On 1 april 2015, the uae government announced the issue of federal law no. Article 2 terms used herein shall have the following meanings, unless otherwise stated. Dubais company act was first enabled in 1984 and ever since it has gone through several changes in order to provide local and foreign investors with a suitable business environment. Business regulations related to mainland companies.
The 1st edition of this book uae company law and practice was published in 1990. Jul 03, 2019 dubais company act was first enabled in 1984 and ever since it has gone through several changes in order to provide local and foreign investors with a suitable business environment. Hence accounts maintenance in dubai and all other emirates in uae is compulsory. Hh sheikh khalifa bin zayed al nahyan, president of the uae and ruler of abu dhabi issued the federal decree law no. Be sure to check the laws for your country before downloading, reading or sharing this file. Others may not by employed in the united arab emirates except as provided for in this law and its executive orders. President of the united arab emirates state this federal law has been published in the official gazette, issue no. There are special labour related regulations applicable in some of the free zones in the uae. Labor matters in the uae are regulated by federal law no.
Article 10 in the event of nonavailability of national workers, preference shall be given to. Setting up a local company uae commercial companies law no. The type of entity most commonly adopted by foreign investors is the limited liability company llc, in which. An employer may dismiss a worker without notice in any of the following cases. The competition law came into force on 23 february 20 and introduces. An overview of the uaes new commercial companies law uaes. The following is a snapshot of the key developments brought about by.
The provisions of this law, known as uae labour law, govern the relationship between employers and employees and other labour matters in the united arab emirates. The following are required to be fulfilled with respect to the appointment of external auditors. The new uae commercial companies law federal law no. We, khalifa bin zayed al nahyan, president of the united arab emirates, pursuant to the perusal of the constitution. Amendment of the uae trademarks law home easyway ip. It will henceforth replace the existing law uae federal law no. A fine of aed 2000 per day of delay will be imposed on any company that fails to amend its moa before 1 july 2017 to. The law in a sense throws a veil between the company and its membersshareholder. Companies operating in the uae prior to the implementation of the law had to conform to its provisions and new companies are incorporated in accordance with its provisions. Uae labour law 5 in all cases, no claim for any of the rights provided for in this law shall be heard if brought to court after the lapse of one year from the date of accrual, nor shall any claim be admitted if the procedures stated in this article are not complied with. Companies and corporations are a essential to any economy. The corporate law in the uae governs the establishment, ownership and management of companies in dubai and the rest of the emirates. Jul 01, 2015 while the nccl replaces the previous commercial companies law uae federal law no. We, zayed bin sultan al nahyan, president of the united arab emirates, pursuant to the perusal of the provisional constitution.
Regulatory contents the new commercial companies law addresses a range of aspects mainly with regard to limited liability companies llcs and joint stock companies and, thus, reacts to the demands of modern business life. According to article 3 of the law, the law applies to all staff and employees working in the united arab emirates, whether uae national or expatriate. No natural person or bodycorporate is allowed to work as an agent or supplier of non national employees unless he has a license to do so. We, khalifa bin zayed al nahyan, president of the united arab emirates state. As usual, the arabic text of the new ccl will prevail over the english version so a.
Commercial companies law update j u n e 2 0 1 7 in brief t he u a e m i n i s t r y of e c on om y ha s i s s u e d r e s ol u t i on no. As usual, the arabic text of the new ccl will prevail over the english version so a proper assessment of the updated clauses is necessary. A fine of aed 2000 per day of delay will be imposed on any company that fails to amend its moa before 1 july 2017 to be compliant with the provisions of the new ccl. To accommodate the rapid expansion of the several free zones established in the uae and, for practical purposes, provide exemption to companies or joint ventures established in specific areas, the provisions of article 2 of federal law company law no. Briefing series on the draft uae commercial companies law. Work is a right of the united arab emirates nationals.
Federal law no 8 of 1984 uae commercial companies law. Uae federal government has laid out specific rules to govern the legality of various types of companies in uae. Maintain of books of accountsaccounting records emirates. Entrepreneurship policies in the united arab emirates wikipedia. Even though the company is owned by its members, it is regarded as different from those members. Summary of the uae executive regulations of the federal decree law no 8 of 2017 on value added tax this is a summary of the uae vat regulations and as such is not a complete reection of the legislation and should not be relied upon on its own as either guidance or instruction. After perusal of the provisions of the provisional constitution.
Business regulations the official portal of the uae. Amendment of the uae trademarks law federal law no. At the beginning of the year, the uae government announced a new company law would be set in place. What are the key recent developments affecting doing business in your jurisdiction. There are basically 7 types of legal entities under commercial law company lawof uae. Reinsurance activities may, however, be conducted outside the free zone. 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. Solved introduction the commercial companies law of the. In applying this law, each of the following expressions and words shall have the meaning assigned thereto opposite to each. The application of the uae company law of 1984 as amended in 1988, has since become well established. Summary of the uae executive regulations of the federal. Entrepreneurship policies in the united arab emirates.
Uae federal law 8 of 1980 concerning the regulation of. The new ccl was introduced in july as federal law no. Issuing the commercial transactions law we, zayed bin sultan al nahyan, president of the united arab emirates state. There are basically 7 types of legal entities under commercial law company law of uae. Introduction the commercial companies law of the united arab emirates federal law no. Side agreements business law individual assignment i.
Uae companies law 2014,companies law uae downloan pdf,pdf. The uae does not have unified federal oil and gas laws, explains arman. In line with article 68 of the insurance law, an insurance company licensed in a free zone may only conduct its activities in that free zone. This book was published in australia and is out of there. Each company shall maintain proper accounting records showing its transactions and should disclose at any time the accurate financial position of the company. Sheikh khalifa bin zayed al nahyan, president of the uae issued a decree on 10 august 2009 amending federal law no 8 of 1984, the company law. 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. Our expert panel highlights the key laws and regulators investors need to be aware of.