New Federal Law By Decree No.32 of 2021 on Commercial Companies
29 November 2021
Introduced yesterday, The New Companies Law brings a number of amendments, most notable of which is the introduction of special purpose acquisition companies and special purpose vehicles.
This new law also removed the restriction that the nominal value of a share in a joint stock company must be no less than AED1, and left specifying the nominal value to the articles of association of the company.
The New Companies Law also makes certain changes to the provisions regulating limited liability companies and public joint stock companies (PJSCs), and introduces a new regime allowing the division of PJSCs. It will come into force on 2 January 2022. To find out more, please find our full publication here: