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GetNED as featured in Arabian Business

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by GetNED Publications

GetNED as featured in Arabian Business

by GetNED Publications
Congratulations to Mr. Yann Mrazek for being recognized as the “Entrepreneur of the Week” by Arabian Business
Yann Mrazek has launched a platform connecting independent non-executive directors (NEDs) with regional companies to help them grow the right way You can read the complete article here:  
Entrepreneur of the Week: Match-making in corporate heaven?

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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.

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