Though some employers were considerate enough to allow employees to work from home, some have asked staff to report to work now
uae14 hours ago
Question: I have invested in a company in mainland Umm Al Quwain, but my name is not mentioned on the trade licence. What kind of legal protection do I have as an investor?
Response: Pursuant to your query, it is assumed that you are an expatriate who has invested in a limited liability company (the ‘LLC’) based in the mainland of Umm Al Quwain. Therefore, the provisions of Federal Law No. 5 of 1985 on the Civil Transactions Law of the United Arab Emirates (the ‘Civil Transactions Law of UAE’) are applicable.
As your name is not included as a shareholder in the LLC, it is recommended you enter into an investment agreement with the company. The agreement shall include details of your investment, including your entitlement of profit and repayment. Further, you may obtain security cheque(s) from the LLC against your investment and include the details of the same in the agreement.
In the event the LLC defaults on paying you the profits or fail to refund the investment amount on your request, you may consider filing a payment order case in Umm Al Quwain (as the LLC is located in Umm Al Quwain). Further, you may also consider filing a civil case against the LLC in a court in Umm Al Quwain which has jurisdiction to hear the matter in accordance with Article 272 of the Civil Transactions Law of UAE. In order to further protect your investment and subject to the consent of the shareholders of the LLC, you may consider becoming a shareholder of the LLC.
For further clarifications on this matter, it is advised to obtain detailed legal opinion from a practitioner based in the UAE.
ALSO READ:
Though some employers were considerate enough to allow employees to work from home, some have asked staff to report to work now
uae14 hours ago
It is a tale of love and dedication scripted in the heart of Abu Dhabi
uae15 hours ago
Thousands of personnel deployed to clear accumulated water, clogged drains, and fallen trees
uae16 hours ago
Areas such as Abu Shagara, Al Qasimiya, King Faisal Road, Al Mahatta, and Majaz have been particularly affected
uae16 hours ago
The Ministry of Foreign Affairs reiterated its call on the United Nations and the UN Security Council to fulfill their responsibilities
uae16 hours ago
This step aims bring relief to thousands of residents in Emaar’s communities who have been badly affected by unprecedented rains
uae17 hours ago
Dressed in all black, the man was seen directing traffic for nearly six hours
uae17 hours ago
Four others to drive away a luxury vehicle each
uae17 hours ago