Dubai Propose Stricter Company Provisions
Dubai International Financial Centre (DIFC) has issued four consultation papers and provisions recommending several new corporate regulations for companies, specifically new:
- Operating laws & regulations and related legislation.
- Ultimate beneficial ownership regulations.
- Protected subsidiary company regulations.
- Investment company regulations.
The above provisions hope to formalise the requirement for DIFC entities to provide ultimate beneficial ownership information upon their effective incorporation or registration and updates each financial year. New laws will be released in July next month.