DIFC Strengthens Law Firm Licensing
by Lorys Charalambous, Lowtax.net, Cyprus
06 April, 2017
The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, is taking steps to ensure law firms operating in the Centre are properly registered and licensed.
To this end, the DIFC has signed a Memorandum of Understanding (MoU) with Dubai's Legal Affairs Department, which enhances collaboration in relation to regulating the licensing and practice of the legal profession in Dubai.
The MoU also seeks to streamline the licensing of firms authorised by the Department and the DIFC to avoid duplication.
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, 100 percent foreign ownership, and has no exchange controls.
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