Dubai Tax-Free Zones Strengthen Ties
by Lorys Charalambous, Lowtax.net, Cyprus
09 May, 2017
The Dubai Multi Commodities Centre (DMCC) and the Dubai International Financial Centre's (DIFC's) Dispute Resolution Authority have signed an agreement strengthening their ties.
The agreement is said to cover a range of areas of mutual benefit, including access to professional services, trade and financial infrastructure, and collaboration on events and knowledge-sharing initiatives.
The agreement also covers access to dispute resolution services and means DMCC member companies will be able to attend DIFC Small Claims Tribunal hearings remotely from Almas Tower by video link. DMCC members will also benefit from access to "DMCC ambassadors" within the DIFC, who will guide DMCC members through the process of bringing a claim before the Tribunal.
Access to the DIFC Small Claims Tribunal has a number of benefits for litigants, including the use of English in proceedings, fast-track services allowing an accelerated case plan to be agreed, and the ability to conduct cases without appointing legal counsel.
The DMCC and DIFC are free trade zones in the United Arab Emirates, offering zero percent personal and corporate tax rates, as well as 100 percent capital repatriation with no currency restrictions.
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