Learn about Commercial Law in the UAE and Its Importance

Commercial Law in the UAE

The commercial law is of great importance in the modern era, if it is considered the basis of commercial transactions and the settlement of them only comes through the Commercial Law in the UAE, except in the case of the dispute of a new quality or a recent issue that has arisen on the scene, and the commercial law in the Emirates is considered one of the finest modern commercial laws because of The keenness of the United Arab Emirates since the establishment of the Federation in 1971 and its issuance of laws concerned with the economy and trade until now, as it is a major center of global trade activities and because it has modernized it so that it is in line with international standards. Therefore, the commercial law in the UAE opened the way for investors and entrepreneurs to enter into investments. in the United Arab Emirates.

And because the commercial law was established in codified terms that meet the local and global needs, it has played a major role in raising the economy of the Emirates and its growth and spreading its reputation among Arab countries in particular and foreign affairs in general. We do not say that Commercial Law in the UAE has reached perfection, but rather we say that it tried to detail issues business as required by the need for development and development.

And we find that when the judiciary reaches any dispute case to them, they do not decide on it by means of ordinary fatwas or advice, but through the UAE commercial law, except in the case of a new dispute, then they are forced to search for a similarity or a law close to the case to decide on it, so we have included in this article the basics laid down in this The law and its implications and how the UAE sought to develop its commercial law.

Commercial Law in the UAE

The Development of Commercial Law in the Emirates:

In all countries we see that commercial law is neither permanent nor fixed, because commercial law is the basis of economic development in the country and is considered one of the most sensitive strings that have been affected even by state policy and because of the continuous technological development amazingly daily; For these reasons, we see it always subject to modification and change.

For example, trademarks, financial restructuring, bankruptcy, commercial fraud and others, they were taken out to independent laws that suit them after they were involved under other laws.

The one who is deeply involved in commercial laws believes that it is appropriate to make each branch of trade involved under a special law for that branch, such as banks and banking transactions, as well as the law of penalties, penalties and fines.

The Emirates and there is a change in it every period in line with the future vision of development and the current vision of the state. Therefore, it can be said that the commercial law in the Emirates develops every period in a way that fits wonderfully with the global development of trade.

Approval of the commercial law in the UAE:
Commercial Law in the UAE

The process of preparing any law or legislation takes a lot of time, study and examination with a series of steps and deliberations that take place between many authorities, whether federal or local, and then comes the role of the ministry, which among its tasks is to prepare the initial draft of the proposed project and it is discussed With many departments concerned with the project, whether local or the private sector, in order to collect opinions and observations until the final draft is prepared.

After this, the proposal in this project is submitted to the Council of Ministers for approval, and it is transferred to the Legal Committee of Experts and then to the Ministerial Committee for Legislation until review and approval is completed, and then comes the role of the National Council of the Union to be discussed and approved by the Ministry of Presidential Affairs, any of the Chief of state

If it can be said that the approval of the updated or changed Commercial Law in the UAE can only be from the President of the United Arab Emirates and it comes with an official decision from the President, may God protect him, and it is published and circulated in the visual and readable means of the state and it is implemented from the date of its issuance or the period specified by the decision such as The Commercial Law promulgated by Zayed bin Sultan Al Nahyan in 1992, and the decision in it was enforceable three months after the date of its issuance.

Defining the business and the merchant in the commercial law in the UAE:

Any business that a merchant does and related to his trade is considered a business unless proven otherwise. Speculation business and business facilitating business and any business that the law stipulates is a business business, and the commercial law in the United Arab Emirates separates these businesses more and more in terms of the following:

Purchasing goods and other movables, regardless of whether they are tangible or immaterial, if they are intended for profit, whether they are sold, transferred, manufactured or rented. Buying or renting goods with the intention of leasing.

Transactions taking place in banks, stock exchanges, trust funds, financial institutions, and any other medium through them.Any transaction related to commercial papers regardless of the capacity of those involved in it or the nature for which it was established. Any work related to marine and air navigation.

Establishment of companies and commercial accounts

Insurance of all kinds, except for cooperative insurance Any sale by auction The business of hotels, restaurants and entertainment houses, whatever they are Any work related to the distribution of daily essentials (water, electricity and gas) Issuing newspapers and magazines if their purpose is profit Any postal, telegraph and telephone business
Radio and television work, in addition to recording and filming Any work related to warehouses, mortgages and deposits therein

There are businesses that are considered professional as follows:

Brokerage, commercial agency, commission agency, commercial representation, supply contracts, purchase and sale of lands or real estate with the aim of profit, whether selling, renting or transferring, land transportation, any work related to contracting for real estate, industries for natural materials or their extraction, tourism business and Travel, and also do not forget about export and import operations and customs work