Mohammed bin Rashid Al Maktoum, Chairman of Dubai International Finance Corporation (DIFC)
HA Sheikh Mohammed bin Rashid Al Maktoum, Vice-President of the UAE, Prime Minister and Governor of Dubai, adopted a number of laws on the legal and regulatory framework of the Dubai International Financial Center (DIFC). , As well as the overall operating environment of companies in the center.
The amendments aim to strengthen the status of the Center as a financial free zone with the most independent and developed jurisdiction and to support business growth and prosperity among jurisdictional areas adopted by the English general law in the region, as amended by Companies 5, 7, 10, 11 and 2018, and respectively joint ownership.
DIFC's new corporate law adopts a new classification system for public and private companies. These amendments have been widely debated, consultations and global benchmarking for adequate levels of control over complex institutional arrangements, such as listed companies, mergers, settlement plans and debt restructuring, especially for smaller individual entrepreneurs.
Amendments to the Company Law are amply revamped by existing FATF and the Organization's (OECD) most current requirements and transparency of useful properties and existing business systems to facilitate business compliance with AML requirements.
Amendments to the Law "On Real Estate" and the Law "On Strategic Joint Property" reinforce the right of owners and borrowers to acquire real estate in DIFC territory, as well as modernization of the real estate ownership system for effective protection of the registry of real estate sold under the scheme and security requirements of developers include.
Chairman of the International Financial Center (DIFC) in Dubai, Difa, said: "A comprehensive and powerful legal framework is one of the world's leading financial centers, including the Dubai International Financial Center (DIFC) . "This will allow companies and investors to work more easily and reliably. We continue to develop our regulatory framework in line with our global experience to strengthen our position among the best financial centers in the world."
"In addition to enhancing the transparency of buyers and investors, DIFC improves business environment, reduces business constraints and increases economic efficiency and flexibility for small businesses in the center," Kazem added.
The Center also organized informational and explanatory sessions with the participation of about 300 participants, thereby making valuable comments from the business community involved in the development of the amendments and recognized the Center's commitment to attracting companies and organizations engaged in the search for best legal frameworks. Supporting their work in accordance with the best international standards and practices.
The Law on the Company – the Dubai International Financial Center No. 5, 2018 – adopts a new plan for the classification of companies operating in the financial center, through the dissemination of "limited liability partnerships" and divan-companies to the general, private and public. The Center's companies and plans for reorganization and mergers are accompanied by a growing market merger.
The new operating law – the Dubai International Financial Center No. 7, 2018, combines general requirements and company engagement with DIFC-based companies, ensures the role of the Registrar of Companies and improves the corporate licensing system to increase the scope of business carried out within DIFC. Also, add new rules to protect the pushes.
The Real Estate Law – The Dubai International Financial Center No. 10 in 2018 – has been modified to ensure full disclosure of the acquired projects and units. In addition, real estate developers now must create a guarantee account to collect the amount paid by buyers of the real estate scheme.
Amendments to the Strategic Co-Owned Property Act – Act No. 11 of DIFC No. 2018 – enabling the authorities and functions of the registrar to comply with the decisions of the parties that violate their obligations. The scope allows the courts to listen directly to stakeholders and settle disputes in a disputable and objective manner.
In addition, DIFC has put in place a final rule for its ownership, which requires information about all legal entities registered in the end-user customer care center, which ensures the application of appropriate confidentiality mechanisms.
Amendments will be made after a few weeks to amend the DIFC statutory law of No. 6 of 2018, which will be aimed at strengthening the countermeasures and strengthening of the anti-terrorist system in preparation for the forthcoming UAE's mutual evaluation. "Financial Action" in 2019.
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