Good News for all the entrepreneur as the amendment date has been extended by the ministry of economic. the UAE cabinet has approved a proposal of Mr. Sultan bin saeed al mansouri from economy department for the extension of the date for amendment of Memorandum of article. previously the date has been given by the economic department was from 1st july 2015 to 30 june 2016. to amend their Memorandum of Association and Articles of Association in compliance with the provisions of this law.
According to article 357, in case of Late Adjustment, companies will be fined Dh2,000 per day of delay calculated from the day following the expiry date of the applicable period for such purpose.
The second clause of article 374 states that a company will fall under the provisions of the law should it fail to make adjustments within the given period.
With this concern the cabinet has agreed to extend the period for the amendment of MOA / AOA .
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