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DIFC Consults On Company Law Reforms

by Lorys Charalambous, Lowtax.net, Cyprus
21 March, 2017

The Dubai International Financial Centre (DIFC), the free trade zone, is reforming its Companies Law regime to bring it into line with international best practices.

The proposed reforms are intended to promote better shareholder and creditor protection, while also providing greater certainty and flexibility for companies.

Key elements of the proposed reforms are a new classification of companies, enhanced directors' duties, new mergers and schemes of arrangements provisions, and enhancements to company accounting and audit requirements.

Other changes include enhancements to the Registrar of Companies' powers, the disclosure of beneficial ownership of companies, and whistle-blower protections.

A consultation paper on the proposed reforms has been published and interested parties have been invited to submit their comments by June 19, 2017.

The DIFC is a free trade zone founded in 2002. It offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.

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