The Dubai Centre for Family Businesses, under the Dubai Chambers umbrella, has announced the release of a ‘Sample Article of Association for Family Businesses,’ which outlines management and governance procedures, as well as corporate best practices.
The Sample Article of Association for Family Businesses, it shared, can be used as a starting point for families wishing to draft a new Article of Association for Family Businesses or revive their existing ones to align with the family business vision and incorporate sections of the family constitution into the Sample Article of Association for Family Businesses.
It has been launched with the aim of promoting growth and continuity among family businesses in the Emirate of Dubai.
The ‘Sample Article of Association for Family Businesses’ outlines a set of options for companies to update their Article of Association and assesses the role these contracts play in mitigating risks associated with disputes, while ensuring business continuity.
This, it shared, is in line with the long-term vision for both families and companies, and with the specific needs of each company.
The Article of Association also takes into account the requirements and conditions of family businesses registered as limited liability companies (LLCs).
Speaking about this, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “The Dubai Centre for Family Businesses continues to enhance its efforts and services, striving to achieve its strategic goals, ensure sustainable growth among family businesses in Dubai, enhance their contribution to the national economy, and promote the adoption of governance and best practices.”