What are the key regulatory and corporate governance requirements for local UAE companies?
As a whole, the market is less unregulated within the UAE than in more developed markets. Employment law is less onerous here than in most developed jurisdictions, as are environmental, data protection and privacy laws. In terms of local company law, the current regime is also lightly regulated – corporate governance regulation for private companies is limited, although we expect to see this being an area of focus for the authorities in the future. Are there any other significant regulatory challenges for companies operating in Dubai? Residency for foreign workers is a major issue for multinational companies, because no one is permitted to work in the UAE without having residency status and a work permit – and generally local entities must sponsor foreign nationals to obtain residency status and work permits. In theory, foreign employees aren’t allow to do any business in the region – even on a “fly in and fly out” basis. If a multinational company plans to ask its employees to spend a
Related Questions
- How do the corporate governance requirements of Listing Rule 5600 apply to non-U.S. companies that are not foreign private issuers?
- How should companies measure value creation while charting out a corporate governance initiative?
- What are the key regulatory and corporate governance requirements for local UAE companies?
