Tuesday , May 18 2021

UAE News Mohammed bin Rashid establishes Dubai International Financial Leadership with Stimulating Legislation UAE

Mohammed bin Rashid Al Maktoum, Chairman of Dubai International Financial Corporation (DIFC)

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Dubai leaders have adopted a number of legal and legal frameworks for Dubai International Financial Center (DIFC), in addition to the general business environment for companies based in the center.

The amendments aim to consolidate the center's status as a free-zone financial zone with the most independent and developed jurisdiction and to support the growth and prosperity of operations between the areas of competence enshrined in the English general law in the region. The changes include DIFC Acts 5, 7, 10, 11 and 2018 for Business, and joint ownership.

companies Act

DIFC's new company law adopts a new system for corporate classification for the public and private. These changes have been followed by extensive discussions, consultation and global benchmarking to maximize flexibility, especially for small private companies, as well as sufficient levels of control over complex institutional arrangements such as those associated with listed companies, mergers, settlement plans and debt restructuring.

The amendments to the Companies Act coincide with a comprehensive upgrading of the Center's existing business systems to facilitate operations while meeting the latest requirements of the FATF and the Organization for Economic Cooperation and Development (OECD) on Affordable Property and AML Requirements.

Changes to the Property Act and the Strata Joint Property Act include the modernization of the property owner system to better protect owners and borrowers' rights to property in the DIFC area, as well as a register of properties sold on the system and developer requirements.

Best practices

"The comprehensive and strong legal framework is one of the cornerstones of the world's leading financial centers, including the Dubai International Financial Center (DIFC)", said Essa Kazim, chairman of the Dubai International Financial Center Authority (DIFC). "It enables businesses and investors to work easily and safely. We continue to develop our regulatory framework in line with global best practices to consolidate our position among the best financial centers in the world."

"In addition to improving transparency and protecting buyers and investors, the new changes improve DIFC's business environment, reduce business requirements and increase cost-effectiveness and flexibility for small businesses that grow significantly at the center," added Kazem.

Draft legislation

The Center also organized awareness meetings involving approximately 300 participants, resulting in valuable business feedback that participated in the preparation of the changes in recognition of the Center's concern to involve companies and institutions working in their area to find the best legal frameworks. Support their work in accordance with best international standards and practices.

Companies Law – Dubai International Financial Center Law No. 5 of 2018 – adopts a new plan to classify companies operating in the financial center by abolishing the name of "limited company" and sharing companies in general and privately and publicly. The Center's companies and plans for restructuring and consolidation to keep up with the growth of merger activities on the market.

business Law

The new business law – Dubai International Financial Center Law No. 7 of 2018 – consolidates the general requirements and the conduct of companies operating in DIFC, provides a framework for representatives of company representatives and provides improvements to the business license system to increase the volume of operations performed within DIFC as well as addition of new provisions to protect whistleblowers.

The Real Estate Act – Dubai International Financial Center Law No. 10 of 2018 – was amended to ensure that buyers receive complete information about the projects and purchased units. Additionally, property developers must now create a guarantee account to collect the amount of property owners pay on the system.

Team of Strata

The amendment of the Strata – DIFC Act No. 11 of 2018 Real Estate Act – Extends the Real Estate Registrar's powers and functions to include the judgment of parties who violate their obligations. The amendment will enable the courts in the center to directly hear the parties concerned and thus handle disputes effectively and impartially.

In addition, DIFC introduced the final rules for use, which requires that the end user information is owned by all registered entities in the center with accuracy and the use of appropriate safeguards.

The changes will only take a few weeks after Law No. 6 of 2018 was issued to amend DIFC's legislation, which aims to strengthen the Center's fight against money laundering and counter terrorism to prepare the forthcoming UAE Mutual Evaluation Financial Action »in 2019.

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