Except the liability for gross error, the old Companies Law
has similar provisions relating to the liability of a manager.
Senior members of Curtis' Oman corporate law team on Wednesday hosted a seminar to discuss the new Commercial Companies Law
and how companies will be affected by this landmark piece of Omani legislation.
"The UAE Companies Law
and its changes have added value to the business community and enhanced the country's status as an ideal destination for investment," Kazim explained.
Ridha bin Juma al-Saleh, Deputy Chairman of the Board of Directors of OCCI for Administrative and Financial Affairs, said that the new Commercial Companies Law
will contribute to achieving a great ease in registering companies, enabling them to operate within the Sultanate and provide the appropriate environment to attract many local and foreign investments, in addition to eliminating many current obstacles and challenges.
He said that the new Commercial Companies Law
makes it obligatory for the competent authorities to set the governing principles for commercial companies.
On the 2nd of May 2016, a new companies law
came into force as issued by the Royal Decree no.
The new Companies Law
adopts international best practices on company formation, business registration process, corporate governance, and lifts the threshold on foreign ownership.
The workshop, which was attended by Dubai Chamber members, lawyers and legal consultants, investors, contract specialists, general managers and business owners, provided insights into the provisions of the new new Commercial Companies Law
while assessing its impact on companies operating in the country.
Jehad Kazim, director of legal services, Dubai Chamber, said: "The new UAE Commercial Companies Law
Prior to RD 39/2014 which came into effect on August 2014 which amends the Insurance Companies Law
, companies wishing to carry out insurance business in Oman were, among other things, required to be joint stock companies (either closed or a public joint stock company) with a paid up share capital of RO5mn.
The guarantees are included in the personal sponsorship law and the companies law
which also ensure the rights of foreign investors in Qatar.