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DIFC Amends Company Law

by Lorys Charalambous,, Cyprus

19 December 2013

Dubai International Financial Center (DIFC) Authority, the body responsible for the economic development and planning of Dubai's tax-free financial zone, announced on December 15, 2013 that the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has enacted amendments to DIFC's company laws.

The enactment of the DIFC Laws Amendment Law, DIFC Law No. 1 of 2013, will facilitate amendments to the Companies Law of 2009, General Partnership Law of 2004, Limited Partnership Law of 2006, Limited Liability Partnership Law of 2004, Arbitration Law of 2008, and Non-Incorporated Organisations Law of 2012.

Most of the amendments have been made in order to ensure that DIFC complies with the requirements set out by the OECD Global Forum on Transparency and the Exchange of Information for Tax Purposes. The amendments include provisions pertaining to the availability, access and exchange of information.

The amendments to the Arbitration Law 2008 have been made to ensure alignment of DIFC to the New York Convention, which requires a court of a member state to have the obligation to dismiss or stay an action, upon request of a party, in a matter which is the subject of a valid arbitration agreement.

The Non-Profit Incorporated Organizations Law, DIFC Law No.6 of 2012 has been amended to allow existing non-profit Limited Liability Companies to convert to Non-Profit Incorporated Organizations without having to dissolve and re-incorporate.

The DIFC offers firms 0 percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls and a legal system based on English common law.

TAGS: court | tax | investment | law | Dubai | Tax

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