Do you know that all Joint Liability Companies, Simple Commandite Companies, Limited Liability Companies, Public & Private Joint Stock Companies need to re-draft their Memorandum of Articles and Association in relation to updated Commercial Company Law No. 2 of 2015? The last date has already been extended from 30 June 2016 to 30 June 2017. Incompliance can not only result in the dissolution of your company, but also a fine of AED 2000 per day.
In Order to facilitate businesses and enhance the role of the private sector, and to achieve a smooth transition to the new Companies Act, UAE Government has given approval for an extension for the period of one year. The total number of LLC companies number to 219,735 with the Ministry of Economy and with this huge number, it would be a difficult task to be fulfilled at the last stage.
In case, you require assistance, please feel free to contact me at firstname.lastname@example.org or call directly at 04 341 9701.
SHAHAB E. RAJA, Advocate