UAE is a country that thrives on its strict laws and regulation be it the family laws, criminal laws or the corporate laws. Anyone who wants to live in this country of magnificent beauties needs to respect and abide by all the laws otherwise the situation can be dodgy.
Below are some of the commercial laws that can be handy for anyone if he/she goes through them once.
This law is also known as the business law and it includes the corporate law as well. This law as the name shows governs commercial and all business related transactions. It deals with private as well as the public law issues. It is important to consult those advocates in Dubai who are expert in commercial law in a case of any problem.
Law of foreign investment:
This law helps to lower and remove all the obstacles that stand in the way of investment be it the foreign investment or local. It eases the procedures of licensing, registration and investment. Tax, exemptions, guarantees, rights and obligations of foreign investors are looked after in this law.
This law is developed and foreseen as the one that frees the economy from those effects that lower its efficiency, and monopolies. This law was developed by keeping the recommendations of the world trade organization which were based on the trade policy of the country.
Certificate of origin:
This purpose of this law is the organization of legislations that relate certificate of origin rules which are created on progress shown in the area. It allows the ministry of the economy the authority to impose fines on those who are involved in showing fake certificates, documents, and data.
Federal law on commercial companies:
Advocates in Dubai state this law related to commercial companies helps all the firms and organizations to come up with a general framework for corporate related governance so that the shareholder’s rights are protected, financial data is revealed, transparency is achieved and the board of director’s efficiency is increased.