DMCC Companies Required to Comply with New Regulations

In line with the new rules and regulations set out on 2nd January 2020, DMCC has introduced guidelines to define the roles and responsibilities of DMCC member entities, who are required to comply with the following changes.

Officer Designation	Applicable Rules
Director	Appointment of a Director is mandatory for all Companies except Branches entities. There is no maximum limit to the number of Directors that a DMCC Company can appoint, but a minimum of one Director is required.
Manager	Appointment of a Manager is mandatory for DMCC member entities
Secretary	Appointment of a Secretary is now mandatory for all DMCC Member Entities except Branches. Branches have the option of appointing a Secretary if they wish to do so Only one Secretary is allowed per DMCC Member entity.
Legal Representative	Appointment of a Legal Representative is no longer allowed for any DMCC member entity, but an Authorised Representative of the Company can be appointed with duly issued Power of Attorney.

DMCC Companies registered and licensed prior to the introduction of Company Regulations 2020, which has appointed a Legal Representative and has not appointed a Company Secretary, will have a maximum of twenty-four months to comply with the new rules.

The registered Legal Representative will have to resign, and if the Company wishes, it can issue a Power of Attorney to the Legal Representative in order to make him/her an Authorized Representative. A Company Secretary must be appointed in line with the new rules.

Branches established prior to the introduction of the new Company Regulations 2020, which have appointed a Director and Legal Representatives, will have to arrange for the removal of such Directors and Legal Representatives.

To know more about this, feel free to get in touch with one of our team members at mail@affiniax.com or call us at +971 4 425 6616.

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