regulations

The given regulatory document titled "Companies and Corporates Regulations" applies to companies incorporated and operating within Ajman Free Zone. It was issued and sanctioned by Decree No. 9 of 2016 on 12/06/2016. The regulations apply to all existing and future companies within the Free Zone. The document provides definitions for various terms used in the regulations and outlines the procedures for incorporating and registering companies within the Free Zone. It also covers topics such as share capital, distribution of profits, management of the company, general meetings, auditors and fiscal year, term of the company, termination of the company, liquidation of the company, and the impact of the death or bankruptcy of a partner on the company. Additionally, the regulations state that in the event of a partner's death, their share in the company shall transfer to their heirs or legatees, who will have the same rights as heirs. Notices and correspondences between the company and partners must be in writing and sent to the partners' addresses. Disputes between partners shall be resolved through arbitration, and if an agreement cannot be reached, Ajman Courts will have jurisdiction. The Company is governed by the provisions of these regulations, including any future amendments, articles, and resolutions. Furthermore, the regulations introduce the concept of a Free Zone Establishment (FZE), which is a corporate entity with limited liability. The founder of an Establishment can be an individual or a corporate body, and each owner is responsible for the Establishment's obligations within the limit of their share in the capital as specified in the Memorandum. The provisions applicable to Free Zone Companies also apply to Free Zone Establishments, unless they contradict the nature of the Establishment. Overall, the regulations provide a comprehensive framework for the establishment, operation, and termination of companies within Ajman Free Zone, ensuring legal compliance and protection for investors and partners.