Issuing the commercial transactions law we, zayed bin sultan al nahyan, president of the united arab emirates state. Issuing the commercial transactions law we, zayed bin sultan al nahyan. At the beginning of the year, the uae government announced a new company law would be set in place. Welcome to, your partner for building up a career in dubai uae which also includes other areas of united arab emirates uae like sharjah, abu dhabi, al ain, ras al khaimah, fujairah, um al quwain. There are basically 7 types of legal entities under commercial law company lawof uae. Uae federal law 8 of 1980 concerning the regulation of. Restructuring and insolvency in the united arab emirates. Restructuring and insolvency in the united arab emirates latham. The most relevant trigger for this procedure relates to a substantial loss of capital. The uae does not have unified federal oil and gas laws, explains arman.
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. Established on december 2, 1971, the united arab emirates uae is a federation of seven emirates abu dhabi, ajman, dubai, fujairah, ras al khaimah, sharjah, and umm al quwain. Amendment of the uae trademarks law federal law no. The corporate law in the uae governs the establishment, ownership and management of companies in dubai and the rest of the emirates. Uae federal law 2 of 2015 on commercial companies legal. Starting a new forprofit company in the united arab emirates, one of the 10 doing business indicators, became much simpler and quicker from 2000 to 2010, according to the 2010 report.
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. The uae government intends that the new law will provide uptodate regulations for the corporate. Summary of the new law the decree amends article 227 of federal law no. We, zayed bin sultan al nahyan, president of the united arab emirates. A new commercial companies law replaced most of federal law no. Entrepreneurship policies in the united arab emirates wikipedia. Nads shares are listed on the abu dhabi securities exchange.
The new ccl was introduced in july as federal law no. As usual, the arabic text of the new ccl will prevail over the english version so a. 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. Article 10 in the event of nonavailability of national workers, preference shall be given to. There are basically 7 types of legal entities under commercial law company law of uae. Federal law no 8 of 1984 uae commercial companies law. What are the key recent developments affecting doing business in your jurisdiction. Article no 60 of the federal law no 8 of 1980 in uae.
Law was issued on the 25th of march 2015 and came into effect 3 months following its issuance date the effective date repealing the old uaes commercial companies law no. Labor matters in the uae are regulated by federal law no. The discovery of oil drove significant economic and industrial growth in the uae, which has impacted the. Others may not by employed in the united arab emirates except as provided for in this law and its executive orders. Amliv and provides that insurance policies and other documents. 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. Briefing series on the draft uae commercial companies law. Regulatory contents the new commercial companies law addresses a range of aspects mainly with regard to lim. Article no 60 of the federal law no 8 of 1980 in uae searching for article no 60 of the federal law no 8 of 1980 in uae. I, khaled otman, declare that the phd thesis entitled corporate governance and firm performance in listed companies the united arab emiratesin is no more than 100,000 words in length including quotes and exclusive of tables, figures.
Companies and corporations are a essential to any economy. Commercial transactions code promulgated by federal law no. Hh sheikh khalifa bin zayed al nahyan, president of the uae and ruler of abu dhabi issued the federal decree law no. It will henceforth replace the existing law uae federal law no. The commercial transactions law promulgated by federal law no. On 1 april 2015, the uae government announced the issue of federal law no. This briefing note contains an update on legislative and.
Public health in the united arab emirates and ras al khaimah. Setting up a local company uae commercial companies law no. The arabic language is the one to be used in all records, contracts, files, statements and other documents as may be provided for in this law or in any orders or. United arab emirates ministry of labour and social affairs federal law no 8, for 1980, on regulation of labour relations we, zayed bin sultan al nahyan, president of the united arab emirates. Business regulations the official portal of the uae. However, it is not just uae onshore company law international. Employment of workers article 9 work is an inherent right of the nationals of the united arab emirates. Summary of the uae executive regulations of the federal. The draft ccl introduces a new obligation on managers and directors of all companies to preserve the companys rights and to work honestly and faithfully for the benefit of the company art. Even though the company is owned by its members, it is regarded as different from those members. A new regime for the regulation of anticompetitive behaviour in the united arab emirates uae was introduced by the federal law no.
Uae federal government has laid out specific rules to govern the legality of various. We, zayed bin sultan al nahyan, president of the united arab emirates, pursuant to the perusal of the provisional constitution. Uae federal government has laid out specific rules to govern the legality of various types of companies in uae. Fca uae,federal customs authority united arab emirates. Corporate governance and firm performance in listed. Our expert panel highlights the key laws and regulators investors need to be aware of. 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. We, khalifa bin zayed al nahyan, president of the united arab emirates. The new uae commercial companies law 2015 the ccl has now been in. The new uae commercial companies law federal law no. The law in a sense throws a veil between the company and its membersshareholder.
Business regulations related to mainland companies. The competition law came into force on 23 february 20 and introduces. The law replaces the previous enactment being federal law no. Authority, article 8 provides for composition of insurance authority to include a board. Employment of workers children and women section i. 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. 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. Summary of the uae executive regulations of the federal decreelaw 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. We, khalifa bin zayed al nahyan, president of the united arab emirates, pursuant to the perusal of the constitution, federal law no. Emirates insurance association eia according to the.
Uae companies law 2014,companies law uae downloan pdf,pdf. 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. Commercial agency under uae commercial agency law marina. Nbad was incorporated in abu dhabi, united arab emirates, on february 1968 with limited liability and is registered as a public joint stock company in accordance with the uae commercial companies law no. Work is a right of the united arab emirates nationals. A number of key changes were brought about by the enactment of the ccl, which introduced new legal concepts into the uaes corporate framework and impacted established market practices.