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100 % FOREIGN OWNERSHIP OF MAIN LAND COMPANIES IN UAE
Traditionally, setting up a business in UAE mainland required a local partnership. Only Free Zone entities were allowed 100% foreign ownership. A recent announcement has radically changed the business landscape of UAE, allowing 100% foreign ownership in UAE mainland businesses. Investments in certain sectors and economic activities will benefit from this newscheme. Related Services: General…
CORPORATE INSOLVENCY REGIME IN UAE
UAE has multiple options when it comes to Corporate Insolvency. This article is the first in a series, detailing Corporate Insolvency options in UAE. ADGM being one of the most advanced in the country, with certain provisions comparable to U.S. options, is being examined in the first one of the series. The Abu Dhabi Global…
AMENDMENTS TO COMMERCIAL TRANSACTIONS LAW WITH REGARD TO DISHONOURED CHEQUES TRANSACTIONS
The UAE Cabinet has approved amendments to the Federal Law No. 18 of 1993, commonly known as Commercial Transactions Law. The approved Decree-Law shall come into force in the year 2022 and the provisions shall apply when the Decree-Law is published in the Official Gazette. The new provisions aim to discourage criminal proceedings against people…
ARBITRATION AND CONCILIATION ORDINANCE, 2020
The Arbitration and Conciliation (Amendment) Ordinance, 2020 was promulgated with the purpose of preventing the enforcement of arbitral awards involving fraud or corruption. The stakeholder parties now have an opportunity to seek an unconditional stay of enforcement of arbitral awards when the arbitration agreement or award was induced by fraud or corruption. The provision has…
CLAIM FOR ALIMONY AND MAINTENANCE IN UAE
The ‘Sharia Law’ or the UAE Personal Status Law is the legislation governing family matters in UAE. The Personal Status Court deals with family matters such as marriage, divorce, alimony, guardianship, custody and visitation, maintenance etc. Article 1 of the Law provides that the Law applies to all UAE residents – Emiratis and Expats, Muslims…
AMENDMENTS TO UAE COMMERCIAL AGENCY LAW
The amendments to the UAE Commercial Agency Law (CAL) brought about by Federal Law No. 11 of 2020, makes a significant addition to the types of UAE legal entities that can register a Commercial Agency arrangement at the Ministry of Economy, UAE. Commercial Agency is basically an arrangement entered into between a Producer/Manufacturer and his…
Purchase Financing in UAE – Recent changes in Law
On 01/06/2020, Federal Law No. 4 of 2020 on Guaranteeing Rights Related to Movables (New law) repealed Federal Law No. 20 of 2016 on mortgaging of movable property as security for debts (Old law). The Old law, had put in place a regime for registering security interests over movable assets in UAE and bridged various…
A FAST TRACK TO SAVING LEGAL COSTS FOR BUSINESSES: PREVENTIVE LEGAL METHODS
Businesses spend large amounts in litigation costs every year. The amounts lost on account of lost claims are frighteningly higher. An emerging trend is to identify and prevent or reduce such losses at an early stage, resulting in substantial financial benefits to businesses. There are various innovative ways by which potential legal risks can be…
SIX THUMB RULES TO BEAR IN MIND BEFORE ENTERING AN ARBITRATION AGREEMENT
Arbitration is a legally binding private dispute resolution mechanism outside of courts. In arbitration, disputes are resolved by one or more arbitrators appointed by the parties through agreement. Arbitrator is bound to issue a final binding decision after reviewing evidence and hearing arguments of the parties, much like a court process. Arbitration awards are final,…
UAE now allows 100% Foreign Ownership of Maritime Businesses
Foreign Ownership of Maritime Businesses The UAE Government has announced foreign ownership of maritime businesses in the country are now allowed. It follows the issuing of the positive list which is the official list of the commercial activities in which 100% foreign ownership is allowed. It will allow people to register vessels under the Emirati…