It reflects its commitment to providing a rigorous and transparent legal framework
“Dubai International Finance” presents a consultation paper on the amendments to the specific companies law
The Dubai International Financial Center has released a consultation paper on some proposed amendments to the law on companies identified in the center.
The center stated in a statement that these proposed amendments would contribute to strengthening the organizational framework of the center, in addition to providing more options for the processes of structuring companies operating within or from the center.
Major proposed amendments include standardizing and broadening the definition of “eligible applicant”;
unify and broaden the definition of “qualifying purpose”;
Repealing some provisions of the Companies Law (Dubai International Financial Center Law No. 5 of 2018) regarding the classification of private companies as “specified” companies whose purpose is structured financing, or crowdfunding structures;
As well as some other modifications.
The Center explained that the consultation paper and the legislative proposal can be viewed by visiting the “Consultation Papers” page, the Dubai International Financial Center.
He indicated that the proposed laws have been published for a period of 30 days for public consultation, provided that opinions and proposals will be submitted no later than May 4, 2022.
DIFC stressed that the proposed amendments reflect its commitment to providing a strict and transparent legal and regulatory framework, in line with the best practices applied globally.
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