UAE laws: the Legal ramifications for small business owners

SourceSME10X
SectorEconomy
CountryUAE

How will this new change affect boards and shareholders as well as owners of FZ, FZE and LLC companies? What if any changes would you advocate these shareholders make around the proposed amendments to inheritance laws in terms of succession planning?Michael Kortbawi: In terms of inheritance and succession planning, we expect that where there is no valid will, or there are aspects which the will does not cover, the estate will be divided as per the law of the deceased’s country of citizenship.

Previously, UAE or Sharia law would apply in some cases, which expats did not usually favour.In a business context, a separate legal entity is generally not dissolved upon a shareholder’s death. A shareholders’ agreement or a provision in the memorandum of association (MOA) usually provides for how ...read more...