Updates to the Dubai International Financial Centre's (DIFC) Companies Law and Insolvency Law enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will provide enhanced security and confidence to the emirate's financial sector, analysts said.
The updates in the Companies Law cover certain registration requirements specified by the DIFC Registrar of Companies, while the updates to the Insolvency Law incorporate changes in applications and procedures for winding up Protected Cell Companies (PCCs), the state-owned Wam news agency reported.
PCCs are self-insurance structures that provide a simple and cost-effective solution to companies wishing to establish a captive insurance company.
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