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Today’s Top Headlines

DIFC Endorses Framework For Electronic Contracts

by Lorys Charalambous,, Cyprus

13 July 2016

The Dubai International Financial Centre Authority (DIFC Authority) has released a proposed new Electronic Transactions Law, DIFC Law No. 2 of 2016, for public consultation.

The legislation would clarify, for all purposes in the DIFC, that electronic signatures are enforceable, that electronic records have equivalent effect to hard copies, and that references to "writing" include electronic means.

The DIFC Authority said its intention in creating the law is to provide legislation that:

  • Establishes beyond doubt as a matter of DIFC statutory law that an agreement made electronically is as valid as a contract signed with wet ink signatures; and
  • Empowers Centre Bodies to prescribe the terms on which they are prepared to accept electronic submissions in place of hard copies and to treat them as having been signed by the person submitting.

The public consultation period ends on August 10, 2016.

The DIFC, a free trade zone, offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.

TAGS: United Arab Emirates | tax | tax incentives | law | financial services | legislation | tax breaks | regulation | trade | individual income tax | Dubai | free trade zone | services

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