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DIFC posts Companies Law and Insolvency Law for public consultation

United Arab Emirates: Wednesday, November 12 - 2008 at 16:24
PRESS RELEASE

The Dubai International Financial Centre (DIFC) today released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation.

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HE Dr Omar Bin Sulaiman, Governor of the DIFC.

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The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies while the Insolvency Law has been updated to include changes in applications and procedures for winding up Protected Cell Company (PCC) structures used by insurers to provide an easy and cost-effective way for smaller organizations to establish captive insurance units.

HE Dr Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said:

"The updates to the Companies Law and the Insolvency Law are part of DIFC's effort to upgrade our regulations in response to the industry's needs and concerns. DIFC's regulatory framework, created by incorporating best practices from jurisdictions across the world, has been constantly evolving since its establishment to offer a high degree of security, protection and ease of operations for financial services companies."

Following the consultation process, the Companies Law and the Insolvency Law will be presented to the Ruler of Dubai for enactment in accordance with Dubai Law No. 9.

The Companies Law and the Insolvency Law, posted on the DIFC website, will be open for public comment until 13 December 2008.

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Related site: http://www.difc.ae

Notes and media contacts

About the DIFC:

The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services. In just four years, over 700 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

For more information, please contact:
Amira Abdulla

Director- Regional Public Relations
DIFC | Dubai International Financial Centre
Level 14, The Gate
P.O. Box 74777, Dubai, UAE
T: 971 4 362 2433
F: 971 4 3622236

Posted by Ehab Al-Abbadi
Wednesday, November 12 - 2008 at 16:24 UAE local time (GMT+4)

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DIFC posts Companies Law and Insolvency Law for public consultation

The Dubai International Financial Centre (DIFC) today released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation.

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