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UAE introduces new Articles of Association
In accordance with Reg.184.7 of DMCCA Company Regulations 2020, new Articles of Association (AOA) were introduced, commonly known as the Standard Articles, replacing the previous Memorandum and AOA. Namely, all DMCC companies registered and licensed before 2 January 2020 must amend their Articles of Association (AOA) within 24 months to ensure compliance with the new regulations. Those regulations require the adoption by 2 January 2022 either of the updated Standard Articles (model AOA prescribed by the DMCCA) or of Non-standard Articles (modified AOA), which take effect on their registration by the Registrar.
Furthermore, a Company’s License must be valid at the time of submission of the application and until process is completed. Should the License expire during the process until the License is renewed, the application will be put on hold. There is no applicable penalty for non-filing before the deadline but there is a possibility that filing after 2 January could result in DMCCA charging a filing fee instead.