Dubai, UAE: The Dubai Chamber of Commerce and Industry recently hosted a workshop at its premises which focused on key features and requirements under the new UAE Commercial Companies Law.
The workshop, organised by the Chamber in cooperation with Afridi & Angell Legal Consultants, was attended by Dubai Chamber members, lawyers and legal professionals, general managers, business owners, corporate counsel, investors, and contract administrators.
Presentations during the event provided participants with an overview of the important changes and benefits brought forth by the law, including recognition to concepts and opportunities for innovative structures that might not have been previously possible.
The UAE Commercial Companies Law came into effect in 2015 and introduced a number of changes that apply to businesses in the country. Article 347 of the law gave companies that were already in existence until June 2016 to amend their Memorandum of Association and Articles of Association. The deadline was later extended for existing companies by one year.
The event was moderated by Charles Laubach, Partner, Afridi & Angell Legal Consultants, and Rahat Dar, Senior Associate, Afridi & Angell Legal Consultants, who reviewed the differences between the previous and new commercial laws, as well as the penalties and consequences for companies that fail to comply.
Jehad Kazim, Director, Legal Services Department, Dubai Chamber, explained that the UAE Commercial Companies Law was designed to enhance the competitiveness of the business community and improve investor confidence, while it also includes the highest international standards.
“The workshops are an integral part of Dubai Chamber’s efforts to raise awareness about regulation and key issues that impact the local business community. The strong interest and participation in these events reflects a maturing market where companies take a pro-active approach to staying informed and compliant with regulatory changes,” said Kazim.
During the presentation, Laubach explained that although existing companies have recently been relieved from the requirement to amend their constitutive documents, some uncertainty still remains. Therefore, he said that it is essential for new and existing companies to understand the key features of the new law and how to comply with the latest requirements.
Dubai Chamber regularly organises seminars and workshops to keep companies and industry stakeholders informed of regulatory matters and their legal rights. These initiatives fall in line with the Chamber’s mission to create a transparent and supportive business environment.