 |
|
|
 |
|
| |
|
| 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. |
|
|
| Dubai Improves Investment Funds Regime |
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, July 20, 2010
The Dubai Financial Services Authority (DFSA) has implemented a series of regulatory
changes to the Dubai International Financial Centre’s (DIFC's) Collective Investment
Funds regime.
The most significant changes to the Funds Regime are as follows:
- DIFC-based fund managers are now permitted to establish and manage funds
in jurisdictions of their choice;
- Fund managers from recognized jurisdictions outside the DIFC can establish
and manage a Domestic Fund without having to establish a place of business
in the DIFC;
- The scope for marketing of foreign funds in or from the DIFC has been expanded;
- A more competitive fee structure has been implemented. Notably, the Fund
Manager Application Fee has been reduced from USD40,000 to USD10,000;
- An Exempt Funds regime has been established for professional clients, replacing
the Private Funds regime, which will be completely phased out within two years.
Exempt Funds are subject to lighter regulatory requirements but are only accessible
by professional clients who make at least a minimum investment of USD50,000
each. Such funds can only have 100 or fewer unitholders and cannot be offered
to the public – distribution being only by way of private placement.
Commenting on the development, Abdulla Al Awar, CEO of the DIFC Authority,
said: “The DIFC welcomes the new funds regime as it will stimulate further
growth of the funds management industry within the centre. The regulatory changes
bring the DIFC in line with other leading financial hubs around the world and
underline the centre’s position as the region’s most competitive
financial centre for fund managers.”
Jacques Visser, Managing Director of Legal & Compliance of Algebra Capital,
and a member of the panel which drafted the proposals, said: “The DIFC and the DFSA have listened to the industry and have made changes
to the DIFC’s funds regime based on a series of sensible and pragmatic
recommendations. As a result, the DIFC is now more attractive as an investment
centre for both foreign and domestic fund managers. [Through this, they have
moved to] ensure the DIFC’s growth and future relevance as a key player
in the global and regional fund management industry.”
.
|
|
|
|
| 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
