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| UAE Nears Completion Of New Companies Law |
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, September 02, 2010
The United Arab Emirates’ Minister for the Economy, Sultan Bin Saeed
Al Mansouri has told business leaders that the comprehensive rewrite of companies
legislation is in its final stages.
Addressing the Chamber of Commerce & Industry, Al Mansouri said that "final
touches" were being applied to around ten laws that, when enacted, will improve
the business environment in the UAE markedly.
“Preparations are underway to launch a batch of new laws in a bid to
improve and modernize the current legislative system, and to further enhance
the business environment in line with the UAE strategic vision for 2010,"
Al Mansouri said.
Al Mansouri confirmed a list of laws which have been comprehensively rewritten,
including the Competition Law, Companies Law, Auditors Law, Foreign Investment
Law, Certificate of Origin law, Arbitration law, Anti-Fraud law, and laws with
respect to Industry and Industry Ownership.
“We believe that the new regulations will help us address concerns regarding
commercial regulations and arbitration, and promote efficiency, transparency,
and investor confidence,” Al Mansouri told attendees.
Mansouri disclosed that the new Companies Law text would be made public by the end
of the year.
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