Published On: 18-4-2019

Dubai, UAE: Dubai Chamber of Commerce and Industry (Dubai Chamber) hosted a legal workshop today at its premises, which focused on key features and requirements under the new UAE Commercial Companies Law and DIFC Companies Law. This comes in line with the Chamber’s ongoing efforts to inform the Dubai business community of the latest legal changes in the business environment and as part of its mandate to help commercial enterprises operate more easily.

Organised in collaboration with Afridi & Angell, the workshop was attended by Dubai Chamber members, lawyers, legal practitioners, investors, consultants, managers, business owners and contract specialists. The session introduced the participants to the most important provisions of the UAE Companies Law and the DIFC Companies Law and the changes they are bringing to the business environment in the country.

Run by Charles Laubach and Danielle Lobo, Partners at Afridi & Angell and Abdus Samad, Associate at Afridi & Angell, the workshop highlighted the main characteristics of the provisions and variables in the UAE and DIFC Companies Law, as well as the impact that these laws will have on companies and businesses in the UAE.

Jehad Kazim, Director, Legal Services Department, Dubai Chamber explained that Dubai Chamber always keens on sharing the knowledge related to business sector and its regulation by hosting specialised training courses, legal workshops and awareness sessions.

“The UAE Companies Law and its changes have added value to the business community and enhanced the country’s status as an ideal destination for investment,” Kazim explained.

Charles Laubach and Danielle Lobo said: “The new Commercial Companies Law has been in effect for almost five years now and has brought in important changes to commercial operations established in the UAE, especially limited liability companies. Although existing companies have been relieved from the requirement to amend their constitutive documents, some uncertainty remains. It is therefore essential to understand the key features of the law and how to comply with it, both for new and existing companies.”

Abdus Samad commented “The new DIFC Companies Law came into force in November 2018 and has introduced substantial enhancements to the corporate governance regime applicable to DIFC companies. Importantly, all DIFC limited liability companies have been converted to companies limited by shares and the concept of a ‘public’ and ‘private’ company has been introduced.

Dubai Chamber’s agenda to support business growth in Dubai includes a programme of seminars and workshops that enhance the awareness and culture of the business community about the latest developments and laws governing the business environment. The programme forms part of the chamber’s continuous efforts to create a stimulating environment for commercial enterprises operating in Dubai.