A draft law on cybercrime aiming to deal with offences more seriously has been accepted by The Federal National Council of United Arab Emirates. The new draft seeks to amend the fines already in place.
Company Formation in New Zealand | Company Incorporation in New Zealand | Experts at Austria Business Registration, Corporate Bank Account Opening, Legal Services and Tax | Offices across Middle East, Asia, and Europe | Lawyers in Dubai
The open economy and dynamic market policies of New Zealand works as a magnet for investors. The investment opportunities that the country offers to its national and foreign investors have aided in ensuring that the country’s development is constant and uninterrupted. To know more about setting up your company in New Zealand, click on the link.
This article dates back before the enactment of the new UAE Bankruptcy Law (Law Number 9 of 2016). To read the developments contained in the new UAE Bankruptcy Law, please read our publication prepared jointly by STA’s team of lawyers in Dubai and lawyers in Abu Dhabi.
New and strategic partnerships can be a great way to reinvigorate a dull and lackluster business. This exercise has been carried out several times- Read the bespoke article written by STA Lawyers to learn about the legal responsibilities of a new partner in a company.
There is a pattern to the legal responsibilities of a new partner in a company. This pattern is, that every partner in a company is responsible for the debts of his entity within the limits of his share, regardless of the legal form of the business he is involved. There is no real difference, concerning legal responsibility, between founding partners, and new partners who enter the company after incorporation and commencement of the activity.
Company Formation in Bahrain | Company Incorporation in Bahrain | Experts at Bahrain Business Registration, Corporate Bank Account Opening, Legal Services and Tax | Offices across Middle East, Asia, and Europe | Lawyers in Dubai
I cannot say that the trillion Dollar Middle East market is not exploited. But what I can show you is the gateway to entering that trillion Dollar market – Bahrain. Bahrain has implemented numerous policies by which the country plans to increase the foreign investment. To know more, continue reading…
Dubai Law governing public private partnerships applies to partnerships entered into between all government entities under the Dubai government’s general budget, and private establishments and comapnies. Public-Private Partnerships offer a range of benefits.
What are the key difference in the legislation in this jurisdiction and other key international jurisdiction?
In comparison with other jurisdictions, the laws regulating the project financing in UAE are not too strong. The Federal Law Number 18 of 1993 concerning the Commercial Transactions Law (the commercial law) and the Federal Law Number 5 of 1985 concerning Civil Code (the civil code) governs the project finance in the country. However, these laws are not at par and are in comparison with other major countries are not too detailed. Further, concerning the civil code and the commercial code, the following are the main transactions which are not regulated by security laws of UAE:
The first and the principal difference in UAE and other jurisdictions is the lack of a concept of floating charges, the security law in UAE do not recognize the creation of security interest, either by mortgage or through the pledge. The security interest can only be created for assets that can be identified and ascertained.
In several jurisdictions, the court or the relevant government authority of that country requires them to register a mortgage over a movable property to allow for filling financing documents. However, UAE does not need parties to record for pledges over the movable property.
The UAE imposes a mandatory requirement on the parties to register the mortgage at Lands Department in the relevant Emirate and depositing documents of title in the bank is not sufficient.
In other jurisdictions, the assignor, and assignee enters into an assignment to notify the assignment debtor, however, under UAE law debtor’s consent is required for that particular assignment to be created.
Are there differences in the way project finance operates in the free zones and secondary jurisdictions?
Yes, there are variations in the operation of project financing in free zones and other jurisdiction since the free zone is in itself a separate jurisdiction in UAE. Henceforth, all the free zones have their own rules and regulations governing the project finance. The first difference that in most of the free zone the mortgages over land is not possible, however, the Jebel Ali Free Zone (JAFZA) passed Law Number 1 of 2002 concerning the lease of immovable property in JAFZA which allows for a mortgage over a building but still not over a land.
Within UAE, different Emirates have promulgated their local laws which govern the mortgage and pledge apart from the commercial code and the civil code. The Emirate of Dubai has implemented its own real estate law, Dubai Law Number 13 of 2008 concerning the Interim Real-Estate Register, this law conforms with the UAE laws to facilitate the registration of a security interest in the land.
It is advisable to operate in the free zones rather than the mainland because of the ownership restriction in the mainland. The foreign investors can enjoy hundred (100) percent ownership in the free zone as opposed to forty-nine (49) percent in the mainland.
Environmental law is a continuing source of controversy. Debates over the necessity, fairness, and cost of environmental regulation are ongoing, as well as regarding the appropriateness of regulations vs. market solutions to achieve even agreed -upon ends. Continue reading to learn about environmental law and practice in UAE.
Company Formation in Egypt | Company Incorporation in Egypt | Experts at Egypt Business Registration, Corporate Bank Account Opening, Legal Services and Tax | Offices across Middle East, Asia, and Europe | Lawyers in Dubai
The bold traditional background combined with modern corporate procedures attracts companies and investors from around the world. The Egyptian government has undertaken numerous initiatives to promote growth and investment in the country. If you are planning to start a company in Egypt, continue reading…