Sharjah Council Launches New Regulations To Regulate Family Businesses In Emirate

Sharjah Crown Prince Sheikh Sultan bin Mohammed bin Sultan Al Qasimi on Tuesday announced new regulations to regulate family businesses in the emirate.

Announcing the decision to regulate family businesses within Sharjah, the council said that these new regulations aim to create a legal framework for organizing and managing these businesses. It will help them pass smoothly from one generation to the next, ensure they last a long time, and increase their contribution to the emirate's economy. The goal is to promote social unity and strengthen family stability for residents in the emirate.

The decision also aims to set up ways to resolve disputes related to family businesses. It applies to family businesses formed in Sharjah, existing companies owned by single families, and family businesses set up in free zones, as long as they are not in conflict with the rules in those areas.

A family business must have an incorporation contract that follows the Companies Law, as per the new decision, WAM reported.

It also includes rules about ownership in family businesses, how partners can sell their shares, share classifications, family endowment businesses, family charters, dispute resolution, and the processes for closing or liquidating the company, as well as executive decisions about how to enforce these rules.

The meeting, held at the Ruler's office, was attended by Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of the Sharjah Executive Council; and Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of the Sharjah Media Council.

Earlier this week, the Sharjah-Europe Businesswomen Forum, organized by the Sharjah Chamber of Commerce and Industry (SCCI) and the European Women's Association (EWA), emphasized the importance of speeding up women's economic empowerment as an important factor for sustainable development.

Last month, Sharjah Roads and Transport Authority (SRTA) kicked off the first phase of eco-friendly electric bus rides, introducing several routes connecting three destinations between cities to improve public transportation.