Meydan Free Zone Companies and Licensing Regulations 2022chapter by chapter

Meydan Regs cl 7

Companies must apply to the Authority using the prescribed form to open a Branch, which has no separate legal personality from its parent company.

Meydan Regs cl 5.1, 6

Companies must have 1 to 100 shareholders, file a compliant Memorandum during incorporation, and shareholders must agree in writing to any liability changes.

Meydan Regs cl 8

Non-Meydan entities may redomicile as Meydan companies with appropriate documentation and approval, retaining all legal rights and properties.

Meydan Regs cl 9-11

Activities in Meydan require incorporation and a valid Licence, with conditions for permits and transfer approvals outlined for companies and branches.

Meydan Regs cl 12-13

Licensees must apply to vary their license as required by the Authority and renew their licenses before expiration; temporary licenses can be renewed with approval.

Meydan Regs cl 14

A licensee may request license termination or suspension, and the Authority can suspend or cancel licenses for various breaches without appeal.

Meydan Regs cl 15

Companies or branches must have unique acceptable names and notify the Authority of any name changes, which take effect upon receiving the Authority's certificate.

Meydan Regs cl 16

Companies must maintain a registered address within Meydan for all communications and notices.

Meydan Regs cl 17.1

Companies must notify the Authority of specified changes, such as director appointments or share transfers, within 15 business days using prescribed forms.

Meydan Regs cl 17.2

Branches must inform the Authority of certain changes within 30 Business Days, including name changes and manager appointments.

Meydan Regs cl 18

Licensees must retain all information and documents for at least 7 years from creation, in electronic or permanent form.

Meydan Regs cl 19

Acquisition or storage of boycotted products or prohibited goods in Meydan is strictly forbidden.

Meydan Regs cl 20

Companies must pay all fees to the Authority in full, and overdue invoices may result in service suspension or license withdrawal.

Meydan Regs cl 22-24

Companies must issue one class of shares at equal value, with any capital changes confirmed by a Special Resolution.

Meydan Regs cl 25

Shares are transferable with proper documentation; the board must update the shareholder register within two business days and notify the Authority within ten days.

Meydan Regs cl 26

Companies must maintain a register of shareholders and promptly report changes, including security interests, to the Authority within specific timeframes.

Meydan Regs cl 27

Shareholders can pledge shares with notification to the Authority; security interests become effective upon entry in the Security Register, enforceable through Dubai Courts on default.

Meydan Regs cl 28-30

Companies must appoint at least one director and one general manager, notify Authority of changes, and maintain an accurate register accessible to directors and shareholders.

Meydan Regs cl 31-37

Directors and general managers must act in the company's best interest with honesty, diligence, and integrity, avoiding conflicts of interest and using their powers appropriately.

Meydan Regs cl 38

Directors with an interest in transactions must declare it in writing to the board, ensuring transparency except for certain excluded interests.

Meydan Regs cl 39-41

Directors must notify the Authority of suspected duty breaches, and indemnification for negligence is limited.

Meydan Regs cl 42-44

Companies must prepare and submit audited financial statements within 30 days upon Authority's request, maintaining accurate accounting records.

Meydan Regs cl 45

Distributions must only come from realized profits and require Special Resolution approval; shareholders who violate this must repay the distribution.

Meydan Regs cl 46-47

Companies may liquidate voluntarily or through UAE courts, with specific documentation and procedures to follow based on their financial status.

Meydan Regs cl 48.1-48.7

Companies in voluntary liquidation must file a Special Resolution and meet various notice and advertising requirements, or face fines.

Meydan Regs cl 48.8-48.15

Liquidators must apply assets in a specific order during liquidation, or face penalties for non-compliance.

Meydan Regs cl 49

A foreign company must apply to the Authority to close its branch, providing specific documents and settling all liabilities, effective upon Authority's confirmation.

Meydan Regs cl 50

All entities must comply with UAE laws and regulations, maintain internal compliance policies, pay fines promptly, and secure approvals to avoid licence cancellation.

Meydan Regs cl 51.1-51.3, 51.6

Companies and their representatives must provide requested information within specified timeframes, ensuring disclosures are complete and in both Arabic and English.

Meydan Regs cl 55.1

Companies must accept sponsorship for employees supplied to them under Regulatory Instruments.

Meydan Regs cl 18-ret

Companies must retain all information and documents for at least 7 years from their creation date.