DIFCA posts amendment to Companies Law for public commentPress Release 31 Jan 2006 10:39 am
Dubai International Financial Centre Authority (DIFCA) today submitted for public consultation and comment amendments to its Companies Law, DIFC Law No. 2 of 2004.
Among the amendments to the law are provisions:
- Simplifying dividend distribution requirements for companies, thus providing greater incentives for companies to list on the Dubai International Financial Exchange (DIFX).
- Creating a Limited Liability Company (LLC) structure for non-regulated companies by the DFSA, which simplifies corporate administration formalities for the principals of LLC’s 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 for approval and enactment.
The DIFC Authority is also consulting with the Dubai Financial Services Authority (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.
Copies of the proposed amendments can be downloaded from the DIFCAuthority web site at www.difc.ae. Comments should be addressed to Mr Dean Ferris, DIFC Authority Chief Legal Officer and Chairman of the DIFC Authority Legislative Committee, at firstname.lastname@example.org by no later than 15 February 2006.