After years of back and forth and speculation that the existing UAE commercial company law would be overhauled, Federal Law No. 2 of 2015 finally came into effect in July 2015. There was very little fanfare at the time of the announcement, probably because a compliance deadline of June 30, 2016 was allowed for.
In general, employment relationships in the UAE are governed by Federal Law No. 8 of 1980 (UAE Labour Law) (as amended) which sets out all the employment regulations which apply to workers in the UAE, including foreign nationals. The UAE Labour Law applies to all employees working in the UAE with the exception of public officials and civil servants; members of the armed forces, police and security officers; and domestic servants and agricultural workers.
The Dubai Health Insurance Law No 11 of 2013 which came into effect last 1 January 2014 aims to create an integrated health system for Dubai and phases in the requirement for all employers in Dubai to have in place compliant health insurance coverage for their employees. This covers all companies who are registered in the Dubai mainland and all Dubai free zones.
Trench & Associates (T&A), established Dubai legal consultants are urging expatriates to exercise caution when making Wills. This follows multiple incidents of unlicensed service providers offering purported ‘Shari’ah Compliant’ or ‘Dubai’ Wills that have no legal certainty. Currently the only viable and legal route for non-Muslim expatriates in Dubai is that of DIFC Wills.
I’ve met with a number of clients over the past few months who are raising funds with Investors and I have highlighted below the things which I believe are required by Businesses if they want to be successful at raising funds with Investors.