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United Arab Emirates > Legal Developments > Law firm and leading lawyer rankings


New rules for UAE companies

New rules for UAE companies 

Camille Chamoun, Partner at Law House, explains how the UAE’s new Commercial Companies Law will impact businesses in the UAE The eagerly awaited new Commercial Companies Law came into effect on 1 July 2015 as UAE Federal Law no. 2 of 2015, (CCL). Despite what was anticipated, the new law did not live up to the market’s expectations on several counts; primarily because it does not include the relaxing of the 51 per cent local UAE national ownership in Limited Liability Companies, which might be dealt with under a new Foreign Investment Law instead. The CCL does however introduce some new concepts, a couple of which introduced new dynamics and flexibility to the market and might assist the UAE to attract more foreign investments. Two of the concepts introduced in the CCL are holding companies and single shareholder companies.