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Legal Briefing
Partner and manager responsibilities in UAE limited liability companies
Practice Area: Corporate Governance
Sector: Business services
Jurisdiction: United Arab Emirates
Published: 29 November 2011
Law Firm: Habib Al Mulla & Company
Overview
Limited liability companies are one of the most popular vehicles for carrying out business in the UAE outside of the Free Zones where the business activity does not involve banking, insurance or investment.
LLCs are governed by the UAE Commercial Companies Law and require a minimum of two members with a starting capital of AED300,000. Foreign investors can hold up to 49% equity in an LLC and 51% must be held by one or more UAE nationals. Managers of the company (up to 5 people) can be UAE Nationals or expatriates.
In this briefing, UAE specialists Habib Al Mulla outline how the UAE Commercial Companies Law deals with partner and manager's liability and what this means if a creditor wishes to file a case against an LLC.
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