The UAE Cabinet has postponed the deadline for compliance with Federal Law No.2 of 2015 on Commercial Companies. Initially, commercial companies were expected to comply with the new requirements before 30 June 2016. Companies that did not amend their Memorandum and Articles of Association by this deadline would be subject to dissolution and fines.
However, companies and various authorities, including the Securities and Commodities Authority and departments of economic developments across the UAE, reported that some businesses were having difficulties in getting various approvals to comply with the new Law. The UAE Cabinet therefore decided to grant an extension of one year to all commercial companies. The new deadline for compliance to Federal Law No.2 of 2015 is 30 June 2017.
