Corporate & Commercial Archives - Fichte & Co

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November 29, 2020

FICHTE WEBINAR: UAE Labor Law – Limited v Unlimited Contracts

Free Live Webinar UAE residents and companies are still very unsure of their employment rights until they are forced to defend those rights in court. Our webinar focuses on the difference between limited and unlimited contract, end of service gratuity under each contract. The webinar was presented both in English and Arabic, including 30 minutes...

November 24, 2020

UAE Overhauls Corporate Rules and Allows 100% Foreign Ownership in Mainland Companies

On November 23 2020, the UAE President, Sheikh Khalifa Bin Zayed Al Nahyan, issued a Decree amending 51 articles and introducing certain new provisions in Federal Law no. 2 of 2015 (Commercial Companies Law). This update aims at analyzing the primary impact of the Decree in the jurisdiction and its relevance for the corporate restructuring...

Direct Executory Force of Notarized Debts

In the UAE, a debt is directly executable before the UAE Courts where it has been notarized and stamped with a stamp of execution by a notary public. This may be an attractive route for settling debts, for debtors and creditors alike, due to the time and cost-efficient nature of the process. In particular, it...

October 21, 2020

Overview: Enforcement Proceedings of Domestic and Foreign Judgements in the UAE

Introduction In the UAE, the general procedures for the execution and enforcement of domestic and foreign judgements are set out in Federal Law No. 11/1992 and its recent amendments (Cabinet Decision No. 57/2018 and Cabinet Decision No. 33/2020) (together the “Civil Procedure Code”). Enforcement of domestic judgements Enforcement proceedings may be initiated after obtaining a...

October 20, 2020

A Partnership Between Fichte & Co. and Middlesex University Dubai

Since 2016, the partnership between Fichte & Co and Middlesex University Dubai, has focused on establishing a common platform in order to cultivate law students for their transition from academia to the professional industry. The partnership was also sealed by the signing of a Memorandum of Understanding, where both parties committed to a mutually beneficial...

October 4, 2020

UPDATE: UBO Registry – A new compliance request for UAE companies

Key Changes Summary: On August 28, 2020, a new Cabinet Resolution came into effect, to regulate the procedures of a real beneficiary for corporate entities. Cabinet Resolution no. 58 of 2020 (the “UBO Resolution”) replaces Cabinet Resolution no. 34 of 2020. The Resolution aims at setting a procedure for the uniform reporting and registration of...

September 27, 2020

NEW UPDATES: Economic Substance Regulations in the UAE

On 10 August 2020, The Cabinet of Ministers Issued Resolution No.57/2020 concerning Economic Substance Regulations (‘’Resolution 57’’). Resolution 57 amends and repeals the Cabinet of Ministers Resolution No. 31/2019, Cabinet Ministers Resolution No. 58/2019, and Cabinet Ministers Resolution No. 7/2020. Furthermore, following the issuance of Resolution 57, H.E the Minister of Finance issued new guidance...

The New Bankruptcy Law – Stepping up to Challenges in a Post-pandemic Economy

Throughout the United Arab Emirates (UAE), a collective frustration existed with insolvencies due to the time-consuming nature and significantly low recovery rates, which stemmed from outmoded insolvency laws under Book 5, Article 645-900 of Federal Law No.18/1993 (the ‘’Commercial Code’’). Under these ambiguous provisions, it was a criminal offense for directors to fail to petition...

September 20, 2020

How to Safely Close Down a Business in Mainland, UAE?

Introduction The two most prevalent routes that have been undertaken for liquidating a company are either ‘voluntary winding up’ specified under the Federal Law No. 2 of 2015 -The Commercial Company law (the “Companies Law”) and the Department of Economic Development setting out formal requirements for operating entities; or via ‘bankruptcy’ regulated by the Federal...

September 16, 2020

FICHTE WEBINAR: Fintech – Current Legal Implications and Future Challenges

Free Live Webinar UAE has become a preferred hub for fintech entrepreneurs and investors, it is more than merely a buzzword and continues to grow importance as it offers vast business opportunities and competitive advantages. The webinar focused on the transition to a cashless society, legal considerations related to it and future challenges, including 30...