Potential small business owners are still required to show proof of a minimum Dh150,000 bank deposit in Abu Dhabi and Dh300,000 in Dubai to register their companies despite the August 10 Presidential Decree eliminating the requirement.
According to analysts, the law is likely to take time to be implemented at the local level since several emirates, including the largest three, Dubai, Abu Dhabi and Sharjah, have their own economic departments.
“Based on press and legal commentary so far this month, there appear to be some divergent views among business and legal professionals regarding the possible advantages and disadvantages of the new Article 227,” said Sadiq Jafar, managing partner of the Hadef & Partners Dubai office, referring to the amended minimum capital requirement article of the 1984 law.
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