You may have heard that there were changes to the Commercial Companies Law last year.
You may have heard that there is an extension for companies to comply with the Commercial Companies law (the deadline is 30 June 2017).
But did you know that despite an extension, there are still strict penalties for a company failing to comply with the Commercial Companies law, including amending their constitution?
Should a company fail to amend it's constitution by 30 June 2017, it will be deemed to be dissolved.
To compound matters, a daily fine of AED 2000 will be imposed on any company that fails to comply by the deadline.
Most companies are unaware that there are certain matters that need to be updated in their Memorandum of Association. For example,
Legal and Compliance Officers risk facing unusually heavy fines and penalties should they fail to carry out their legal duties as outlined in UAE law. Worryingly, most are unaware of their duties.
Some of the duties that Legal and Compliance Officers should be aware of include:
The fines for failing to observe these legal duties are as follows:
If you want to save money, reduce your risk and ensure your company is compliant with the Commercial Companies Law contact James Berry & Associates to find out how we can help.
James Berry & Associates provides compliance services to help companies amend their constitution. We also offer company secretarial services to assist Legal and Compliance Officers of a company to carry out their duties; thereby protecting them and the company from heavy fines and penalties arising from a failure to observe legal duties outlined in UAE law. Should you wish to benefit from these services, we would be happy to assist you and answer any queries you may have. Please feel free to contact James Berry at firstname.lastname@example.org.
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