News
UAE’s Ministry of Economy steps up campaign on ownership rules
Free zone companies face substantial fines if they haven’t registered details of ownership with licensing authorities by June 30
DMCC companies registered before January 2 2020 must adopt the new Articles of Association
DMCC companies registered before 2 January 2020 must compulsorily adopt the new Articles of Association
Important notes before applying for the new AOA
- Company license should be valid during the submission of the application
- No active sanctions on the company from DMCC
- All non-standard AOA will require a legal opinion
- The new articles should be submitted within 15 business days to the registrar No amendments in the rights of shareholder/company unless specifically provide otherwise
- No amendments in the rights of shareholder/company unless specifically provide otherwise
Documents Required
- Board Resolution/shareholder resolution If corporate shareholder,
- Certificate of incumbency (Attested in UAE embassy of the origin country)
- Standard / Non-Standard articles
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