After years of speculation regarding an overhaul of commercial companies law in the UAE, Federal Law No. 2 of 2015 concerning Commercial Companies (“New CCL”) came into force on 1 July 2015, replacing the existing Federal Law No. 8 of 1984 for Commercial Companies (“Old CCL”). All companies are required to amend their existing memoranda and articles of association to reflect and comply with the changes introduced by the New CCL. Any companies that fail to make the requisite amendments by 30 June 2016 will be dissolved. The stated objective of the New CCL is to continue the UAE’s development into a global standard market and business environment and, in particular, raise levels of good corporate governance, protection of shareholders and promotion of social responsibility of companies. Notable features of the New CCL include the recognition of the concept of holding companies, procedures for pledging shares, expert valuation of shares in kind (ie non-cash) and the requirement to rotate auditors for public companies every 3 years.