DIFC posts Companies Law updates for comments
Dubai, November 13, 2008
The Dubai International Financial Centre (DIFC) has released its proposed updates on its Companies Law and Insolvency Law for public consultation.
The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies.
The Insolvency Law has been updated to include changes in applications and procedures for winding up Protected Cell Company structures used by insurers to provide an easy and cost-effective way for smaller organisations to establish captive insurance units.
'The updates to the Companies Law and the Insolvency Law are part of DIFC’s effort to upgrade our regulations in response to the industry’s needs and concerns,' stated Dr Omar Bin Sulaiman, governor of the DIFC.
'DIFC’s regulatory framework, created by incorporating best practices from jurisdictions across the world, has been constantly evolving since its establishment to offer a high degree of security, protection and ease of operations for financial services companies,' he added.
Following the consultation process, both the Laws will be presented to the Ruler of Dubai for enactment in accordance with Dubai Law No.9.
The Laws, posted on the DIFC website, will be open for public comment until December 13.-TradeArabia News Service