The Dubai Multi Commodities Centre (DMCC) Freezone Authority introduced the Companies Regulations 2020 (“CR 2020“) on 2nd January 2020. Regulation 184.7 of CR 2020 states that any company registered and licensed before the effectivity of CR 2020 must amend its Articles of Association (AOA) to ensure the provisions are in accordance with CR 2020 within twenty-four (24) months of the date of the CR 2020.
Therefore, all companies incorporated under the DMCC have until 31st of December 2021 to update their articles of association, and either adopt the updated Standard Articles (DMCC’s model articles of association) or adopt Non-standard Articles (custom articles of association).
DMCC companies can adopt new non-standard Articles through Special Resolutions. New Articles become effective upon their registration with the Registrar.
The company license must remain valid during the application process and until the process is completed. If the license expires during the process, the application will be stopped until the license is renewed. The company should not be sanctioned.
The new Articles must be filed with the Registrar within 15 Business Days after the Resolution to adopt new Articles or such other date as the Registrar may approve.
If you have already updated your DMCC Company AOA in line with CR 2020 then please ignore this update.
Whether you have yet to update your AOA, or if you are unsure of the requirements, we can review your current AOA and rewrite any necessary amendments. We can also assist with reviewing, notarising, and updating your document to reflect the updates to DMCC Regulations 2020.
For further guidance in relation to the AOA amendments please contact your Alya relationship manager if you are an existing client.
If you are not yet a client of Alya Auditors and if you need assistance and guidance in relation to amendments to your AOA or any other related company set up, restructuring, local partner, or support matter, please do get in touch with us on 0487 69377 for or +971 52 9750690, email us at email@example.com,