Humaid bin Rashid issues law regarding Ajman Chamber
Humaid bin Rashid issues law regarding Ajman Chamber
AJMAN, 1st July, 2024 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, issued Law No. (2) of 2024 regarding the Ajman Chamber.
The new law assigned the Chamber to represent, support, and protect the interests of its members and the business community in the emirate, in a way that serves to achieve sustainable development, and to contribute with government and competent authorities in the emirate to develop and consolidate the emirate’s economic position and improve its investment environment.
The law stipulated that the name “Ajman Chamber of Commerce and Industry” be replaced with the name “Ajman Chamber”, provided that the change of name does not affect the Chamber’s rights and obligations.
According to the law, the Chamber is reorganised to be a non-profit public benefit institution, enjoying legal personality, financial and administrative independence, and the legal capacity necessary to carry out all legal acts and actions that ensure the achievement of its objectives and the implementation of its competencies assigned to it under this law.
Under the new law, the Chamber aims to represent, support, and protect the interests of Chamber members and the business community in the emirate, develop and improve the business environment in the emirate and enhance its attractiveness and competitiveness, improve the quality of services provided to Chamber members in cooperation and coordination with competent authorities, contribute to strengthening the capacity and position of the emirate’s local economy and work to attract local and international investment institutions, as well as develop national leadership cadres in economic fields and the business sector.
The law stipulated that the Chamber, in order to achieve its objectives, shall carry out a set of tasks and powers, including developing plans, policies, and strategies in coordination with the concerned authorities in the emirate to enhance the emirate’s position regionally and globally in the field of trade and industry, and develop leadership, administrative, and technical cadres in economic fields and the business sector.
The law assigned the Chamber to promote attracting investments and companies to take the emirate as their headquarters, provide a stimulating and attractive business environment for them in coordination with the competent authorities, review and analyse economic conditions, assist decision-makers in the emirate to foresee the future and develop the necessary means and tools to develop its economic sector, and provide necessary proposals regarding updating existing legislation or proposing new legislation aimed at achieving sustainable economic development, in coordination with the competent authorities.
The Chamber was also assigned to contribute to increasing awareness in the economic and commercial field to develop businesses and research ways to improve them in cooperation and coordination with the competent authorities, spread the culture of entrepreneurship and develop the skills and capabilities of business owners and economic projects in the fields of economy, trade, business management and others, study economic activities in the emirate and diagnose challenges facing economic establishments and issue appropriate recommendations and present them to the competent authorities for resolution, and represent, support and protect the interests of the business community in the emirate, in a way that serves to achieve sustainable economic development.
Under the law, the Chamber undertakes to study and resolve commercial and civil complaints that arise between members, or between them and others, through arbitration or dispute settlement in an amicable manner.
The law stipulated that the Chamber shall establish centers affiliated with the Chamber inside and outside the country, and establish companies or investment projects or participate in them, whether inside or outside the emirate, in accordance with the legislation and regulations approved by the Chamber to achieve its objectives, and register those licensed to practice economic activities in the emirate and grant them Chamber membership certificates.
The Chamber issues and certifies certificates of origin for exported or re-exported goods and products in accordance with applicable legislation, develops businesses and researches ways to improve them in cooperation and coordination with competent authorities, as well as with chambers of commerce, unions, business organisations and professional bodies in various economic sectors, and exchanges expertise and consultation with them.
The law assigned the Chamber to provide advice and consultation to Chamber members on legal, commercial, economic, or technical matters, provide them with available information, and guide them to follow procedures and means that help them protect their rights and develop their businesses.
The Chamber is responsible for certifying commercial and industrial transactions and certificates, expert reports and related entities, goods export invoices, and validating the signatures of authorised signatories for Chamber members. It also establishes a database of experts, professionals, and technicians, working to utilize their capabilities for the benefit of Chamber members.
The chamber is also responsible for owning, managing and investing movable and immovable funds, selling and mortgaging them, concluding contracts and agreements of all kinds, Additionally, the chamber organises and hosts events, exhibitions, conferences, seminars, and local and international business discussion forums. It may also contribute to organising these events or participate in them and offer specialised programmes and courses.
According to the law, the Chamber works on forming working groups of Chamber members with similar or homogeneous activities to study any challenges or difficulties facing members in those activities and work on resolving these challenges and difficulties in coordination with the competent authorities in the emirate. To this end, it may seek assistance from experts or specialised international, regional, and local organisations, and cooperate and coordinate with relevant government agencies in the country and emirate regarding applications submitted by commercial liaison offices, bodies, unions, associations, and regional and international non-governmental organisations specialised in economic, commercial, and professional fields to open branches and offices in the emirate and grant initial approval for the establishment of business councils, in preparation for issuing the necessary permits, in accordance with the legislation in force in the emirate.
The Chamber organises qualitative awards for its members, which enhances the confidence of dealers and consumers and contributes to raising the competitiveness of the emirate, and achieving efficiency in business and its outputs.
The law defined the competencies of the Chamber’s Board of Directors, including approving the general policy of the Chamber, approving the strategic plan and development and operational plans, following up on their implementation after approval, and approving draft laws and decrees related to the Chamber and organising its affairs and competencies and any amendments to them as may be required from time to time and submitting these proposals to the competent authority in the emirate for issuance.
The Board of Directors’ competencies include approving the Chamber’s financial regulations, which should include provisions and procedures related to managing and investing the Chamber’s funds, control mechanisms, signing authorities for disbursement orders and documents and all other financial transactions and related provisions and controls, approving administrative regulations and human resources regulations and systems, and approving initiatives, programmes, economic plans and investment projects to support the emirate’s economy, increase job opportunities and investment in it, and submit them to the relevant government authorities.
The Board of Directors competencies also include approving the annual budget and final account of the Chamber, appointing external auditors and reviewing the reports and observations they submit at the end of each fiscal year, approving the organisational structure of the Chamber, as well as approving borrowing, accepting gifts and donations in accordance with the legislation in force in the country and emirate, approving the opening of bank accounts for the Chamber inside and outside the country, managing and closing them, signing loan contracts and requesting banking facilities in accordance with the financial regulations approved by the Chamber.
The law granted the Board of Directors the authority to approve foreign trade missions organised by the Chamber for the purpose of promoting the emirate’s economy and strengthening foreign trade links, forming permanent and temporary committees to assist the Council in performing its tasks, and determining their tasks, competencies, and work system.
The law specified the conditions for Chamber membership, as anyone licensed to practice any economic activities by the competent authority within the emirate must join the Chamber in accordance with the regulations and procedures approved by the Board.
The law clarified that if a Chamber member conducts their activity in one or more branches within the emirate in addition to their main headquarters, they must register each of their branches with the Chamber and pay the membership fee for each branch separately.
The law stipulated that membership in the Chamber is mandatory for subsidiary companies licenced under a trade name different from the main licence of the parent company, and that membership in the Chamber for establishments licensed within the free zones in the emirate is optional, unless any of them wishes to request any of the Chamber’s services, in which case they must join the Chamber membership in accordance with the conditions and procedures approved by the Chamber.
Individuals who are owners of simple crafts who rely on their mental abilities and physical strength to obtain a level of income that secures their livelihood more than relying on monetary capital are exempt from joining the Chamber. The Chamber’s regulations determine the categories of simple craft owners who are not subject to the condition of joining the Chamber.
Provided by SyndiGate Media Inc. (Syndigate.info).