Business Law Report - Free Essay Example

Introduction In this report, we will Take a specific Company/organization/Corporations as a Model and discuss Business Law/Industrial Law that Support the Functioning of the Organization ,then finally analyze how the different Business/industrial laws is supporting/Benefiting the Smooth Running of such above mentioned Company/Corporation. Finally we will Investigate the Common issues that arise when Applying Business Law/industrial law on the framework of our understanding of the issue. Finding a potential company/corporation for work and investigating how business law/industrial law is support such corporation and how this commercial law is helping in the smooth running of the organization is a sure way to gain knowledge and experience in my area of chosen study. This concise report will make it possible for students to get acquainted with such organizations and find practical experience as well as find a good exceptional understanding of the source material. Since business law is quite important when dealing with companies/corporations, it makes sense that we deal with it from the perspective of an employee, academic as well as from the perspective of the companies that abide by the rule of commercial business law. The Company/Organization Model The focus will be on DUBAI INTERNET CITY, The current Middleast and North Africa Largest ICT supplier which since 2000 has successfully developed a Thriving Ecosystem for technology Organizations in the Middle East and North Africa. This Company has been one of the best forerunners in Transforming Dubai`s Vision into a Knowledge-Based Economy. This is basically information Technology Hub Created by the Authority in Dubai as a Free TRADE ZONE and as important base for companies targeting Regional developing markets. DIC licenses both business/companies and inviduals to carry out certain different activities within the DIC, and they include SOFTWARE, INTERNET AND MEDIA, TELECOMMUNICATION AND NETWORKS,E-COMMERCE and MANY OTHER LICENSES. In addition to that, available in DIC is various communities anchored by global, regional and local leaders in the industry. We will divulge into the application of business law to DIC, How Business law is Helping DIC run Smooth fully and e fficiently. This is our main concern for this report. 3. scope This report will cover the main basics of Business law also known as Commercial law, the application of Commercial Law in the business industry and also find the limits and Boundaries of Business law/commercial law and finally tackle the issue in a manner that reeks of professionalism and academic integrity and impartially. This is the Framework that we will be working on and deducing our own conclusions about it. Method Most of the information in this report was Collected/ gathered from Internet Business Articles, DUBAI internet City Websites ,News Articles That Deal and Talk about BUSSINESS/COMMERICAL law and Its Application in the Industry as well as My Own Experience When applying for Job in These Companies and what I have Discovered. ANALYSIS In plain and simple terms, the word business law /commercial law refers to the enforcing laws that are applicable to the rights, relationships and conducts of individuals and businesses involved in commerce, Merchandising, business and Trade. It is assumed by scholars to be a branch of civil law and tackles the issues of both public and private Laws. The term commercial law encompasses within its limits such Functions like Carrying of goods by land and sea, merchant shipping, safeguard against fire, accident insurance, life insurance, and laws of exchange and partnership. It is the regulating body of laws that deal with corporate contracts, hiring processes, production and sales of goods of consumption. Many countries in the globe have introduced civil laws that contain all-inclusive statetements of their business laws. Therefore, business laws govern vast areas of bussines, commerce and customer transactions, some specific laws have developed in many different commerci al fields. and they are BANKING,BANKRUPCY,CONTRACTS,CONSUMER CREDIT ,MORTGAGES ,SALES AND MANY MORE. IN UAE, Company law is defined as a à ¢Ã¢â€š ¬Ã…“contract between two or more personsà ¢Ã¢â€š ¬Ã‚ . In view of the above mentioned definition, a business created by one person could not be considered a company. Therefore, In UAE, one of the most important facets of doing business is the legal structure, in 1984,the laws applicable to companies throughout the AUE was introduced. The federal law No.8 of 1984 was changed by federal law No.13 of 1988 which is widely known as the à ¢Ã¢â€š ¬Ã…“Commercial companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ lawà ¢Ã¢â€š ¬Ã‚ . This law defines several categories of legal bodies which can be established in the UAE.It regulates the requirements of companies in terms of directors,stakeholders,minimum capital investments, and integration procedures of companies.therefore,in AUE,A good legal consultant can guide the non-local investor in choosing the right way to invest in UAE which matches the client needs. Thefore, we can summarize that business law/.commercial law is a sure fire way to keep the smooth running of any corporation/company that wants to become successful in the market. Licenses In AUE, the most basic requirement for all business practices is to secure of the following three t types of licenses. 1. Commercial licenses dealing with trade activities 2. Industrial licenses dealing with manufacturing processes. 3. Professional licenses dealing with professions. Implementing the business/commercial law helps the company get acquainted with the market dyanamics,get grip on the employees and also thrive in their chosen field of trade/business. it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t matter if the company is a small newly established one or a giant company that have been in the market for longer time. The challenge remains the same and the company is required by the law to abide by the rules and regulations that govern the companies. If anyone ever played a game in which he/she did not know all the rules ,then that person exactly knows the burden of the outcome of such a game,therefore,it is quite important that any company familiarizes itself with the commercial/business law of the country it tries to establish itself so that the company knows the pros and cons of such business. Thefore, the DIC Company Model will be discussed as suitable for our report. THE COMPANY MODEL This information techno-polis was created by the Authority in Dubai as a free teconomic zone and a strategic ITC base for companies aiming to utilize emerging regional markets. The economic rules of DIC help companies to take advantage of a number of rights including ownership, taxes, and custom related advantages which are assured by law for a period of exactly 50 years. Models of operations of DIC include 100% foreign ownership, comparable to those prevailing in other economic zones in the UAE.these freedoms have resulted in many Giant global information technology firms such MICROSOFT, IBM, ORACLE CORPORATION, INFORGLOBAL SOLUTIONS, SUN MICROSYSTEMS, HP and another UAE based Companies such as I-mate to flock and move their bases to DIC.DIC located in other giant neighborhood companies like Dubai knowledge village,dubai media city. The DIC Company has a huge commercial office of half million square feet and over 10,000 workers based there; these offices are among the best o nes in Dubai City. History Dubai Internet City was founded in October 1999 and opened its doors in October 2000. The company provides a knowledge based economy ecosystem designed to assist the business development of internet and communications know-how (ICT) corporations. It is the biggest ICT infrastructure in the middle east and north Africa built within the confines of free economic zone. Many giant ventures are based in free DIC . The ICT conglomerate in Dubai Internet City includes corporations from sectors like software development, services, e-commerce, consultancy and sales and Trade. Local Owned technology companies likeDucont FZ LLCwhich was one of the earliest companies to move their based to DUBAI INTERNET CITY have showed that innovation in the region and is quite successful at that. The cluster atmosphere of DIC provides most elements of value chain for an ICT ventures. In addition, it has developed Methods that can be utilized by the ICT companies to explore and develop channel fo r business opportunities as well as technology development. In addition to that, Dubai Internet City presents highly modernized, state-of-the-art offices and facilities to shore up businesses and the community in general. Businesses have the ability to c choose from any of the below services according to their business requirement: business offices Executive Office Executive Desk Well Furnished Office Business centers Villa Economics Dubai Internet City, like the whole of Dubai Region, has witnessed rapid growth, with the UAE` GDP rising at double figure rates. However, since 2003 inflation has followed suit too, making GDP growth significantly lower than the previous years. In March 2008, DIC introduced a rental increase to 180AUE Dirhamper square foot a 25% rise (the governments rent limit on private landlords is roughly 5% for 2008). The DIC statement supplementing the release said operating costs have hiked lately due to economic growth in the region. The DIC visitors are charged for parking since 2013 when entering the DIC area which had previously been provided free of cost. There is a fluctuation in the economic activities in DIC as shown by this figure The commercial law regulates the dynamics of the economy in the DIC. Companies The Current Companies that are Members of Dubai Internet City are 1. GOOGLE AUE 2. IBM MIDDLEAST AND AFRICA AND MANY MORE. HOW BUSSINESS LAW IS SUPPORTING THE MODEL COMPANY In DIC,simple company laws and legal framework with no hassle govern it. Dubai Technology Media Free Zone has its own regulations that administer license operations in the Free Zone. These laws were introduced by the Ruler of Dubai and are only applicable in the Free Zone. Dubai Internet City operates within the Legal jurisdiction of Dubai Technology and Media Free Zone (the à ¢Ã¢â€š ¬Ã…“Free Zoneà ¢Ã¢â€š ¬Ã‚ ). The Free Zone was Created in 2000 by an amiri decree and has a separate legal status in the UAE. Since lack of Oversight can create many financial Risks to companies as well as Authorities,it is important to find a unified regulatory Body which will be responsible for DIC. Therefore, The DIC Free Zone is supervised by an self-regulating government body, Dubai Technology Media Free Zone Authority. DTMFZA develops and implements opaque regulations, in accordance with international standards, which guarantees that the companies working in the Free Zone can c ompete successfully, locally and globally. The laws and guidelines that apply to companies/corporations operating in the Free Zone are described elegantly on their Website. These regulations are abound and canà ¢Ã¢â€š ¬Ã¢â€ž ¢t be written all of them in this report but we can summarize most important business laws that has been enacted in the amiri decree. Commercial law is responsible if and when a new company wants to join and be part of the DIC free zone,the commercial law is a vital part of the DIC economies. The First Law Is referred to as Law No 6 for 2002 in regard to the Building, Maintenance and Protection of the Cable Network for Dubai Internet City. It is concerned mainly with the development of Telecommunication networks and its protection from vandalism. Article five of the amiri decree, is concerned mainly with persons carrying out any works in the surrounding areas of the telecommunication networks, including both fixed and airel stations,that the said p ersons should take all due Measures and precautions to avoid causing unwanted damage that might change the integrity and safety of the passges,channels and network equipment. Also, article six, is concerned mainly with any person wishing to carry out any excavations, buildings or construction works in the vicinity of the telecommunication network, service passages or the channels related thereto, must obtain, prior to the commencement of the said works, a No Objection Certificate from Dubai Internet City, and to adhere to the provisions and instructions provided in the No Objection Certificate. These Business laws therefore is part of the strategy that helps DIC to regulate which companies are allowed to operate in the DIC FREE Trade Zone and how they should safeguard their business. Like if some manager of a gaint company wants to start up a business, the regulations that becomes obstacles at first for such a corporation/company, if the manager knows all the obstacle s/hurdles/barriers and he can solve the barriers in right way by understanding what the regulations are, then it will be no problem for the company to have business. Also law is a legal power that makes sure the business runs smoothly domestically and internationally.. There are many rules of international trade.. if the manager of the business is conducting business in this part, then it will be a huge blow for the business if he doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t understand about the Rules, Since International Trade is a fragile ,non-guarantee business. People can play with it and cheat the company, and if you are on the right side/way when such cheaters play with your company, you can sue them easily. Thatà ¢Ã¢â€š ¬Ã¢â€ž ¢s some advantages of knowing how business law operates. Because Business law is created to protect company from being violated by irresponsible people In conclusion, we have seen how business/commercial law enhances the smooth running of Dubai internet city and how these laws are being applied from time to time and these business laws/commercial laws play an important vital role in supporting the functioning of the corporations as well as making sure that they running smoothly and sufficiently . As a business owner/employee of a company, you are required to abide by some of the laws and regulations that apply to large corporations, understaindg how these rules and regulations apply to you and how they help in the smooth running of the organization is vital skill to have References/Resources 1. Legal information institute/commercial law 2. https://catalog.flatworldknowledge.com/bookhub/1679?e=lau-ch01_s04 3. www.lawplainandsimple.com/Bussiness law basics 4. www.Gulfnews.com/all laws applicable to Dubai internet city 5. www.uaetrade-usa.com/business law