Abu Dhabi – Mubasher: The UAE ministry of economy said on Saturday that it has got an approval from the cabinet to extend the period for existing companies in the country to comply with Federal Law No. 2 of 2015 on commercial companies for one more year.
Companies established the issuance of the law were given a deadline ends on 30 June, 2016, to amend their memorandum of association and articles of association in accordance with the new law, according to a statement.
Upon the article 357 of the new law, in case of late adjustment, companies will be fined AED 2,000 per day of delay starting from the day following the expiry date of the deadline.
Minister of Economy, Sultan bin Saeed Al Mansouri, said that the new deadline is in line with government efforts to facilitate business and enhance the role of the private sector.
