UAE set to Enact New Companies Law: Update from International Expansion Services Team

The UAE government has recently approved a new company’s law, nearly a decade after it was first discussed. The draft will now be sent to the President for final approval.

Online PR News – 03-June-2013 – 1250 Oakmead Parkway, Suite 210 Sunnyvale, CA 94085, U.S – The UAE government has recently approved a new companies law, nearly a decade after it was first discussed. The draft will now be sent to the President for final approval.
Post enactment, the law will cover regulations regarding working of commercial companies in the country says Nair & Co. which provides international expansion services for companies setting up foreign operations. In future, a new law is expected for regulating professional firms and service companies as well.

Major Highlights: UAE New Companies Law

• Allows majority foreign ownership of commercial companies in the country.
• Ensures close monitoring and accountability of publicly traded companies.
• Introduces new provisions relating to voting rights and shareholders' rights.
• Ensures accountability, the law has set forth clear responsibilities for boards of directors, managers and auditors.
• Includes provisions on corporate social responsibility, definitions of kinship and types of companies.
• Bestows increased powers to the Securities and Commodities Authority to scrutinize business affairs of companies.

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About Nair & Co.

Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore.Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com

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Contact Information
Anuja Doshi
Nair & Co.
1250 Oakmead Parkway, Suite 210 Sunnyvale, CA 94085, U.S
Sunnyvale CA, 94085

44 117 929 9661