A bunch of new laws and amendments came in the 'Year of the 50th'. It was developed by more than 500 experts from 50 federal and local authorities so as to reflect global best practices in the new legal provisions.
The amendments cover investment, trade, and industry, as well as protecting intellectual property, copyright, trademarks, commercial register, electronic transactions, trust services, factoring, and residency among others.
Make Fortune Business summarized the most important updates reflecting business activities and would like to share them with you.
As a result of the amendments, three-dimensional marks, holograms, and sound marks, as well as scent marks, will be protected.
In addition, geographical names of trademarks or products are included in their name is associated with a region, country, or city that is famous for producing them.
Trade licenses are no longer required for the registration of trademarks, and SME owners will have temporary protection for their trademarks.
Related rights and copyrights
The amendments to the federal law regarding copyrights and neighboring rights are designed to maximize the contribution of creative industries to the UAE economy and provide protection for writers and owners of neighboring rights in the event of an infringement.
Trust services and electronic transactions
As part of the ongoing digital transformation, the Law on Trust Services and Electronic Transactions has been amended to keep pace with technological advancements.
Digital signatures will have the same legal weight as a handwritten signature, eliminating the requirement for personal presence to seal transactions and supporting the completion of government transactions, such as contracts and agreements, globally.
Patents and industrial property rights
By following best international practices and standards, it aims to protect industrial property rights, regulate the procedures for their registration and use and enhance the UAE's competitiveness in the field of industrial property rights.
It includes sections on compulsory licenses that address the rights of license holders, the multiplicity of compulsory licenses, and the exception made by a court to the terms of compulsory licensing.
Commercial Companies Law is intended to increase Foreign Direct Investment (FDI) and to reaffirm the UAE's position as a global and regional business hub. Entrepreneurs and investors can create and own onshore companies in any sector, except for a small number of "strategic activities". It is part of a wider UAE government agenda to diversify the economy toward a knowledge-based economy by enhancing the nation's competitive advantage.
The law covers the approvals and licenses that companies in the UAE need in order to conduct commercial activities; as well as their name, incorporation procedures, and conditions for increasing and decreasing their capital.
Additionally, the law clarifies the roles and responsibilities of the board of directors, executive management, the general assembly, the prerequisites for issuance of bonds and instruments, acquisitions, and the administrative penalties imposed on anyone found to have violated its provisions.
The Commercial Register Law has been amended to give local authorities in each emirate the right to establish and manage their commercial records, including registration, data monitoring, and amendment.
The commercial register is an official document from the Ministry of Economy that shows all the businesses operating in the UAE.
The law was also clarified to include the registration of companies and economic establishments of all kinds, whether they are commercial (companies) or professional, like law firms, accountants, and so on, to make sure all data in the commercial registry of the UAE is accurate.
The New Reforms introduce a raft of measures designed to strengthen economic, investment and commercial opportunities in the United Arab Emirates.
Feel free to contact Make Fortune company. We would be happy to advise and assist you when considering the impact of these changes. Our team will reach out to you if you leave your contact information. The first consultation is free.