Approaching Deadline: Amendments to Constitutional Documents of Mainland Companies

The Federal Law by Decree No. 26 2020 (“Decree Law”), issued on November 23, 2020, introduced new provisions amending various aspects of the Federal Law No.2 2015 regarding Commercial Companies (“Commercial Companies Law”). The Decree…

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: 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…

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”)…

RAKEZ is Now Offering 100% Ownership

RAKEZ OFFERS 100% FOREIGN OWNERSHIP IN MAINLAND WITH FDI COMPANY SET-UP In response to the UAE Government’s efforts to provide relief to businesses during the COVID-19 pandemic, a number of free zones have announced major…

New Foreign Direct Investment Law (Federal Law No. 19 of 2018): Upto 100% Foreign Ownership in the UAE

The Government of UAE has always taken initiatives in the improvement of the economy of the country by amending the existing Law or introducing new Laws, to attract more foreign investors to the country.  Among…

Onshore License For DIFC Free Zone Companies To Operate Across Dubai

The Dubai International Financial Centre (“DIFC”), a leading financial free zone in the UAE, issued a press release (“Press Release”), on 1 May 2017, stating that it has entered into a memorandum of understanding (“MoU”)…