The Dubai International Financial Centre Authority has published for comment draft legislation outlining the Limited Partnership Law, and the Limited Partnership Regulations, which are aimed primarily at establishing a purpose-built vehicle for the formation and operation of fund management activities in the DIFC.
The Limited Partnership Law deals with matters such as formation and registration of a limited partnership, rights and obligations of general and limited partners, dissolution of the limited partnership and migration of limited partnerships to and from the DIFC. The regulations provide the details of the process for registration and operating a limited partnership in the DIFC.
The Limited Partnership Law follows the enactment in 2004 of the Companies Law, the General Partnership Law and the Limited Liability Partnership Law to further extend the range of the company formation offering of the DIFC in accordance with international best practices.
Once the consultation period is over and all comments have been incorporated in the new law, the legislation will be enacted by the Ruler of Dubai.
This law will be applied exclusively in the jurisdiction of Dubai International Financial Centre.
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