The Cabinet, having reviewed:
− The Constitution; and
− Federal Law No. 1 of 1972 Concerning the Competences of Ministries and the Powers of Ministers, as amended; and
− Federal Decree-Law No. 32 of 2021 Concerning Commercial Companies; and
− Based on the Proposal of the Minister of Economy, and the Cabinet’s approval thereof,
Hereby resolves as follows:
For the purpose of applying the provisions of the present Decision, the following words and expressions shall have the meanings assigned thereto respectively, unless the context requires otherwise:
State (UAE): The United Arab Emirates.
Ministry: The Ministry of Economy.
Minister: The Minister of Economy.
Competent Authority: The local authority in charge of corporate affairs in the relevant emirate.
Company: A limited liability company.
General Meeting: Comprising the Company’s owner in case of a sole proprietorship or all partners in case that the Company is owned by several partners.
Director: A director authorized to manage the Company, duly appointed by virtue of the memorandum of association, a s...