Federal Law No. 2 of 2015 (the New Commercial Companies Law, (NCCL)) was issued and contained in Federal Gazette No. 577 with the publication date of 31 March 2015. As such the new law comes into effect three months from the date of the publication in the Official Gazette i.e. 1 July 2015.While the NCCL replaces the previous Commercial Companies Law (UAE Federal Law No. 8 of 1984, as amended, (CCL)), it mostly maintains the same framework and features of the CCL. The NCCL anticipates and relies on later publication of various regulations to implement and/or expand upon many of its operative provisions. These further regulations are imperative to fully and comprehensively assess the NCCL.
The main new concepts introduced by the NCCL are: