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Cabinet Resolution No. 78 of 2022, related to the list of administrative penalties for acts committed in violation of Federal Law No. 32 of 2021 regarding commercial companies in the UAE, called on companies operating in the UAE not to dispose of shares in violation of the rules established in UAE law.
The law punishes general partnerships and simple partnership companies with a fine of 10,000 dirhams, when the shares are disposed of in violation of the rules established by law.
The decision indicated that the limited liability companies subject themselves to a fine of 20,000 dirhams, in the event that they dispose of the shares in violation of the established rules set forth in the Commercial Companies Law in the UAE.
