Liability

The procedure for company registration in Dubai

There are about 5 steps involved in the registration of offshore companies in Dubai.

Step 1 involves finding a local partner as your sponsor. This is important because at least 51% shareholding of your business should be in the name of a UAE citizen.

In step 2, you will need to have the Department of Economic Development or DED approving the name and activity of your business.

Since all businesses looking to get registered in Dubai need to have a tenancy contract evidencing their business premises, you need to complete the contract after identifying a business premises – this is the third step.

In step 4 you need to have a Memorandum of Association (MOA) with the sponsor.

The final step involves submitting the MOA to DED along with the tenancy contract and the other legal documents. You also need to pay all relevant fees in this step. Once all the formalities are completed, you can expect the license to be issued within a week.

Establishing a local branch office or representative

Your branch or representative office in Dubai can be 100% foreign owned. But you only get this privilege when you appoint a local agent. The local agent should be a UAE citizen or a company that is completely owned by UAE citizen(s). For more information on this, you need to be aware of the Commercial Companies Law in Dubai.

The need for legal advisory

All that you have read by now should make you feel that registering your business in Dubai is a cakewalk. The actual situation is not that smooth. While the authorities in Dubai are extremely efficient in the handling of company registrations, there are usual red tapes that you come across from time to time. Hence, legal representation of your case is always advised.

Your lawyer will help you with all the aspects of setting up your company in Dubai. They will not only assist with the paperwork but will also ensure that all the legal hassles are obliterated before you get the title deed. They will also liaise with the government departments to push your paperwork faster. And all this can be done without you having to set up camp in Dubai.

Dubai offers you fantastic business opportunities. The process for company registration in Dubai is simpler than in most of the other places. But you still need an expert to handle your case efficiently. And what better for this than a reputed law firm?

Offshore companies can be set up in Dubai with minimum fuss. But you still need legal representation for Dubai company registration.

#Dubai company registrationoffshore companies

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lendoco · 7 years ago

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Post on Medium: "The Catch-22 of Blockchain Regulation"

Full post: https://medium.com/new-alchemy/the-catch-22-of-blockchain-regulation-c15eb7a49088

This month, Venezuela became the world’s first sovereign government to launch its own coin (even if observers are calling the Petro a “crypto con”). If rumors are to be believed, Iran is next. Meanwhile, Dubai has big plans for a blockchain-powered government, as does Estonia. And Switzerland is actively engaging with ICO regulation and incubating the ‘crypto valley’ at Zug.

The United States’ relationship with cryptocurrencies, ICOs, and the blockchain is, unfortunately, much more fraught. Federal and state governmental bodies have yet to develop clear or integrated regulations for blockchain technologies — choosing to make negative cautionary statements rather than positive directive ones.

The signals are mixed, at best. On the one hand, Jay Clayton, the Chairman of the Securities and Exchange Commission (SEC) says that he has yet to see a token that is not a security. But the crypto-community is still waiting for the SEC to say whether or not BTC and ETH are securities. Many prospective issuers of tokenized securities reportedly made filings with the SEC under Regulation A+ more than 6 months back, but are still waiting to receive approval. The Internal Revenue Service (IRS) treats tokens and cryptocurrencies as property, resulting in complex tax treatment and cumbersome technical implementations, while state regulators apply money transmitter laws to companies handling cryptocurrencies — potentially treating them like Western Union. This classification especially has kept developers from creating services that would allow safer and more stable exchange between tokens and fiat currency. The tone of the discourse, unfortunately — from both sides — has been us versus them.

As a (perhaps, unintended) consequence, developers of innovative blockchain technologies are leaving the United States. Afraid of regulatory ambiguities, risks and restrictions on transfer of Regulation D and other US securities offerings, companies are choosing to launch token sales — in compliance with local securities regulations — in countries such as the United Kingdom, Switzerland, and Singapore. In the short list of countries excluded from these token offerings and sales, United States keeps company with China and North and South Korea.

The United States and its agencies can engage with the blockchain at three levels:

1—Regulatory clarity for continued innovation Government Involvement: Enabler

The blockchain is often compared to the internet — to convey the speed and scale of the disruption it promises to bring to our lives. But the blockchain is also inherently global, just like the internet or perhaps even more so. The United States managed to become the epicenter of the world-wide-web revolution at the turn of the century but is now in danger of losing that position within the blockchain ecosystem, thanks in large part to regulatory ambiguity.

To reclaim that position, federal and state governments in United States must begin a constructive, public dialog about the blockchain, its regulation and its use cases. Following the examples of Switzerland, Japan, and Singapore, the SEC, IRS, and FinCEN could begin public hearings on the topic. Clear regulations will protect consumers, entrepreneurs, and investors, and prevent monetary systems from being used for illegal purposes or by embargoed countries, while still allowing room for market participants to engage and innovate.

2—The blockchain as a two-way street Government Involvement: User

Just as the US government can do much for the blockchain by allowing innovation, the blockchain can do as much for the government to gain trust and efficiency. Some agencies have already begun — The state of Illinois recently launched a trial of their blockchain-powered birth registry and identification system and the Pentagon and DARPA are believed to be exploring blockchain-based protocols to enhance security.

Blockchains have the potential to revolutionize the workings of a government and its use extends to healthcare, tax and internal revenue monitoring, and even the holding of fair elections. The US federal government and the states have constitutional systems that could be implemented using blockchain technologies. Take the case of the elected legislative and executive branches, at both the state and federal level, and the appointed judiciary — These bodies create and interpret law. It is interesting to think about how their electoral and appointment cycles could be implemented in a blockchain system to record and interpret laws. Blockchain usage is the first step to understanding the technology and its possibilities, giving the US government a better viewpoint on how to shape the tech’s future.

3—Investing in the future of blockchain Government Involvement: Champion

The blockchain today is as nascent as it is promising, and there are many problems still to be solved. With government interest and funding, the blockchain can reach its next stage of evolution faster and sidestep the looming threat of quantum computing.

Take, for example, the question of what “scarcity model” could be built into a governmental blockchain, so, let’s say, the Federal Reserve could control the supply of dollars in a transparent manner. The quest for an answer might take you to Quantum mechanics’ double-slit experiment and its implementations for advanced “mining” algorithms based on quantum mechanics to underlie a trust-less scarcity model. Such explorations are far more difficult and expensive without active participation at the governmental level.

Whatever the level of government involvement, it is clear (and imperative) that US Government agencies and the industry must begin a deeper conversation — whether that leads to clearer regulation, better government operations or the advancement of blockchain technologies. There is much to be gained from such a dialogue and almost nothing to lose.

New Alchemy is a strategy and technology advisory group specializing in tokenization. One of the only companies to offer a full spectrum of guidance from tactical technical execution to high-level theoretical modeling, New Alchemy provides technology, token game theory, smart contracts, security audits, and ICO advisory to the most innovative startups worldwide. Get in touch with us at [email protected]

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