The new UAE Companies law all set to revolutionize business environment

The new UAE Companies law all set to revolutionize business environment-YesGulf

Hyatt Regency Dubai Creek Heights held a meeting “Talk business at breakfast” presided by the President & CEO of Dubai Chamber, H.E Hamad Buamim. The highlight of the meeting was UAE companies Law along with UAE economy and business environment that Minister of Economy chose to talk about.  H.E Al Mansouri stated that UAE is striving to stand alongside the top countries in the world by 2021. The strategic priority for the economy to ensure economic growth is small and medium size enterprises (SMEs), innovation and key drivers of entrepreneurship. Furthermore, he stated that 94% of UAE companies are SMEs which make up 60 % of GDP.

Al Masouri clearly stated that the target is to achieve 100 % and 96.3 % of UAE government services are smart at the present moment. He told that oil and gas sector backed 33 per cent of UAE economy while non-oil sector contributed to 76 % of the economy. The minister estimated the GDP growth of 2015 to be 4.5 % while 2014’s GDP growth was 4.8 %. He made a statement that UAE was the prominent country in Arab world for foreign investment.

Major investment sectors comprise of alternative energy, petrochemicals, transport and infrastructure, healthcare, tourism, agriculture and defense.

Talk business at breakfast

The minister also talked about legal infrastructure and stated that crucial laws regarding commercial fraud, arbitration, Anti-dumping laws and foreign investment are in process at the moment.

As per the Minister, the most challenging of all the laws UAE government has passed was the intricate and complex Companies Law as it took 20 years of consultation within various departments as well as stake holders.

In April, Federal National Council approved the law. The law contains a total of 378 articles which are divided into 12 chapters that take into account general establishment of companies, mergers, acquisitions, foreign companies, limited liability companies, inspection of companies and financial and transitional provision.

The law enhances competitiveness, corporate governance and increases development of business environment. As per Buamim, “This new Companies Law solidifies security of shareholders augments transparency and disclosing of financial data.”

Talk Business at Breakfast is business event held quarterly. The main aim of the event is to consolidate the relations between government authorities and business community.