DMCC, DIFC To Collaborate In Dispute Resolution
by Lorys Charalambous, Lowtax.net, Cyprus
22 January, 2016
The Dubai Multi Commodities Centre (DMCC), a free zone in the United Arab Emirates (UAE), announced that it has signed a memorandum of understanding (MoU) with the Dispute Resolution Authority (DRA) of the Dubai International Financial Centre (DIFC) to further enhance bilateral trade relations.
The terms of the memorandum state that the two entities will collaborate to provide DMCC member companies with access to the DRA services, including DIFC Courts, which are recognized as one of the world's leading commercial court systems.
The terms of the memorandum cover a range of areas of mutual benefit to DMCC and the DIFC's DRA, including access to professional services, trade and financial infrastructure, and collaboration on events and knowledge sharing initiatives.
The DIFC's DRA was established in 2014. Its divisions, which include the DIFC Courts, the DIFC Wills and Probate Registry, and the Academy of Law, work in partnership to help businesses resolve their commercial disputes.
The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law. The DMCC offers a zero percent personal and corporate tax rate, as well as 100 percent capital repatriation with no currency restrictions.
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