Dubai International Financial Centre simplifies laws
By IANSSunday, September 20, 2009
DUBAI - The United Arab Emirates government has liberalized the company and insolvency laws at the Dubai International Financial Centre (DIFC), WAM News agency reported Sunday.
The updates in the Companies Law cover registration requirements specified by the DIFC Registrar of Companies while the updates to the Insolvency Law incorporate changes in applications and procedures for winding up Protected Cell Companies (PCCs).
PCCs provide a simple and cost-effective solution to companies wishing to establish a captive insurance company.
The updates to the Companies Law include the abolishment of the procedure for approval of a company’s Articles of Association by the DIFC Registrar of Companies and the requirements for recognised companies to file an annual return.
The Insolvency Law has been updated to include minor amendments arising from the introduction of the proposed updates to the Companies Law and the amended Insolvency Regulations of 2009.
“The updates to the two laws form part of DIFC’s efforts to constantly update its legal framework to meet the changing needs of the industry and to stimulate the growth of new sectors and niche areas in the financial services industry,” said Omar Bin Sulaiman, governor of the Dubai International Financial Centre.
