Sunday , August 1 2021

News from UAE Mohammed bin Rashid establishes International Financial Leadership in Dubai, stimulating UAE legislation

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

HH Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and Lord of Dubai, adopted a number of legal and legal provisions of the Dubai International Financial Center (DIFC), as well as the general working environment of companies based in the center.

The changes aim to consolidate the status of the Center as a free financial area with the most independent and developed jurisdiction and to support the growth and prosperity of enterprises in the jurisdiction areas adopted in the English General Act in the region. Amendments include DIFC 5, 7, 10, 11 and 2018 regarding enterprises, I joint ownership respectively.

Company law

The new corporate law DIFC adopts a new corporate classification system for public and private. Following these amendments, extensive discussions, consultations and global comparative analysis have taken place to maximize flexibility, especially for small private enterprises, as well as an adequate level of control over complex institutional arrangements, such as those related to listed companies, mergers, settlement plans and restructuring of debt.

The changes in company law coincide with the comprehensive modernization of the existing business systems of the Center to facilitate business operations while complying with the latest FATF and Organization for Economic Cooperation and Development (OECD) requirements regarding transparency of property favors and AML requirements.

The amendment to the Real Estate Law and the Strata Joint Deposits Act includes the modernization of the property ownership system in order to better protect the rights of owners and borrowers to real estate in the DIFC area, as well as the register of real estate sold in the system and security requirements for developers.

Best practices

"A comprehensive and strong legal framework is one of the foundations of the world's leading financial centers, including the Dubai International Financial Center (DIFC)," said Essa Kazim, president of the Dubai International Financial Center Authority (DIFC). "It allows companies and investors to operate easily and confidently, We continue to develop our regulatory system in line with global best practices to strengthen our position among the best financial centers in the world."

"In addition to improving the transparency and protection of buyers and investors, the new improvements improve the DIFC business environment, limit business constraints and increase the cost efficiency and flexibility of small businesses that grow significantly in the center," Kazem added.

Draft acts

The Center also organized sessions dedicated to awareness, in which about 300 participants took part, which resulted in valuable opinions of the business community, which participated in the development of amendments, in recognition of the Center's enthusiasm for involving companies and institutions operating in this area in finding the best legal framework. Supporting their work in accordance with the best international standards and practices.

Company law – Act No. 5 of the Dubai International Financial Center from 2018 – adopts a new plan for classifying enterprises operating in the financial center by abolishing the name "limited liability companies" and the division of companies in general as well as private and public. The Center's companies and restructuring and consolidation plans are keeping up with the merger on the market.

Operating law

New Operational Law – Dubai International Financial Center No. 7 of 2018 – consolidates the general requirements and conduct of companies operating in DIFC, provides a framework for the role of the company's registrar and introduces improvements to the corporate licensing system to increase the number of transactions carried out under the DIFC. In addition to adding new provisions to protect whistleblowers.

The Real Estate Act – Dubai International Finance Center Act No. 10 of 2018 – has been amended to provide buyers with full disclosure of projects and purchased units. In addition, developers must now create a warranty account to collect the amounts paid by real estate buyers under the program.

Strata Act

The amendment to the Loss Shared Property Act – DIFC Act No. 11 of 2018 – extends the rights and functions of the real estate registrar in such a way as to include the decision of the parties violating their obligations. The amendment will allow the courts of the Center to directly listen to interested parties, and thus efficient and impartial dispute resolution.

In addition, DIFC has put in place final provisions on user properties that require information about the end owner of the user about all registered entities in the center with the accuracy and application of appropriate privacy protection mechanisms.

The changes came just a few weeks after the adoption of Act No. 6 of 2018. In order to change the DIFC legal regulations, which are aimed at strengthening anti-money laundering and anti-terrorism systems in the Center in preparation for the upcoming UAE peer review. Financial activity »in 2019

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