Some of the key features of the Companies Regulations and the Commercial Licensing Regulations are as follows: COMPANIES REGULATIONS 2015 New Regulations: The New Law has widened the scope of the previous anti-discrimination provisions by including discrimination on the basis of ‘colour’. The Abu Dhabi Global Market has announced amendments to its Companies Regulations. Keep a step ahead of your key competitors and benchmark against them. Afridi & Angell’s corporate department works with many ADGM companies and has extensive experience in advising such companies.

More Crossborder Trade & Investment | Corporate & Business Aricles →. For more information on the new DIFC employment law, please click here. 14 June — ADGM Commercial Regulations 1. We believe there is a strong case for the incorporation of a regional presence in ADGM, The Companies Regulations 2020 (2020 Regulations) repeal the Companies Regulations 2015 (as amended). The Board of Directors of the Abu Dhabi Global Market (the " Board ") enacted the regulations set out in paragraph 3 and annexed to this notice on 3 March 2015 (the " Regulations … This section now clarifies that a financial institution which is a FinTech Participant will not be excluded from the small companies’ exemption from audit. Hear directly from leading legal experts this month. The changes are aimed to strengthen ADGM’s employment framework in the interests of both employers and employees, in order to meet international best practices. The Abu Dhabi Global Market has announced amendments to its Companies Regulations. Questions? 2015 Regulations: The Regulations stipulate that the maximum working week is 48 hours “unless the Employer has first obtained the Employee’s consent in writing”. New Regulations provide clarity on the employment of youth: employers can now hire youths between 15 and 18 years of age; New Regulations also widen the scope of protection offered to youth employees, obligating employers to take all appropriate measures to ensure the conditions of employment are safe and reasonable. 2015 Regulations: Prohibited discrimination against an employee on the grounds of sex, marital status, race, nationality, religion and disability. Calculations are done on a pro-rata basis; Overtime compensation can either be monetary or by time in lieu, as decided by the employer. We have summarised below the key changes under the 2020 Regulations. The contents of the confirmation statement and the timelines for delivery of the confirmation statement remain the same. One of the ways in which a restricted scope company can be incorporated is if the founding members are a group of people who are from the same family (as approved by the Registrar). There is no provision for overtime pay for hours worked in excess of 48 hours.
HOME | SITE MAP | GLANCE | PRIVACY POLICY | DISCLAIMER |  © World Services Group, 2020. You can find out more information on the way we use cookies in our privacy policy. Monetary overtime is the employee’s daily wage plus 25% of the hourly rate (or 50% of the hourly rate for overtime between 9.00 pm – 4.00 am); Employees in positions where it is reasonably expected within that industry internationally that overtime time compensation is not paid (such as managers and supervisors), are exempted from overtime compensation.

The regulation purports to make provision for beneficial ownership and control systems for … ", © Copyright 2006 - 2020 Law Business Research. Founded in 2015, it offers a modern business infrastructure and a holistic ecosystem that supports companies, startups, financial institutions and SMEs to operate, innovate and grow seamlessly in the UAE and across the MENA region. the employee has been dismissed with cause. An employee is entitled to 60 business days paid sick leave in any 12-month period; No provision with regard to repatriation flights. We've completely redesigned it so that it's easier to navigate, more functional, mobile-compatible, and—if we say so ourselves—a lot better looking.
The New Regulations now require employers to provide, upon the termination of the employee, with a one-way repatriation flight ticket to the employee’s home country unless: the employee obtains an alternative employment or visa sponsorship in the UAE within 30 days; and. Should you have any questions with respect to the changes under the 2020 Regulations or more generally on ADGM companies, please contact the author, Danielle Lobo (partner), or your usual Afridi & Angell contact. Abu Dhabi Global Market (ADGM) is a thriving, robust international financial centre which operates under English Common Law. Learn MoreI Agree. 7 days’ notice if the period of continuous employment is less than 3 months; 30 days’ notice if the period of continuous employment is 3 months to 5 years’; 90 days’ notice if the period of continuous employment is over 5 years’. Amongst the many regulatory frameworks provided for by ADGM, the beneficial ownership and control regulations of 2018 are of particular importance for this article. Covid-19: entry into the Emirates of Dubai and Abu Dhabi, UAE Introduces Filing Requirements Relating to Beneficial Ownership - Deadline of 27 October 2020, Q&A: Labour & Employment Law in United Arab Emirates, Banking Regulation in United Arab Emirates, Dubai Development Authority - UBO Requirements, Abu Dhabi Global Market publishes new commercial regulations and begins financial regulation consultation, New dual licensing regime for companies operating in the ADGM, Abu Dhabi Islamic Bank and Abu Dhabi Global Market announce Memorandum of Understanding, ADGM announces official launch of arbitration hearing centre, The Abu Dhabi Global Market introduces priority funding for administrators. 2015 Regulations: Required the Employer to submit a notice to the employee prior to termination of employment in the following manner: New Regulations: A written notice is now required to be submitted by the employer.

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Understand your clients’ strategies and the most pressing issues they are facing. However, a request can still be made for a paper copy certificate of incorporation and such request may be subject to a fee as determined by the Board of Directors of the Abu Dhabi Global Market (Board). Employees are now entitled to overtime compensation in respect of time worked in excess of 832 hours over a period of up to 4 months. With a wide-range of webinars coming up this month, register for free and hear from legal experts covering the most poplar topics from around world. 30 days’ notice if the period of continuous employment is more than 3 months. A full copy of the rules can be viewed here. By continuing to use the site, you agree to the use of cookies.

The amendments to the regulations state that the Registrar will continue to authenticate paper copy documents with an official seal however the amendments clarify that electronically generated documents will not require to be sealed. The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. In this article, we examine the key changes and contrast them to the current employment provisions in operation in the ADGM (“2015 Regulations”). Continuing the theme under section 940 of the 2020 Regulations, electronic as opposed to paper copies of publicly available information on the register will be made available by the Registrar on request. New Regulations: Now expressly refers to powers of the ADGM Board to issue rules setting out fines. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries@lexology.com. ADGM companies benefit from a full English common law environment, a 0% corporate income tax rate, no foreign ownership restrictions, no limits on repatriation of profits and no withholding taxes, as well as independent courts and a financial services regulator. The ADGM companies regulations 2020 Afridi & Angell United Arab Emirates May 17 2020 The Abu Dhabi Global Market has announced amendments to its Companies Regulations. New Regulations: Data protection provisions set out in the 2015 Regulations have now been removed as ADGM does not have a stand-alone data protection law. However, amendments have been implemented to reduce the sick pay to the following (the change matches the minimum requirement under DIFC employment law): half-pay for the next 20 business days; and. ¦ On 28 October 2019, the Abu Dhabi Global Market (“ADGM”) published its new employment regulations (“New Regulations”) which will come into effect on 1 January 2020. more information Accept. 5 of 2020, DIFC Employment Law Update – Presidential Directive on COVID-19. Hence, notice is now required in the following manner: 2015 Regulations: Stated that the ADGM Board may make rules setting out applicable fines. The Dubai International Financial Centre (“DIFC”) took a similar step in August of 2019 when it also adopted an updated employment law. Each member exercises its own individual judgments on all client matters. Please contact customerservices@lexology.com.

The next generation search tool for finding the right lawyer for you. What constitutes being a member of the same family has been broadened under the 2020 Regulations to include grandchildren, great grandchildren and adopted children (and their spouses). By continuing to use WSG website, you are giving consent to use cookies. ¦, WSG uses cookies to improve your experience.

Introducing PRO ComplianceThe essential resource for in-house professionals. 2015 Regulations: Prohibits employers employing a youth below 15 years of age. 2015 Regulations: Included comprehensive data protection provisions. Afridi & Angell Advises Thomas Cook India Group on AED149 Million Acquisition of 51% of Digiphoto Entertainment Imaging, Afridi & Angell Receives Honourable Mentions at The Oath Middle East Legal Awards 2018. The WSG Marketing and IT Team has been hard at work for the past few months on our new website... and we're pleased to share it with you today! Sick Leave/Pay and Repatriation Flight Tickets. Check back soon as we continue to roll out new features and information. WSG's members are independent firms and are not affiliated in the joint practice of professional services. The regulations now use the term “confirmation statement” as opposed to “annual return”.

7 days’ notice if the period of continuous employment is less than 3 months; and. The ADGM Companies Regulations provide a framework for a debtor company and its creditors to agree and implement a scheme of arrangement (a Scheme of Arrangement) which will be binding on the debtor company and all of its creditors. We have summarised below the key changes under the 2020 Regulations. "SCCA Newsstand is a great legal resource. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. no pay for the remaining 30 business days.

The Scheme of Arrangement is closely modelled on the English law scheme of arrangement. These rules have been issued alongside the New Regulations and will also come into force on 1 January 2020. Changes introduced by the New Regulations are not substantial in terms of the number of amendments but it is important that companies in the ADGM review their existing policies, procedures and employment contracts and make any necessary amendments to ensure the provisions in the New Regulations are complied with before 1 January 2020. Afridi & Angell’s corporate department works with many ADGM companies and has extensive experience in advising such companies. I particularly like the user-friendly format, which I find highly efficient! If a request for a paper copy of such information is required, the provision of such information may also be subject to fees as imposed by the Board. ADGM’s New Regulations can be read in full here.

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