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UAE Nears Completion Of New Companies Law

by Lorys Charalambous, Tax-News.com, Cyprus

02 September 2010


The United Arab Emirates’ Minister for the Economy, Sultan Bin Saeed Al Mansouri has told business leaders that the comprehensive rewrite of companies legislation is in its final stages.

Addressing the Chamber of Commerce & Industry, Al Mansouri said that "final touches" were being applied to around ten laws that, when enacted, will improve the business environment in the UAE markedly.

“Preparations are underway to launch a batch of new laws in a bid to improve and modernize the current legislative system, and to further enhance the business environment in line with the UAE strategic vision for 2010," Al Mansouri said.

Al Mansouri confirmed a list of laws which have been comprehensively rewritten, including the Competition Law, Companies Law, Auditors Law, Foreign Investment Law, Certificate of Origin law, Arbitration law, Anti-Fraud law, and laws with respect to Industry and Industry Ownership.

“We believe that the new regulations will help us address concerns regarding commercial regulations and arbitration, and promote efficiency, transparency, and investor confidence,” Al Mansouri told attendees.

Mansouri disclosed that the new Companies Law text would be made public by the end of the year.

TAGS: United Arab Emirates | business | Sharjah | law | international financial centres (IFC) | offshore | corporate governance | small and medium-sized enterprises (SME) | legislation | regulation | Dubai

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