Commercial laws are the laws which governs trade and commerce in the country. The laws can be slightly confusing if you don’t understand what you are reading. This article might help you to understand the basics of commercial laws and when you should hire a commercial lawyer.
How Can Commercial Lawyers Help?
- Starting a Business
UAE is a global destination for many investors and businesses to grow and build their empire.
If you are looking to start a business in the UAE, or are undertaking a new trade in the UAE, there may be different licenses and permissions required in order to legally start such business or trade.
You would need the help of commercial lawyers in the UAE who are experts in their field to provide you with legal advice and assist you in drafting documents, and obtaining licenses.
- Entering into Contracts
In any commercial trade or business, you would regularly need to enter into contracts and agreements with other investors, business partners, customers, vendors, banks for loans or credit, etc. These agreements include sale agreements, loan agreements, pledge agreements, or other contracts in the day-to-day business.
It is important to run the big-ticket contracts with corporate lawyers in Dubai before signing. This is because commercial lawyers in Dubai will highlight any red-flags in the contract, or provisions which are to your detriment.
Templates of general terms & conditions, purchase orders, and employment contracts should also be vetted by lawyers providing commercial law services.
- Banking
Commercial matters typically involve dealing with banks on a regular basis. Perhaps you have taken a loan, and provided cheques as security. Commercial lawyers in the UAE would review the agreements, advice you on the law regarding bouncing of cheques, etc. For example, cheque bounce for insufficient funds is no longer a criminal offence under the UAE laws.
- Tax Concerns
Recent announcements regarding applicability of tax on companies have highlighted the importance of discussing potential tax liability with corporate lawyers in Dubai and tax advisors. The corporate lawyers and tax advisors will discuss the law with you, explain the different kinds of taxes, the applicability and enforceability and its relevance to you. They will also advise regarding the best way to comply with the requirements.
Since the provisions regarding corporate taxes are so new, it is prudent to discuss these with your corporate lawyers and tax advisors to stay ahead of the curve and have a business plan in action to ensure compliance.
- Potential Risks
Generally, commercial lawyers in the UAE will also help in identifying potential risks and issues in a commercial strategy, if it believes that it may be against the laws of the UAE.
Conclusion
The complexity of commercial law can be mitigated to a large extent by hiring the best commercial lawyers in the UAE who are well aware of the laws, understand the practical implications, and give sound legal advice which corresponds with the business requirements.
Get in touch with a commercial lawyer today to get the best legal commercial advice!
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