 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| DIFC Amends Companies And Insolvency Laws |
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, October 01, 2009
Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum has enacted updates to the Dubai International Financial Centre’s (DIFC) Companies Law and Insolvency Law.
The updates in the Companies Law cover certain registration requirements specified by the DIFC Registrar of Companies while the updates to the Insolvency Law incorporate changes in applications and procedures for winding up Protected Cell Companies (PCCs). PCCs are self-insurance structures that provide a simple and cost-effective solution to companies wishing to establish a captive insurance company.
The updates to the Companies Law include the abolition of the procedure for approval of a company’s Articles of Association by the DIFC Registrar of Companies and the requirements for recognised companies to file an annual return. It also provides clarifications on the right of shareholders and directors to participate in shareholder or directors meetings. The Insolvency Law has been updated to include minor amendments arising from the introduction of the proposed updates to the Companies Law and the amended Insolvency Regulations of 2009.
Omar Bin Sulaiman, Governor of the Dubai International Financial Centre said: “The updates to the two laws form part of DIFC’s efforts to constantly update its legal framework to meet the changing needs of the industry and to stimulate the growth of new sectors and niche areas in the financial services industry.”
DIFC also issued new regulations that incorporate the updates to the Companies Law and Insolvency Law. The new regulations will help the insurance industry in offering innovative new products and services out of the financial district.
The enactment of the laws comes following the completion of a public consultation process, as part of which DIFC invited public comments on proposed updates in the laws.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
