Dubai: DIFC Court Jurisdiction Opened to All
IFC Review, December 2011
Posted: 24 Mar 2012 Last revised: 12 Apr 2012
Date Written: December 12, 2011
A question that is usually debated within legal and financial circles is what compels financial services and intermediaries to function from within an international financial centre given that technology would facilitate de-concentration and geographical dispersion. Such questions have been comprehensively answered but the dynamics of the financial system mean these geographies cannot be assumed to be static.
The emergence of Dubai International Financial Centre in 2004 set a strong foundation and a platform for corporate houses and financial institutions allowing companies to access regional as well as cross-border regional wealth and investment opportunities. As an international financial centre, Dubai now plays a much more dominant role in the GCC and other parts of the Middle East. The quality and range of DIFC’s independent regulation, common law framework, supportive infrastructure and its tax-friendly regime make it the perfect base to take advantage of the region’s rapidly growing demand for financial and business services.
Besides offering 100 per cent ownership, tax free income, zero exchange controls, the DIFC offers an independent common law jurisdiction. Until recently only companies operating within the DIFC were subject to the jurisdiction of DIFC courts. Companies operating outside the DIFC were subject to the jurisdiction of the traditional Dubai courts, where proceedings took place in Arabic and operated in accordance with the local UAE laws and regulations.
Keywords: Dubai Law, DIFC, DIFC Law, DIFC Court, United Arab Emirates, Case Law, Sunil Thacker, Dubai lawyers
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