Mohammed bin Rashid Al Maktoum, Head of Dubai International Finance Corporation (DIFC)
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Dubai Government adopted a series of legislation on the legal and regulatory framework of the Dubai International Financial Center (DIFC). , The general working environment of the companies located in the center.
The amendments aim to consolidate the status of the Center as a financial free zone with the most independent and advanced jurisdiction, and to promote the growth and prosperity of the business between the jurisdictions adopted by the British General Act in the region. The changes are DIFC Laws 5, 7, 10, 11 and 2018 for companies. And common property, respectively.
The new Company Law of DIFC adopts a new system of classification for companies in the public and private sectors. These changes were followed by thorough discussions, consultations and adequate levels of control over complex institutional arrangements such as global benchmarking and listed companies, mergers, reconciliation plans and restructuring of debts, in particular to maximize flexibility for small private businesses.
The amendments to the Law on Companies are intended to facilitate the work, with a comprehensive upgrade of the existing business systems of the Center to comply with the latest requirements on the transparency of the FATF and the Organization for Economic Co-operation and Development (OECD), beneficial property and AML requirements. overlap.
Amendments to the Property Act and the Strata Partnership Act include the modernization of the property ownership system in order to better protect the property owners and borrowers' rights to own real estate in the DIFC area as well as to better protect a record of the security requirements of properties and developers sold in the program.
"The comprehensive and strong legal framework is a cornerstone of the world's leading financial centers, including the Dubai International Finance Center (DIFC)." Said. "It allows companies and investors to operate easily and safely." We continue to develop our regulatory system in accordance with global best practices to consolidate our position among the best financial centers in the world. "
"In addition to enhancing transparency and protecting buyers and investors, new changes improve the business environment of DIFC, reduce business constraints, and increase cost-effectiveness and flexibility for small businesses growing significantly at the center."
The Center also organized awareness-raising sessions with around 300 participants; this has resulted in valuable feedback from the business community participating in the drafts of the amendments, taking into account the sharpness of the Center to include institutions and organizations working in its field to find the best legal framework. Supporting its work in accordance with the best international standards and practices.
Law on Companies – The Dubai International Finance Center Act No. 2018 – adopted a new plan to classify companies operating in the financial center by removing the name of finansal limited liability companies Şirket and sharing the companies with the general and private sector. Restructuring and consolidation plans to keep up with the growth of the companies of the Center and the merger activities in the market.
The new operating law – International Dubai International Financial Center Act No. 7, dated 2018 – reinforces the general requirements and forms of execution of companies operating in DIFC, provides a framework for the role of the Company Registry and provides improvements to the corporate licensing system to increase the volume of business under DIFC. . Addition of new provisions to protect whistleblowers.
Real Estate Law – Law No. 10 on Dubai International Financial Center, dated 2018 – was amended to ensure that buyers are fully informed of the projects and units purchased. In addition, real estate developers must now create a guarantee account to collect the amounts paid in the scheme paid by property buyers.
Amendment to the common property law – DIFC Act No. 2018 – enlarges its powers and functions to include decisions of the parties violating the powers and obligations of the real estate registrar.
In addition, DIFC has introduced the final arrangements for beneficial property, which requires the provision of information about the end user on all publicly owned assets and the availability of appropriate privacy protection mechanisms.
The amendments took place only a few weeks after the enactment of Law No. 2018 numbered 6/8/2006 to amend the regulatory law that aims to strengthen the DIFC's Center for the preparation of the money laundering and anti-terrorism systems for the future UAE Mutual Assessment Financial Action »2019 & # 39; in.
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