Federal Decree-Law No. (14) of 2024 Regarding the Regulation of Traffic Rules
October 29, 2024
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ME-ALLIANCE LEGAL INSIGHT
Memorandum of Association
Federal Law No. 32 of 2021 concerning Commercial Companies was issued, which regulates the operation of commercial companies in the UAE and defines the provisions of the Memorandum of association . The main objective of this law is to provide a legal framework that defines the rights and legal obligations of partners, aiming to enhance transparency and accountability within the company.
The ninth (9)article of the decree-law defines the forms of commercial companies in the country , which are:
• Partnership Company
• Limited Partnership Company
• Limited Liability Company
• Public Joint Stock Company
• Private Joint Stock Company.
The Memorandum of Association is a governing document that regulates the relationship among partners within the company. It defines their rights and obligations, the methods for distributing profits and losses, and the administrative procedures, contributing to transparency and organization within the company.
Article 42 of the Decree-Law stipulates that the company’s Articles of MOA must include the following information:
• The full name of each partner, their nationality, date of birth, and place of residence.
• The name of the company, its address, its trade name (if applicable), and the purpose of its establishment.
• The company’s head office and its branches, if any.
• The company’s capital, the shares of each partner, their estimated value, how they are assessed, and the due date for payment.
• The start and end dates of the company, if applicable.
• The percentage of profit and loss distribution.
• Conditions for the transfer of shares in the company, if any.
• Methods for resolving disputes arising from the company’s activities.
The MOA must be authenticated through the notary in order for the company to be registered with the Department of Economic Development in Abu Dhabi to obtain a commercial license.
At the United Middle East Legal Consultancy Office, we provide services for establishing partnerships, simple command partnerships, and limited liability companies through a comprehensive team of top specialized lawyers with expertise in corporate procedures. Our services include the following:
○ Hold a meeting with consultants to discuss the appropriate legal framework for the company.
○ Preparing a draft of MEMORANDUM OF ASSOCIATION.
○ Registration of the trade name with the Department of Economic Development.
○ Notarization of the company’s memorandum of association with the Department of Economic Development through the office.
In coordination with Nasser Bati Al Ahbabi advocates , we can proceed with notarizing the Articles of Incorporation and any amendments thereto, including the sale of shares and transfer of ownership of the company, in accordance with the procedures followed by the Department of Economic Development.
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