The Dubai International Financial Centre Authority (DIFCA) has submitted for public consultation and comment amendments to its Companies Law, DIFC Law No. 2 of 2004.
The amendments seek to simplify dividend distribution requirements for companies, thus providing greater incentives for companies to list on the Dubai International Financial Exchange (DIFX).
The amendments will also create a Limited Liability Company (LLC) structure for non-regulated companies by the Dubai Financial Services Authority, which simplifies corporate administration formalities for the principals of LLCs whose activities are not regulated by the DFSA.
The DIFC Authority seeks comments from the international financial and legal community prior to the recommendation of the proposed amendments by the DIFC Authority Board of Directors to the Ruler of Dubai for approval and enactment. The consultation closes on 15 February 2006.
The DIFC Authority is also consulting with the DFSA on the proposed legislation.
Following the completion of the public comment and DFSA consultation periods, the final draft laws will be referred to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for approval and enactment in accordance with Dubai Law No. 9 of 2004.
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