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Federal Decree Law No. 14 of 2020 Amends Some Provisions of the Commercial Transaction Law

Last updated on December 26th, 2020 at 10:14 am The amendments include changing certain provision covering bounced cheques and the issuance of cheques without value, by providing fast, advanced and civil mechanisms to collect the required payments. As per amendment: a)A cheque is due for payment on the date shown thereon as its date of issue. A cheque may not be presented for payment prior to such date. b) Where the consideration for payment is less than the value of the cheque, the drawee shall effect part payment to the extent of the funds available to it, unless the bearer … Continue reading Federal Decree Law No. 14 of 2020 Amends Some Provisions of the Commercial Transaction Law

COMPLIANCE WITH ECONOMIC SUBSTANCE REGULATIONS

Last updated on November 13th, 2020 at 04:45 pmUAE introduced a Resolution on the Economic Substance (Cabinet of Ministers Resolution No.31 of 2019, the “Regulations”) on 30 April 2019.  The Regulations require UAE onshore and free zone companies and other UAE business forms that carry out any of the “Relevant Activities” listed below to maintain an adequate “economic presence” in the UAE relative to the activities they undertake. Relevant Activities: Banking Business Insurance Business Investment Fund management Business Lease – Finance Business Headquarters Business Shipping Business Holding Company Business  Intellectual property Business (“IP”) Distribution and Service Centre Business If the … Continue reading COMPLIANCE WITH ECONOMIC SUBSTANCE REGULATIONS

DUTIES, POWERS AND LIABILITY OF THE BOARD OF DIRECTORS IN THE UAE

Last updated on April 30th, 2020 at 04:12 pmDuties of the Board of Directors: Implementing a policy that ensures stakeholder welfare; Ensuring the company has sound administrative, financial and accounting systems; Establishing procedures to manage conflicts between board members, senior management, shareholders and so on; Ensuring the application of governance rules in the company. Powers of the Board of Directors: The Board of Directors shall have all the required powers to do such acts as required for the object of the company, other than as reserved by the UAE Federal Law No. 2 of 2015 on Commercial Companies or the Articles of Association of the company … Continue reading DUTIES, POWERS AND LIABILITY OF THE BOARD OF DIRECTORS IN THE UAE

ELECTRONIC SIGNATURE WHILE WORKING FROM HOME (UNDERSTAND LAW ABOUT ELECTRONIC COMMERCE AND TRANSACTIONS)

Last updated on April 13th, 2020 at 10:13 amThe precautions being put in place globally to address the spread of Coronavirus (Covid 19) include recommending or requiring many to work from home. Question whether it is possible to legally execute documents by electronic signature. The answer is it depends. Relevant factors include the governing law of the document, the type of document that is to be signed, the form of electronic signature used and whether there are cross-border implications to be considered. Electronic Signature is defined as any letters, numbers, symbols, voice or processing system in Electronic form applied to, … Continue reading ELECTRONIC SIGNATURE WHILE WORKING FROM HOME (UNDERSTAND LAW ABOUT ELECTRONIC COMMERCE AND TRANSACTIONS)