Corporate Governance is the system under which companies are properly directed and controlled. It provides value to the company as a whole and takes into account the corporate and social responsibility of the company’s stake holders and shareholders.
Managing Partner James Berry said: “Many companies in Dubai do not place Corporate Governance and Compliance as high on their list Of priorities as they should when it comes to the running Of their businesses, even though there is a Commercial Companies Law in place which Obliges them to do so, It can sometimes come as a surprise to learn that the laws of the UAE do in fact call upon businesses to file Corporate Governance documents with the Company
The UAE Federal Law No (2) of 2015 Concerning Commercial Companies (the “New CCC), which was published in the Legal Gazette on 31 March 2015 refers to Corporate Governance several times. Although a Ministerial Decision on how Corporate Governance Will be implemented has yet to be issued, companies are being advised to be prudent and to Start creating mechanisms to incorporate Corporate Governance and compliance mechanisms into their corporate framework.
The New CCL requires all companies to amend their Memorandum and Articles of Association to comply with the new law with immediate effect.
The New CCL also requires companies to keep certain documents at the newly created Company Registry Are your documents in one safe place to enable them to be filed at the Registry when it is officially opened?
The Corporate Governance and Compliance Department Will assist clients with onshore and free-zone companies (not including DFC) to ensure they are compliant with the New CCL law, including the above-mentioned requirements.
In addition, we will be providing an annual package to our clients focusing on Corporate Governance and Compliance of their company within the New CCL framework:
The package will include the following services:
- Maintenance Of the annual statutory registers and minutes.
- Ensuring that the company does not miss any statutory deadlines.
- Annual General Meeting Notices, Resolutions and Filings,
- Safe-keeping of original corporate documents.
- Annual Renewals of Registrations.
- Share Transfers and Registrations
- General Manager and Registered Office Amendments.
- Lease Renewal
- Assisting With filing of documents at the Company Registry.
- Acting as Registered Agent and Registered Office for Offshore Companies.
- Arranging Documentation for Bank Accounts.
The Department will also be able to advise On appointing nominee Executive Directors and Company Secretary, Directors’ And Shareholders Duties and Responsibilities and Winding up and Dissolving a Company (Liquidation).
If you like to know more about the New CCL and how this may affect your company, please contact us at firstname.lastname@example.org
James Berry & Associates, recently celebrating 25 years in the MENA region, has its head Office in Dubai, United Arab Emirates. The Firm formalized its presence in the Middle East in 1989, after many years of contributing to the development of the legal profession in Dubai. The firm today has over 12 specialist lawyers and a network of professional colleagues around the region.
The Firm advises corporate, financial institutions. Private individuals, and governments. The Firm has a particularly strong reputation for its work on mergers and acquisitions and other transnational matters.