Abu Dhabi Free Zone Enacts Courts Regulations
by Lorys Charalambous, Lowtax.net, Cyprus
30 December, 2015
The Abu Dhabi Global Market (ADGM), a new free zone in the United Arab Emirates, announced on December 30, 2015, that its Board of Directors has enacted the ADGM Courts Civil Evidence, Judgments, Enforcement and Judicial Appointments Regulations.
It also released supporting Rules and ADGM's Arbitration Regulations and enacted Rules covering judicial conduct and complaints made against judicial officers.
"These significant developments for the ADGM Courts added another important milestone for ADGM, namely the establishment of a judiciary and system of law that is founded upon long standing, recognized, and accepted principles of law at the heart of which is the impartiality, independence and integrity of the Judges of the ADGM Courts," the ADGM said. "With the establishment of this system of law and the appointment of the Judges, the global business community can be assured that ADGM is committed to providing clear, transparent and robust regulations and rules of the standard of an international financial centre."
In early 2016, the ADGM Courts will be issuing court procedure rules and practice directions.
The ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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