Department of Economic Development (DED), Abu Dhabi, has called on registered companies to amend their articles of association and bylaws so they can be approved as per the guideline form mutually approved by the DED and Abu Dhabi Securities Exchange (ADX).
Khalifa bin Salem Al Mansouri, DED's Acting Under-Secretary, said this procedure comes as part of DED's commitment to activate articles of the Federal Companies Law No. 02 of 2015 in relation to the amendment of the articles of association and bylaws of all legal forms of companies.
"A mechanism was set to amend articles of association and bylaws in a way that complies with the Federal Companies Law, and DED is now notifying all public joint stock companies of this mechanism so they can adjust within the grace period legally given to them, which ends on June 30, 2016," he explained.
He added that as far as private joint stock companies are concerned, the DED has coordinated with the Ministry of Economy to agree on a mechanism to activate the law and inform such companies how to amend their articles of association and bylaws and the proposed guideline form for them.
As for other legal company forms, such as joint liability companies, limited partnership companies and limited liability companies, the DED is not informing them to adjust their status and amend their articles of association.
Khalifa said to finalise amendment procedures, DED's Abu Dhabi Business Center has been in contact with the Notary Publics Division at the Judicial Department to acquaint notary publics with the measures taken by DED. The Notary Publics Division expressed willingness to put all efforts into facilitating the process of attesting the new articles of association and bylaws.
Mohammed Munif Al Mansouri, Acting Executive Director of Abu Dhabi Business Centre, instructed the centre's customer service staff to facilitate and streamline the procedures and quickly process all paperwork related to articles of association in line with the provisions of the Commercial Companies Law.
The Commercial Companies Law No. 02 of 2015 has 378 Articles. Its provisions and the executive regulations and resolutions issued to execute it apply to commercial companies that are established in the UAE, while the articles and provisions dealing with foreign companies apply to the foreign companies that use the UAE as a centre for any commercial activity or establish a branch or representation office in the UAE.
The Federal Law has set a number of definitions and domains, including the "Individual (or Sole Proprietorship) Company" as the law allowed a single natural individual to establish and own a private limited liability company where the owner is only responsible for liabilities equal to the company capital as set in its articles of association and is subject to the provisions of the Limited Liability Company as set in this law.