According to information gathered by GGRAsia, one of the topics was anti-money laundering regulation and another the formulation of a criminal code for casino business. The latter would include circumstances for casino licence disqualification and any fines applicable for breaches of such a criminal code.
It was announced on 23 May and came into action in 24th August It focuses on development of market which shall provide facilities that are prompt, secure and form the best international practice.
It brings about some new principles and key legislative changes. Below are few of its features and key changes: It can have two or more shareholders and may offer its shares to the public in accordance with the market's law of the relevant stock market.
Within nine months from the date of incorporation of the PLC, a PLC must list its shares on a stock exchange, unless time frame is extended by the Registrar. The Regulations give the Registrar the authority to prescribe guidelines for the incorporation and operation of a civil company in the free zone in addition to the rules that are contained in the UAE Civil Transactions Law.
While now, with change under the Regulations, a company must only have a share capital that is sufficient for the activities for which it is licensed. This is conforming to the rules of UAE Commercial Companies Law which also requires a limited liability company to have capital that is sufficient for fulfilling its activities.
As for a PLC, it is required to have an amount of a share capital that is either sufficient for the activities permitted under its license or the amount of capital required under the relevant markets law.
An auditor's letter and a resolution are required to support this value of consideration.
This auditor's letter must be filed with the Registrar within four days from the date of passing the resolution. This principle gives the business a flexibility as well as options for subscription of shares or increasing the share capital of a company.
A PLC may also have different classes of shares in accordance with its memorandum and articles of association. The free zone will issue the foreign company with a license and a continuation certificate once accepted.
The date of the incorporation that will be reflected in the continuation certificate is the date of incorporation of the foreign company in its jurisdiction.
In addition to the above key changes, other changes include the recognition of electronic documents and signature giving an FZCO and PLC the right to purchase its own shares as treasury shares and prohibiting financial assistance to the directors of an FZCO and PLC.
However, implementation of some aspects of the Regulations needs to checked; especially the incorporation of a PLC and change of domicile of companies. The content of this article is intended to provide a general guide to the subject matter.
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