After years of speculation regarding a revamp of commercial companies’ law in the UAE, Federal Law No. 2 of 2015 concerning Commercial Companies (“New CCL”) will be implementing on 1 July 2015, replacing the existing Federal Law No. 8 of 1984 concerning Commercial Companies (“Old CCL”).
All Companies we’re required to revise their existing memoranda and articles of association to manifest and comply with the changes introduced by the New CCL, and any companies that fail to make the requisite amendments by 30 June 2016 will be automatically disperse.
The stated objective of the New CCL was to continue to develop UAE into a global business environment and standard market in particular, raise levels of good corporate governance, safeguard of shareholders and elevation of social responsibility of companies.
Emirates Chartered Accountants suggest necessary amendments in the Memorandum and association of the company’s Article to comply with the provisions of new commercial company law (UAE Federal Law No. 2 of 2015) effective from 1st July 2015.
The amendments to memorandum will be prepared, which is acceptable by UAE Court / Department of Economic Development, after consultation with the management of the company. The best interest of shareholders will be given due importance while drafting the amendments to the memorandum. For the same, necessary suggestions from our side will be provided.
The following tasks will be carried out by our team to make the amendment of Memorandum and Articles smooth process.
Any other details as per Government requirements.