(MENAFN- Emirates News Agency (WAM))
DUBAI, 18th April, 2019 (WAM) -- The provisions and variables of the new UAE Commercial Companies Law and DIFC Companies Law and their impact on the businesses were highlighted during a legal workshop hosted by the Dubai Chamber of Commerce and Industry (Dubai Chamber).
The workshop was organised in line with the chamber's ongoing efforts to inform the Dubai business community of the latest legal changes in the business environment and part of its mandate to help commercial enterprises operate more easily.
The workshop was attended by Dubai Chamber members, lawyers, legal practitioners, investors, consultants, managers, business owners and contract specialists. The session introduced the participants to the most important provisions of the UAE Companies Law and the DIFC Companies Law and the changes they are bringing to the business environment in the country.
Conducted by Charles Laubach and Danielle Lobo, Partners at Afridi & Angell, and Abdus Samad, Associate at Afridi & Angell, the workshop highlighted the main characteristics of the provisions and variables in the UAE and DIFC Companies Law, as well as the impact that these laws will have on companies and businesses in the UAE.
"The UAE Companies Law and its changes have added value to the business community and enhanced the country's status as an ideal destination for investment," Jehad Kazim, Director, Legal Services Department, Dubai Chamber, explained.
Charles Laubach and Danielle Lobo said, "The new Commercial Companies Law has been in effect for nearly five years now and has brought in important changes to commercial operations established in the UAE, especially limited liability companies. Although existing companies have been relieved from the requirement to amend their constitutive documents, some uncertainty remains. It is therefore essential to understand the key features of the law and how to comply with it, both for new and existing companies."
Abdus Samad stated, "The new DIFC Companies Law came into force in November 2018 and has introduced substantial enhancements to the corporate governance regime applicable to DIFC companies. Importantly, all DIFC limited liability companies have been converted to companies limited by shares and the concept of a ‘public' and ‘private' company has been introduced."
WAM/Rola Alghoul/MOHD AAMIR
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