Dubai Chamber Workshop Sheds Light on the Provisions of New Commercial Companies Law
As part of its efforts to help companies understand and comply with the new Commercial Companies Law, Dubai Chamber of Commerce and Industry organised a workshop in association with Baker&McKenzie Habib Al Mulla law firm, highlighting the notable changes introduced by the new law.
The workshop, which was attended by Dubai Chamber members, lawyers and legal consultants, investors, contract specialists, general managers and business owners, provided insights into the provisions of the new Commercial Companies Law while assessing its impact on companies operating in the country.
Ms Jehad Kazim, Director, Legal Services, Dubai Chamber , said: “The new UAE Commercial Companies Law No. 2 which replaced Federal Law No. 8 of 1984 came into force in July this year and aims to promote the rules of governance and corporate social responsibility, protect the rights of shareholders and partners, and support the flow of FDIs to the country.”
She further stressed that companies in the UAE have been given a year from the launch date to comply with the provisions of the new law therefore it is of prime importance to understand how this law impacts a company whether it is a Limited Liability Company (LLC) or a Public Joint Stock Company (PJSC).
“This workshop which dealt with the provisions of the new Commercial Companies Law for foreign companies while also highlighting how different the new law is from the previous law will go a long way in helping UAE companies to adopt the new law within the set time limit,” she added.
The workshop was conducted by Dr. Habib Al Mulla, Chairman, Mazen Boustany, Partner, and Jayshree Gupta, Partner, Baker&McKenzie Habib Al Mulla, a member of Baker & McKenzie International, a Swiss Verein.
Commenting on the workshop, Al Mulla said: “Organisations conducting business in the UAE are advised to carefully review the text of the new Commercial Companies Law and to seek legal advice before proceeding with any activity or act that has been re-regulated by the new Commercial Companies Law. We are pleased for our cooperation with Dubai Chamber in holding this seminar. Such initiatives benefit not only the participants but the community in general.”
Dubai Chamber regularly organises training, seminars and workshops to serve the business community in boosting their trade and contributing to the economic growth of Dubai.