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The UAE Government published Decree Law No. 37 on Family Businesses in the official gazette on October 10, 2022. The New Law will take effect on January 10, 2023, which is three months after it is published.
People are glad that the government passed this new law because it shows that the country is still committed to helping family businesses and organizations. The new law recognizes the important role that family businesses and offices play in the long-term growth of the UAE economy and the fact that they create the most jobs in the UAE.
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This Decree-Law is being put into effect to set up a comprehensive legal framework to regulate the ownership and management of family businesses, make the legal framework available to all family businesses and make it easier for them to succeed across generations, make sure that family businesses stay in business, promote the role of the private sector in the growth of the national economy and its contribution to the community, set up committees to settle family business-related disputes, and make sure that the legal framework is accessible to all family businesses.
The New Decree Law also sets out the best ways for family businesses to be passed down from one generation to the next in terms of ownership and control. The New Law also gives family businesses more help from the government.
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The New Law is seen as a good thing for family office regulations in the UAE because it covers things that hadn’t been covered before. The new law may not be a cure-all for all problems with family businesses and offices, but it does deal with most of the problems and challenges that were not dealt with well enough in the past in order to make sure that family businesses and offices in the UAE keep running.
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