Dubai Chamber workshop sheds light on provisions of new Commercial Companies Law

Dubai Chamber of Commerce and Industry recently organised a workshop in association with the Baker and McKenzie Habib Al Mulla law firm, highlighting the notable changes introduced by the new Commercial Companies 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 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 it 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.

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.