UAE set to Enact New Companies Law: Update from International Expansion Services Team

The UAE government has recently approved a new company’s law, nearly a decade after it was first discussed. The draft will now be sent to the President for final approval.

Online PR News – 03-June-2013 – 1250 Oakmead Parkway, Suite 210 Sunnyvale, CA 94085, U.S – The UAE government has recently approved a new companies law, nearly a decade after it was first discussed. The draft will now be sent to the President for final approval.
Post enactment, the law will cover regulations regarding working of commercial companies in the country says Nair & Co. which provides international expansion services for companies setting up foreign operations. In future, a new law is expected for regulating professional firms and service companies as well.

Major Highlights: UAE New Companies Law

• Allows majority foreign ownership of commercial companies in the country.
• Ensures close monitoring and accountability of publicly traded companies.
• Introduces new provisions relating to voting rights and shareholders' rights.
• Ensures accountability, the law has set forth clear responsibilities for boards of directors, managers and auditors.
• Includes provisions on corporate social responsibility, definitions of kinship and types of companies.
• Bestows increased powers to the Securities and Commodities Authority to scrutinize business affairs of companies.

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