mainland Archives - Fichte & Co Legal

Approaching Deadline: Amendments to Constitutional Documents of Mainland Companies

Dr. Laura Voda — Tue, 19 Oct 2021 01:49:50 +0000

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 Law did not only abolish the general requirement for Emirati Majority participation but also introduced new and amended provisions for …

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

Dr. Laura Voda — Tue, 24 Nov 2020 07:32:36 +0000

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 …

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

Fichte Legal — Sun, 04 Oct 2020 10:19:19 +0000

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 …

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

Dr. Laura Voda — Sun, 20 Sep 2020 05:15:57 +0000

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 …

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RAKEZ is Now Offering 100% Ownership

Neelesh Pillai — Sun, 30 Aug 2020 03:13:24 +0000

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 relief packages including fee waivers, rent holidays, and waivers of penalties and also introduced new license packages with a reduced …

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

Neelesh Pillai — Tue, 09 Jul 2019 10:35:18 +0000

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 several initiatives taken by the Govt of UAE, in November last year, a law permitting 100 per cent foreign ownership …

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Onshore License For DIFC Free Zone Companies To Operate Across Dubai

Fichte Legal — Tue, 11 Jul 2017 02:02:09 +0000

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”) with the Dubai Economy, the registration authority for onshore companies in Dubai, to allow companies operating within the DIFC to …

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