Economic Development Department in Ajman holds an Introductory Lecture for its Staff on UAE Commercial Companies Law

Ajman, United Arab Emirates: The Legal Affairs Bureau at the Economic Development Department in Ajman held an introductory lecture about the new UAE Commercial Companies Law for its staff at the customer service center in Hamidiya. 

The lecture explained the main additions stipulated by Law 2 of 2015 and the types of companies contained under this new law. The purpose of the lecture is to increase the knowledge of the department's staff of the new laws in order to serve customers properly and enhance government performance. 

This step is part of the department's plans and efforts to improve the competitive position of the Emirate of Ajman in the business arena, achieve the highest quality standards in government services, provide distinctive and satisfactory services to their customers, and facilitate the completion of all procedures and transactions for their economic activities.

Dr. Jihad Saleh Bani Younis, legal Counsellor at the Economic Development Department in Ajman, presented a detailed explanation to the department's staff about the main amendments to the Commercial Companies Law No. 2 of 2015 and cancelled articles, the necessary procedures for the registration of a One Person Company (OPC) and its advantages, and new additions stipulated under Law No. 2 of 2015 and how it differs from the previous law.

Dr. Jihad Saleh Bani Younis also explained the types of companies according to the new law, which include: General Partnership, Limited Partnership, Limited Liability, Public Share Holding, and Private Equity and their respective registration procedures. 

He also explained the new points included in the law and the most important additions mentioned therein. He also pointed to the importance of the concept of corporate governance, through which institutional discipline in the company's management is achieved in accordance 

with global standards and methods, by defining the responsibilities and duties of the members of the Board of Directors and the executive management of the company, and taking into consideration the protection of the rights of shareholders and stakeholders.