Uae federal government has laid out specific rules to govern the legality of various types of companies in uae. Work is a right of the united arab emirates nationals. Our expert panel highlights the key laws and regulators investors need to be aware of. Setting up a local company uae commercial companies law no. On 1 april 2015, the uae government announced the issue of federal law no. We, khalifa bin zayed al nahyan, president of the united arab emirates, pursuant to the perusal of the constitution. Subscribe to our free ebooks blog and email newsletter. President of the united arab emirates state this federal law has been published in the official gazette, issue no. Be sure to check the laws for your country before downloading, reading or sharing this file. 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. 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.
Side agreements business law individual assignment i. It will henceforth replace the existing law uae federal law no. 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. Entrepreneurship policies in the united arab emirates. Article 10 in the event of nonavailability of national workers, preference shall be given to. Business regulations related to mainland companies. The uae does not have unified federal oil and gas laws, explains arman. A new regime for the regulation of anticompetitive behaviour in the united arab emirates uae was introduced by the 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. Others may not by employed in the united arab emirates except as provided for in this law and its executive orders. Summary of the uae executive regulations of the federal. 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. 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. Hh sheikh khalifa bin zayed al nahyan, president of the uae and ruler of abu dhabi issued the federal decree law no. After perusal of the provisions of the provisional constitution. 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. Hence accounts maintenance in dubai and all other emirates in uae is compulsory.
Jul 01, 2015 while the nccl replaces the previous commercial companies law uae federal law no. Introduction the commercial companies law of the united arab emirates federal law no. Solved introduction the commercial companies law of the. An overview of the uaes new commercial companies law uaes.
Reinsurance activities may, however, be conducted outside the free zone. Download free ebooks of classic literature, books and novels at planet ebook. The application of the uae company law of 1984 as amended in 1988, has since become well established. There are basically 7 types of legal entities under commercial law company lawof uae. 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. Entrepreneurship policies in the united arab emirates wikipedia. There are special labour related regulations applicable in some of the free zones in the uae.
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. Briefing series on the draft uae commercial companies 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. Even though the company is owned by its members, it is regarded as different from those members. Business regulations the official portal of the uae. There are basically 7 types of legal entities under commercial law company law of uae. The new ccl was introduced in july as federal law no. Article 2 terms used herein shall have the following meanings, unless otherwise stated. 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.
The following is a snapshot of the key developments brought about by. As usual, the arabic text of the new ccl will prevail over the english version so a. Private sector in electricity and water production in the. Maintain of books of accountsaccounting records emirates. Uae companies law 2014,companies law uae downloan pdf,pdf. 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 corporate law in the uae governs the establishment, ownership and management of companies in dubai and the rest of the emirates. This book was published in australia and is out of there. Amendment of the uae trademarks law home easyway ip.
The following are required to be fulfilled with respect to the appointment of external auditors. The competition law came into force on 23 february 20 and introduces. Companies and corporations are a essential to any economy. 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. We, zayed bin sultan al nahyan, president of the united arab emirates, pursuant to the perusal of the provisional constitution.
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. The new uae commercial companies law federal law no. A new commercial companies law replaced most of federal law no. Labor matters in the uae are regulated by federal law no.
The law in a sense throws a veil between the company and its membersshareholder. 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. Issuing the commercial transactions law we, zayed bin sultan al nahyan, president of the united arab emirates state. What are the key recent developments affecting doing business in your jurisdiction.
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. Uae federal law 8 of 1980 concerning the regulation of. 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. 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. An employer may dismiss a worker without notice in any of the following cases. We zayed bin sultan al nahyan, president of the united arab emirates, with cognizance.