Cabinet Decision No. 77/2022 Concerning Limited Liability Companies

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The Cabinet,

Pursuant to the perusal of the Constitution;

Federal Law No. 1/1972 on the Competencies of Ministries and the Powers of Ministers, and its amendments;

Federal Decree-Law No. 32/2021 concerning Commercial Companies;

Based on the proposal of the Minister of Finance, and its approval by the Council of Ministers,

Issued the following Decision:

Article 1 - Definitions

In application of the provisions of the present Decision, the following terms and expressions shall have the meanings assigned thereto unless the context requires otherwise:

  • State: United Arab Emirates.

  • Ministry: Ministry of Economy

  • Minister: Minister of Economy.

  • Competent Authority: Local authority concerned with corporate affairs in the concerned Emirate.

  • Company: Limited Liability Company.

  • General Assembly: Owner of the company when it is a Single-Member company or all the partners when it is owned by several partners.

  • Manager: Manager authorised to manage the Company, who is duly appointed, whether in the Company’s Articles of Incorporation, a separate contract, or by a decision of the General Assembly or others.

  • Board: Board of Directors.