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DIFC Issues Consultation On Companies Law Update

by Lorys Charalambous, Tax-News.com, Cyprus

14 November 2008


The Dubai International Financial Centre (DIFC) on Wednesday released its proposed updates on Companies Law and Insolvency Law for public consultation.

The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies.

The Insolvency Law has been updated to include changes in applications and procedures for winding up Protected Cell Company (PCC) structures used by insurers to provide an easy and cost-effective way for smaller organizations to establish captive insurance units.

Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC) said:

“The updates to the Companies Law and the Insolvency Law are part of DIFC’s effort to upgrade our regulations in response to the industry’s needs and concerns. DIFC’s regulatory framework, created by incorporating best practices from jurisdictions across the world, has been constantly evolving since its establishment to offer a high degree of security, protection and ease of operations for financial services companies.”

Following the consultation process, the Companies Law and the Insolvency Law will be presented to the Ruler of Dubai for enactment.


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