The President of the UAE issued a decree by law amending the Companies Law, allowing entrepreneurs and foreign investors the ability to fully establish and own companies without the need for a specific nationality.

According to the Emirates News Agency, the requirement that a foreign company wishing to open a branch within the country has also been canceled to have an agent from among the country's citizens. >

The amendments included reorganizing some provisions and rules for limited liability and shareholding companies, and canceling Decree-Law No. 19 of 2018 regarding foreign direct investment.

and the decree of the law of the competent local authority granted powers that include determining a certain percentage of citizens' participation in the capital or boards of directors of all companies that are established within their jurisdiction, and approval of applications for establishing companies Other than joint-stock companies and determining fees according to the controls approved by the Council of Ministers.

and the decree-law stipulated the reorganization of the governance of boards of directors and the general assembly in joint stock companies, and permission for non-joint-stock companies to practice activities of investing funds for the account of others if the laws governing these activities were approved. Or the decisions issued pursuant to it.

and granting the decree of the Securities and Commodities Authority the authority to set controls and procedures for evaluating in-kind shares, and to register the names of shareholders to attend the company's general assembly.

and it is permissible to appoint members of the board of directors with experience who are not shareholders without specifying a specific percentage, and it is also permitted to dismiss the chairman or any of the members of the company's board of directors or any of its executive management From their positions in the event of a final court ruling proving that they committed fraud, abuse of power, or the conclusion of deals or dealings involving conflict of interests in violation of the provisions of this law or the decisions implementing it.

and the decree in the law permits that a shareholder or shareholders collectively file a lawsuit before the competent court in their name and on behalf of the company against any party related to the company for damages to the company, resulting from Violating the duties towards the company according to this law or any other law.

and in order to meet the requirements of the current stage and the changes it has witnessed, the amendments allowed electronic voting in the general assembly meetings, provided that the controls and conditions issued by the authority in this regard are adhered to. Shares certificates, their signature and electronic retention, in accordance with the regulations issued by the Authority in this regard.

NamaaZone " The Power of Knowledge"