UAE Business Laws: Compliance Guide for Foreign Firms
Overview of UAE business laws for foreign companies, detailing compliance with Commercial Companies Law, UBO rules, AML obligations, and penalties.
What was corrected
The UAE Commercial Companies Law, codified as Federal Decree-Law No. 32 of 2021, is the foundational legislation governing corporate entities in the UAE. It replaced the earlier Federal Law No. 2 of 2015, and this same 2021 law removed the requirement for UAE national majority ownership in most business activities.
The UAE Commercial Companies Law, codified as Federal Decree-Law No. 32 of 2021, is the foundational legislation governing corporate entities in the UAE. It replaced the earlier Federal Law No. 2 of 2015. The removal of the requirement for UAE national majority ownership in most business activities was introduced slightly earlier, via Federal Decree-Law No. 26 of 2020 amending the 2015 law, with the ownership provisions taking effect June 1, 2021.
Suggested change
Removed two fabricated "our analysis"/"our analysts" authority-voice instances, and fixed a citation error that attributed the removal of the UAE's 51% foreign-ownership requirement directly to Federal Decree-Law No. 32 of 2021 (a general Companies Law codification); the ownership-removal actually came via Federal Decree-Law No. 26 of 2020, with provisions effective June 1, 2021.
Why this is better
The article had wrongly credited the removal of the 51% UAE-ownership requirement to Federal Decree-Law No. 32 of 2021 (the general Companies Law codification); the ownership change actually came via the separate Federal Decree-Law No. 26 of 2020.
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