Effective 2nd January, 2020, the Dubai Multi Commodities Centre ("DMCC"), a free zone in the Emirate of Dubai regulated by the Dubai Multi Commodities Centre Authority ("DMCCA"), introduced the new DMCCA Company Regulations 2020 (the "New Regulations") together with a set of new Employment Rules, Licensing Rules and Officers Rules. The DMCCA also introduced new Community Regulations as well as Health, Safety and Environment Regulations.
The New Regulations were introduced as a mechanism to allow ease and flexibility to companies currently carrying out, or intending to carry out, business from the DMCC. The New Regulations replace the DMCC Company Regulations No. 1/03 issued in 2003 (the "Old Regulations"), with the aim of aligning the company law framework in the DMCC with international best practice. The DMCCA has also issued several Guidance Notes which provide guidelines for the implementation of various provisions contained in the New Regulations.
We have put together a comprehensive question-and-answer guide which provides answers to some frequently asked questions relating to the key changes introduced by the New Regulations and the impact of the New Regulations on the compliance obligations of companies operating in, or intending to operate in, the DMCC.
Click here to download or read the New DMCC Company Regulations guide.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.