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 5594 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
AIGNER Love [22338-Views]
New Year, New Skincare! [16330-Views]
Signature Scents for Your Home [13676-Views]
Spring/Summer 18' Beauty Picks from Missha Cosmetics [12102-Views]
Mido's Baroncelli Prisma - A sparkling play of prisms enhanced by 51 diamonds' [8985-Views]
The Trésor Collection [8534-Views]
Malabar Gold & Diamonds strengthens its global position as a leading jewellery retailer wi... [7448-Views]
“12th Edition of SNF's Family Fun Fair” [7338-Views]
ESC's INDIASOFT to Bring Over 400 ICT Foreign Buyers To Bengaluru [7131-Views]
5 Different Types of Denim and How to Wear Them [6722-Views]
The Balmain de Balmain Moon Phase Collection - loves personalisation to the moon and back [6637-Views]
EUROSTAR presents seven global tech majors at CABSAT 2018 [6527-Views]
Nissan reaffirms importance of electrification at World Future Energy Summit [6063-Views]
Womenswear Preview and Showroom Connection: WHITE Man & Woman's Formula Bets on Quality [6057-Views]
Nissan and NASA extend research into autonomous mobility services [5948-Views]
Dubai Tour team line-up announced: 16 teams of seven riders at the start [5856-Views]
Defender Lives on: Land Rover Launches V8 Edition To Celebrate 70th Anniversary [5764-Views]
Tommy Hilfiger Announces Fall 2017 Watches Collection [5618-Views]
Sophie's Café brings all the goodness to Barsha Neighbourhood [5496-Views]
Seamaster Olympic Games Collection [5136-Views]
His Highness Sheikh Hasher bin Maktoum bin Juma Al Maktoum Visits du's Stand on Day One of... [5051-Views]
Dubai Outlet Mall celebrates DSF 2018 with amazing attractions for shoppers [4984-Views]
HH Sheikh Hasher Bin Maktoum Al Maktoum opens CABSAT 2018 [4868-Views]
Masdar unveils locally manufactured all-electric Eco-Bus at Abu Dhabi Sustainability Week... [4813-Views]
LG Electronics Earns CES 2018 Best TV Product Honors for LG AI OLED TV [4630-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories