Dubai

Dubai is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula.

Dubai shares legal, political, military, and economic functions with the other emirates within a federal structure, even though each emirate has jurisdiction over a few functions such as civic law enforcement and provision and maintenance of local facilities. Dubai has the largest population and is the second-largest emirate by area, after Abu Dhabi. Dubai and Abu Dhabi are the only two emirates to possess veto power over critical matters of national importance in the country's legislature.

Politics

Dubai has been ruled by the Al Maktoum dynasty since 1833. Its current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice-President of the UAE.

Economy

The emirate's main revenues are from tourism, property, and financial services. Although Dubai's economy was originally built on the oil industry, revenues from petroleum and natural gas currently contribute less than 6% of the emirate's US$ 80 billion economy. Property and construction contributed 22.6% to the economy in 2005.

Dubai has attracted world attention through many innovative large construction projects and sports events. This increased attention, coinciding with its emergence as a global city and business hub, has highlighted labor and human rights issues concerning its largely South Asian workforce.

Business Laws

The UAE Company Law defines a company as "a contract in accordance with which two or more persons participate in an economic project by providing a share of the funds or effort required and to share the profits or losses resulting from such project". An economic project is defined as "any commercial, financial, industrial, agricultural, real estate or such like economic activity".

This definition is similar to that adopted for companies in the UAE Civil Code. A business established by an individual could not be considered as a company in accordance with the aforementioned definition in the Company Law. The conduct of business through individual establishments owned either by a UAE national, or by an expatriate, is quite common in the UAE. Foreign individuals establishing a business presence would be required to have a national sponsor. Thus, the provisions of the Company Law will not be applicable to such individual establishments. However, such establishments have to register in the Commercial Register and acquire the requisite Municipality licence in the Emirate where business is being conducted.

Companies incorporated in the UAE have to take the form of ...