Abu Dhabi: Global Market Amends Commercial Legislation
The Abu Dhabi Global Market has announced it has amended its commercial legislation. They have issued new Companies Regulations. The 2020 Regulations repeal the Companies Regulations 2015 (as amended). They have also amended the 2017 Foundations Regulations and 2015 Limited Liability Partnership Regulations. In addition, they have issued amendments to the 2018 Beneficial Ownership and Control Regulations and 2015 Real Property Regulations. Finally, they have issued new Limited Liability Partnership Rules. Among other changes, the requirement to issue paper certificates and licenses electronically has been abolished and the definition of ‘members of the same family’ in the Companies Regulations have been amended. The term Annual Returns has also been amended to Confirmation Statements and the current ban on foreigners owning freehold land in Al Maryah Island has been lifted.