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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:
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.
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