CMA continues convening general meetings via electronic means
By: Times News Service
Muscat: In line with the precautionary measures to curb the spread of COVID-19 pandemic and to cope with the digital transformation, the Capital Market Authority (CMA) is preparing to receive the requests for convening annual general meetings of public joint-stock companies and investment funds.
To this end, the CMA issued a circular to the public joint-stock companies, investment funds, audit firms and law firms emphasising the importance of complying with the provisions of the Commercial Companies Law governing general meetings as well as the rules for convening general meetings of companies and funds via electronic means.
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In our previous client alert (which can be viewed here), we reported that certain key changes were introduced to the United Arab Emirates (UAE) Commercial Companies Law No. 2 of 2015 (Companies Law). The text of the Federal-Decree Law No. 26 of 2020 amending certain provisions of the Companies Law (the Federal Decree) has now been published in the Official Gazette on 27 September 2020.
This client alert provides a high-level summary of some of the key changes affecting foreign direct ownership and investment in the UAE, particularly in relation to onshore limited liability companies (LLCs) as well as onshore branches and representative offices of foreign companies.
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In a previous client alert (which can be viewed here), we provided a high-level summary of the key changes introduced to the United Arab Emirates (UAE) Commercial Companies Law No. 2 of 2015 pursuant to Federal Decree Law No. 26 of 2020 (the Federal Decree).
The Federal Decree removed, with some exceptions, the long-standing requirement for UAE companies to have one or more UAE sponsoring shareholders holding at least 51 percent of the issued share capital of a company.
The Federal Decree has also abolished the former requirement for appointing a UAE national service agent. The appointment of a national service agent was a requirement for the registration of a branch or representative office of a foreign company onshore in the UAE.