At present Federal Law No. 8 of 1984 – the Commercial Companies Law – does not provide for a mechanism for pledging the shares of a limited liability company in the UAE, and there is accordingly no official register on which to record the share pledges to perfect such security. One of the concerns about pledging the shares of a limited liability company is that a limited liability company does not have shares or share certificates to be pledged. The partners’ percentages of allocated ownership in a limited liability company are typically referred to as quotas, as opposed to shares. Such quotas are similar to shares, however no certificates of ownership are issued to the partners.
Associate in the Banking & Finance Department
Al Tamimi & Company
The Commercial Companies Law Amendment Law – which has been approved by the UAE Federal National Council and is pending approval from the Federal Supreme Council – is expected to resolve this issue.
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Dubai International Financial Centre
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