Companies' Legislations

Cabinet Decree No. (132) of 2023 Concerning the Administrative Penalties for Violations of the Provisions of Cabinet Decree No. (109) of 2023 on the Regulation of the Procedures of the Beneficial Owner

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Cabinet Decision No. 109/2023 On the Regulation of the Real Beneficiary Procedures

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مرسوم بقانون اتحادي رقم (15) لسنة 2023 بشأن تعديل بعض أحكام القانون الاتحادي رقم (6) لسنة 2018 بشأن التحكيم في قسم الشركات

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Federal Decree Law No. 37 of 2022 Concerning Family Companies (Businesses)

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Federal Decree-Law no. (32) of 2021 ON COMMERCIAL COMPANIES

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The law aims to enhance the openness of the UAE’s business climate in a way that supports the competitiveness of the national economy and the dynamism of the business environment. It is also aimed at providing a dynamic and advanced investment environment that enables investors to implement vital economic projects, increase the attraction of foreign companies and attract FDI to the country’s vital economic sectors. This Law's amendments include the development of financing solutions for companies and restructuring operations and finding solutions to the challenges faced by business activities operating in the UAE . The most prominent provisions and amendments to this Law include elimination of the maximum and minimum percentage of the founders’ contribution to the company’s capital at the time of the public offering, cancellation of the legal limitation of the subscription period, leaving the two matters to the specification drafted in the prospectus, elimination of the requirement for the nationality of the members of the board of directors, upholding the organization shareholders’ decisions in the election of board members, in accordance with the terms and conditions set by the competent authority, allowing branches of foreign companies licensed in the country to transform into a commercial company with UAE citizenship.

Cabinet Decision No. 102/2022 On the Issuance of the Regulation on the Administrative Penalties for Acts Committed in Violation of the Provisions of Federal Decree-Law No. 32 /2021 on the Commercial Companies

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Federal Decree-Law No. (37) of 2021 ON THE COMMERCIAL REGISTER

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Federal Decree-Law No. 37 of 2021 on Commercial Registry aims to make the Economic Register a comprehensive reference for economic activities in the UAE to help investors and companies develop their businesses based on documented, integrated and accurate information. The registry will serve as a significant resource that accelerates the growth of economic sectors and enhances the UAE’s position as a destination for future investments and innovative ideas in new economic sectors. The Law serves all members of the society and the concerned authorities in the government and the private sector both inside and outside the country. It specifically targets those who conduct economic activities in the UAE, including companies to which the provisions of the Commercial Companies Law apply, civil corporations that take a form of commercial corporations. As well as, companies established or contributed by the federal government or local governments, that are carrying out commercial activity in the country, companies and institutions that carry out a professional activity, companies established by law or pursuant to a law or decree to carry on a commercial activity, branches, offices and agencies of foreign companies, companies and establishments that carry out their activities in the UAE’s free zones, and sole proprietorship enterprises. The most prominent provisions and amendments to this Law include the establishment of the economic register as the official reference for data and information for establishments with economic activity in the UAE and enabling use of the unified economic register number as a digital identity for establishments.

Cabinet Decision No. 107/2022 On the Issuance of the Implementing Regulation of Federal Decree-Law No. 37/2021 on the Commercial Register

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Federal Law No (11) of 2019 regarding the Rules and Certificates of Origin

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This federal law was issued to clarify the rules for determining the country of origin for goods wholly obtained and goods wholly operated or produced; and for identifying cases of inadequate operation. The law also addresses all the details pertaining to verifying the country of origin, the pre-requisites and conditions for issuing a certificate or origin and validity thereof and the necessity of establishing a register for recording all preferential and non-preferential certificates of origin by the competent department at the Ministry of Economy. This is in addition to verifying the country of origin in terms of reviewing the origin documents and the obligations of the Ministry of Economy towards the country of origin. The law encompasses chapters on grievances, objections and appeals, penal and administrative punishment imposed upon breaching the provisions of the law and other closing provisions.

Cabinet Decision No. 43/2022 Issuing the Executive Regulation of Federal Law No. 11/2019 on the Rules and Certificates of Origin

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Federal Law No (6) of 2018 on Arbitration

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The provisions of this law apply to any arbitration conducted in the UAE, unless the parties thereto agree that another law should govern the arbitration – provided that it does not conflict with public order and morality in the UAE – as well as to any international arbitration conducted overseas and the parties thereto agree that it should be governed by this law. It also applies to any arbitration arising from a dispute concerning a legal relationship – contractual or otherwise – governed by the laws of the UAE. The law introduces the international character of arbitration, the arbitration agreement, the arbitration tribunal and selection thereof. It further details the prerequisites that must be met by the arbitrator, the arbitration procedures – insofar as the joining or intervention of new parties – equality of the parties, place and language of arbitration, statement of claim and defence; in addition to default of the parties and other relevant matters and affairs.

Federal Decree Law No (9) of 2016 on Bankruptcy

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The provisions of this federal decree law apply to companies that are subject to the Commercial Companies Law, companies that are not established under the Commercial Companies Law and are wholly or partly owned by the federal or local government, companies and establishments in the free zones that are not governed by particular provisions regulating protective composition procedures, licensed civil companies carrying out professional activities and any individual who is a trader. The law aims to regulate various cases of bankruptcy, prescribes the necessary legal tools for restructuring a debtor’s business and liquidation, by offering a set of means to avoid the same. These include financial restructuring outside of courts, protective composition and financial restructuring. The law also calls for the establishment of a permanent committee designated the “Committee of Financial Restructuring”.

Federal Law No (3) of 2015 Amending Federal Law No (2) of 1989 on Allowing GCC Nationals to Practice Retail and Wholesale Trade in the UAE

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Pursuant to this federal law, GCC nationals – who are natural or legal persons – are permitted to practice retail and wholesale trade in the UAE, based on the regulations and guidelines to be promulgated by a cabinet resolution. Also pursuant to this law, Articles (2) and (3) of Federal Law No (2) of 1989 on Allowing GCC Nationals to Practice Retail and Wholesale Trade in the UAE are voided, as well as any other provision contradicting the provisions of this law.

Federal Law No (17) of 2004 regarding Anti-Fronting in Commercial Transactions

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Pursuant to the provisions of this federal law, the fronting of any foreigner is prohibited – whether he be a natural or legal person – by using the name, license or commercial register of the front or by using any other method in light of the definition of fronting stated in Article (1) of the law. The law also details the penalisation of the front, which is set at a penalty not exceeding AED 100,000 and varies according to the fronted activities. In the event of re-offending, the front shall be imprisoned for a period not exceeding two years and shall pay a penalty of AED 100,000. The same punishment shall apply to the fronted party, along with deportation from the country after the punishment has been served and after having met all the obligations required. The name of the front shall be deleted from the commercial register with respect to the activity subject to fronting, his license shall be revoked, he shall be prohibited from engaging in that activity for a period of not less than two years and not more than five years from the date of the judgement.

Cabinet Decision No. 79/2022 Concerning the Controls of Motivating Commercial Companies to Exercise Their Social Responsibility

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Cabinet Decision No. 77/2022 Concerning Limited Liability Companies

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Cabinet Resolution No (55) Of 2021 regarding Determining the List of Activities with Strategic Impact

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Article (2) of this resolution identifies a list of strategic impact activities and the guidelines for licensing companies engaged in such activities, which include: security and defence activities, activities of military nature, banks, exchange houses, financing and insurance companies, money printing, telecommunications, Hajj and Umrah services, Holy Quran memorisation centres and services pertaining to fisheries in which UAE nationals maintain a 100% ownership. Pursuant to the provisions of paragraph (1) of Article (2), a foreign investor wishing to engage in a strategic impact activity must submit a licensing request to the competent authority, as per the guidelines and conditions set out in federal and local legislations that are relevant to that activity.

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