Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
Jafza issues new company regulations
 

Sultan bin Sulayem: Changes reflect needs of an ever evolving market 

Dubai, United Arab Emirates, 10 January, 2017:  Jebel Ali Free Zone (Jafza), a DP World Company, and the UAE’s flagship trade and logistics hub for the Middle East region and Africa, has issued a new set of guidelines for the Jebel Ali Free Zone Companies Implementing Regulations 2016 that enables foreign companies to transfer and continue operations in the free zone without the need to open a branch or establish a new company.

For the first time, Jafza has brought together all the legal entities such as the Free Zone Establishment (FZE), Free Zone Company (FZCO) and Branches under one regulation and has introduced a new legal definition such as Public Listed Companies (PLC). Companies can restructure and rearrange their operations by converting from an FZE or FZCO to a PLC and vice-versa, enabling continuity of businesses in the free zone. Foreign companies will also be able to transfer to the free zone keeping intact all their commitments so attracting international businesses to Jafza.

In another amendment, businesses can now be set-up with capital sufficient for the activities applied for in place of the existing regulation that mandates a minimum amount of capital. This leaves owners to decide the adequacy of their capital for their business. Meanwhile, the number of shareholders in a FZCO will now be set at a minimum of two and a maximum of 50.

The concept of different classes of shares provides flexibility to owners to offer different voting rights to shares. This could allow structures with management rights shares providing flexibility to owners for raising equity while retaining management rights over the company.

Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World and Chairman of Ports, Customs and Free Zone Corporation, said: “The new regulations streamline all the mandatory legalities related to the registration, administration, legal benefits and obligations of organisations in the free zone. These changes reflect the needs of an ever evolving market in terms of providing facilities that are prompt, secure and form the best international practice.”
Under the new regulations, the current FZE and FZCO type of entities will let customers list their company on the stock exchange by establishing a new legal definition namely the Public Listed Company. This will allow PLCs incorporated in the free zone to access capital through capital markets. The relevant Markets Laws in the UAE apply to a PLC.

Posted by : Dubai PR Network Editorial Team
Viewed 4752 times
PR Category : Banking & Investments
Posted on : Tuesday, January 10, 2017  4:54:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Middle East's multi-billion-dollar aluminium industry contin...
Next Story : Imdaad generates AED 500 million in revenue in 2016 to recor...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Grand Optics exclusive: Le Specs eyewear collection LUXE Nucleus [14524-Views]
Grand Optics exclusive: Le Specs Eyewear Collection Escape to the Exotic [13359-Views]
Introducing Parfums De La Bastide, an Artisanal Maison de Parfum inspired by Provence. [12523-Views]
Grand Optics Exclusive: MARNI eyewear collection [11926-Views]
Chaumet - Imperial Splendours, The Art of Jewellery Since the 18th Century [11035-Views]
From a House to a Smart Home: LG Smart Technology Helps Make Homes More Comfortable and Sa... [10687-Views]
Fun City launches the first ever Play Membership in the GCC! [10437-Views]
Gold Collagen® to Launch in Dubai, May 2017 [9687-Views]
GKhair celebrates 10 years of success at Beautyworld Middle East [8882-Views]
Dubai's largest Ramadan Night Market is Back! [8461-Views]
Aab Modest Wear Launches in the UAE [8204-Views]
Azraq, the world's first refugee camp powered by renewable energy [8089-Views]
LG showcases a future of multiple savings with trendsetting smart homes [7948-Views]
Lexus Unveils All-New LC luxury Coupe to Open a New Chapter in Brand History [7869-Views]
Kiko Milano Launches Tropic Heat - A Collection Full of Energy, Colour and Vibrancy [7784-Views]
Doha Bank Wins “Best Regional Commercial Bank” at Banker Awards 2017 [7204-Views]
Celebrate the Joy of Ramadan with IKEA'S Latest Collection [6832-Views]
Brand New Flagship ZIPPY store Opens in Dubai Mall Today [6649-Views]
Monsoon and Accessorize have it covered for Ramadan 2017 [6600-Views]
Travel in style with these summer essentials from ban.do, Ted Baker, Tatty Devine & Happy ... [6417-Views]
MICHAEL KORS Mens' Accessories [6368-Views]
Wella Koleston: Get ready for an Eid celebration that shimmers bright with color! [6356-Views]
Stunning New Collections from Jaguar and Land Rover [6283-Views]
Beautyworld Middle East 2017 opens with 11.5 per cent year-on-year growth featuring 1,580 ... [6173-Views]
Esposa Privé's Ramadan Collection Lands in Dubai & Abu Dhabi [6088-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories