Uae commercial companies law 2015 federal law no 2 of 2015 kothari auditors and accountants is a professionally managed accounting, auditing, management and financial consulting firm established in october 1992. Business regulations the official portal of the uae government. Zayed bin sultan al nahyan, president of the united arab emirates state, pursuant to the perusal of the provisional constitution. These include the agents exclusive right to market and sell a particular product in one or more of the emirates. The new uae commercial companies law has been eagerly anticipated for the best part of a decade, and in that time it is evident that considerable thought has gone into strengthening shareholder protection, enhancing corporate governance and generally making investment in uae companies easier. The new ccl repeals the commercial companies law promulgated by sultani decree 41974 the old ccl and replaces it with entirely new provisions.
Compulsory changes required to memoranda and articles by june 2016 november 2015 in brief following the adoption of the new commercial companies law new ccl on 1 july 2015, all uae. Oman commercial companies in summary page 1 oman commercial companies in summary february 2016 published by. There are also a number of free zones or special economci zones wtihni the uae. This is a replication of the united arab emirates draft federal law no. Email category message rate this page poor neutral good excellent. Business regulations the official portal of the uae. The provisions of this law shall apply to commercial companies. Legal developments in the uae corporate sector in 2018 ahk vae. The new uae commercial companies law clifford chance. The new uae commercial companies law federal law no. The bankruptcy law applies to commercial companies established in accordance with the companies law, and to companies.
Work is a right of the united arab emirates nationals. All existing companies must comply with the ccl within one year. Doing business in the united arab emirates baker mckenzie. Federal law no 20 of 2016 on the mortgage of movable porperty to secure debt. There are basically 7 types of legal entities under commercial law company lawof uae. Even though the company is owned by its members, it is regarded as different from those members. A guide to setting up a business in the uae the legal requirements 3 once registered, the agency agreement is given substantial protections under the uae commercial agencies law. Due to the significant impact corporate governance has, not only on the interest of all. Business laws in the uae abu dhabi government portal. The law in a sense throws a veil between the company and its membersshareholder. Company law best law firm in uae, legal consultants in. Introduction main changes introduced by new law unlike many uae laws in the past, the new law states its objectives, which include contributing to the development. The code laws set forth the principles for engaging in commercial activities in dubai, such as the law for foreign investments, the competition law, the law on commercial companies, the law on commercial arbitration and other basic business laws in dubai. Companies and corporations are a essential to any economy.
Article 10 in the event of nonavailability of national workers, preference shall be given to. Legal reforms to strengthen the legal and regulatory landscape of doing business in the uae may 2015 in brief after years of speculation regarding an overhaul of commercial companies law in the uae, federal law no. The commercial companies law promulgated by decree no 28 of 1975 shall be repealed as well as any other provision in. Article 3 the minister of economy and commerce shall issue the necessary. Amendment of the commercial companies law with federal decree law no. This translation of federal decree no 6 of 2018 is not an official translation. We bring to bear our own experience of dealing with the impact of covid19 in each of our markets, coupled with local knowledge and legal solutions, to help you fully assess. The ccl will come into force by the end of june 2015. Based on the proposal of the minister of economy, as approved by the cabinet and the federal. Legal developments in the uae corporate sector in 2018. Are you aware of your duties as a manager or director.
Article 9 the partners share may be an amount of money cash share or inkind share. The new uae commercial companies law 2015 the ccl has now been in force for some 9 months. New uae commercial companies law applicable for llcs. Uae federal government has laid out specific rules to govern the legality of various types of companies in uae.
Uae commercial companies law 2015 federal law no 2 of 2015. Uae commercial companies law 2015 kothari auditors and. Employment of workers children and women section i. According to an announcement issued on 28 may 20, the revised form of the uae commercial companies law the new ccl has been approved by the uae federal national council the fnc. This page lists the general business laws applicable in the uae and laws that are. This framework is entrenched in the uae s constitution and the countrys laws, both at federal and dubai levels, permitting the difc to have its own civil and commercial legal framework, inclusive of financial services regulation and a courts system modeled closely on international standards and principles of common law and tailored to the. Broadly similar to the old ccl in terms of structure and company types no change to the foreign ownership restrictions introduction of single member companies, holding companies and common investment funds amended provisions on general meetings for llcs. Commercial companies law 2001 central bank of bahrain. The uae commercial agencies law regulates the appointment of commercial agents, distributors, and sales representatives in the uae.
Uae companies law update from pwc legal middle east. The commercial code in dubai contains issues regarding private law and public law. As such the new law comes into effect three months from the date of the publication in the official gazette i. Upon incorporation, a company becomes a body corporate and assumes a separate identity in law distinct from those of its members.
We, khalifa bin zayed al nahyan, president of uae, pursuant to the perusal of the constitution, federal law no. The scope of the application of the ccl applies to all commercial companies that are incorporated within the uae, foreign companies including branch of foreign companies and representative offices. Federal law no 8 of 1984 uae commercial companies law. Uae enacted new federal law no 2 of 2015 concerning commercial companies ccl2015 which came into effect on 1st july 2015 and replaced federal law no. The english text in this document is not an official translation and is provided for. Article 2 the companies existing at the time of issuance of this law must abide by its provisions and amend their status accordingly, maximum by six months from the effective date of this law. Non nationals may not engage in any work within the state except in accordance with the conditions stipulated in this law and its executive orders. Article 4 this law shall be published in the official gazette and shall operate three months after the date of its publication. The commercial agency is an arrangement, wherein a foreign company is represented by an agent to sell, distribute, offer or provide goods or services within the uae for a commission or profit. Zayed bin sultan al nahyan president of the united arab emirates enacted at the presidential palace in abu dhabi on 21 rabie al awal 1414 a. Sorry this content is available in arabic language only.
The following is a snapshot of the key developments brought about by. Others may not by employed in the united arab emirates except as provided for in this law and its executive orders. We, khalifa bin zayed al nahyan, president of the united arab emirates, pursuant to the perusal of the constitution. For any feedback about dubai ded services please click here. The minister of commerce and the chairman of the public capital market authority will issue executive regulations within a year of the new ccls implementation. The new uae commercial companies law 1 the new uae commercial companies law according to an announcement issued on 28 may 20, the revised form of the uae commercial companies law the new ccl has been approved by the uae federal national council the fnc. Uae commercial companies law define the general provisions of the uae companies like general partnership, commandite, joint venture, public joint stock, private joint stock, limited liability companies,commandite limited by shares. While the nccl replaces the previous commercial companies law uae federal law no. It substitutes the old commercial companies law in its entirety. We zayed bin sultan al nahyan, president of the united arab emirates, with cognizance. We would like to show you a description here but the site wont allow us.
The commercial companies law attached to this law shall come into effect. Uae commercial companies law clifford chance financial. Article 14 ccl is important for any corporate entity in the uae. The new ccl sets out a clear explanation to its applicability and explicitly lists the kind of companies that are covered within its scope. Employment of workers article 9 work is an inherent right of the nationals of the united arab emirates. Perspectives on the new uae commercial companies law what.
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