The new DIFC Companies Law (Law No. 5 of 2018) (the Law) came into effect on 12 November and brings with it a number of important changes. In addition to updating the Law, the DIFC has also enhanced the wider corporate regulatory framework, with new Companies Regulations, a new DIFC Operating Law and Operating Regulations, UBO Regulations, Protected Cell Company Regulations and Investment Company Regulations.
One of the most significant changes under the Law is the re-classification of entity types. Now, Limited Liability Companies have been abolished and Companies Limited by Shares will be classified as either Public Companies or Private Companies. The Recognised Company regime has been retained.
This briefing looks at what companies will need to do to comply with the new regime and explores in more detail some of the key changes brought about by the Law and the wider regulatory framework.