The Company Regulations 2020 are silent on the maximum number of directors and state that the business and affairs of a DMCC company must be managed by one or more directors. In making this change, the DMCC has followed many other free zones in the UAE, such as the Jebel Ali Free Zone, which originally had minimum share capital requirement(s) (depending on the type of company). With DMCC attracting more and more start-up companies, this will definitely be viewed as a positive development. endobj Financial Statement Summary CONSOLIDATED BALANCE SHEET Figures in INR Crores PARTICULARS FY17 FY18 FY19 FY20 Shareholders Fund 59.83 72.77 115.78 144.88 | Non Current Liabilities 18.40 23.85 19.53 20.22 Current Liabilities 70.80 57.79 52.96 46.77 i Total 149.04 154.42 188.27 211.88
Under the Previous Company Regulations, a DMCC company was required to submit the auditor’s signed and stamped financial statement summary sheet and audited financial statements within 90 days after the end of each financial year. Many companies were unable to comply with this timeframe. 0000001968 00000 n 0000013541 00000 n
endobj However, amending the Standard DMCC Articles was not very common and shareholders of a DMCC company would often, along with the Standard DMCC Articles, generally rely on a separate shareholders’ agreement. We offer three types of licenses: We also offer other types of structures such as Single Family Office which caters to centralising the management of a family’s wealth and personal affairs, succession planning and holding shares in family businesses, assets, trusts and foundations. 1 of 2009 and DMCC Regulation No. %%EOF
endobj The share capital needs to be deposited in the company’s bank account in the UAE within three weeks from the issue date of the company’s licence. Tel: +971 4 330 3900, Danielle is a corporate/commercial lawyer with considerable experience in a wide range of corporate matters including private equity transactions, mergers and acquisitions, joint ventures, restructurings and reorganisations. Any foreign company who wishes to be incorporated in the DMCC and wishes to be regulated by laws as applicable to companies in the DMCC, may wish to transfer its current jurisdiction of incorporation (provided the laws of the current jurisdiction permit the transfer of domicile) to the DMCC (as the new jurisdiction of incorporation). 0000016799 00000 n ��:��&��[�L���� [�E��.ai(g�]���πa�:�P��D�� ��;�1Lb��S�S��`a�����ð���R [���yRL�d�6p+0\`��a�a`g�P�p������9�h�.����O�0U!����$� �j �b>&Q. After five working days DMCC will issue your E-Licence, so you will be ready to do business in DMCC. The DIFC Authority has proposed the enactment of legislation (the Proposed Law) to replace its current Data Protection Law.
H��SM��0��W�R��o�R��[�՞��C�V&v��@ P���8v�K�����yo��C��s�L1��YL�g1��R)�%�i�oяѼ. The clause (64) under the DMCC Company Regulations states that the auditors need to report to the shareholders of the company and to make the audit report of the annual accounts. 4.1: SUBMISSION OF AUDITED FINANCIALS, all DMCC member companies including subsidiaries and branch companies are required to submit its Audited Financial Statements report and Audited Financial Statements Summary Sheet to the authority within 90 days after the end of each financial year. 9 0 obj endobj The Company Regulations 2020 came into effect on 2 January 2020 and they repeal and replace the previous DMCC Company Regulations 2003 (DMCC Regulation No. The licence provides access to a Professional Services Support Programme aimed at allowing entrepreneurs entry to a community of businesses, financial services and professional advisers. We advise local, regional and global clients ranging in size and sophistication from start-ups, sole proprietorships, family-owned businesses, entrepreneurs and investors to some of the world’s largest public and private companies, governments and quasi-government institutions. For decades, banks and other counterparties in the UAE have obtained financial services from foreign financial institutions.
Summary Sheet and the Audited Financial Statements Report via a designated online service request on Unlike in the Current Regulations, the Proposed Regulations do not stipulate the maximum number of Subject to any limitations in the Articles, the business and affairs of a Company must be managed by one or more Directors.
0000002640 00000 n <>/F 4/Rect[ 69.75 418.14 525.05 435.92]/StructParent 7/Subtype/Link>> The Dubai Financial Services Authority (DFSA) imposes its largest fine to date on Deutsche Back AG Dubai (DIFC Branch), sending a strong signal that DFSA is both independent and unafraid to take on well-resourced opponents. 0000016730 00000 n Paralegal You can opt for fitted space or shell and core, while serviced offices are available for smaller businesses. The DSAM Kauthar Global Resources & Mining Fund is managed by GRT Capital Partners. 0000005814 00000 n endobj ", © Copyright 2006 - 2020 Law Business Research. Among the changes in the Company Regulations 2020 is the introduction of provisions expressly dealing with the appointment of the company’s manager and a detailed explanation of his/her functions. 0000010966 00000 n <>/Dest[ 4 0 R /XYZ 69 308 0]/F 4/Rect[ 69.75 489.23 525.05 507.01]/StructParent 3/Subtype/Link>> DSAM Kauthar funds are accessible directly or via major platforms such as Friends Provident International. He holds an LLM from the University of California, Berkeley and a BBA LLB from National Law University, Jodhpur, India. They should not be regarded or relied upon as legal advice. He advises both local and international clients on a broad range of corporate/commercial and employment matters. The Company Regulations 2020 have therefore introduced some welcomed changes to the features of companies incorporated in the DMCC. a non-DMCC company) into the DMCC and transfer of domicile/jurisdiction of incorporation of a DMCC company into another jurisdiction. License with a 2 years validity period comes with a 5% discount on total license fee and 3 years validity period comes with a 10% discount on total license fee”. The Company Regulations 2020 came into effect on 2 January 2020 and they repeal and replace the previous DMCC Company Regulations 2003 (DMCC Regulation No.
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