DIFC Employment Law No. 2 of 2019, enacted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has taken effect. The new legislation addresses key issues such as paternity leave, sick pay and end-of-service gratuity. Employer-focused amendments include the expansion of employee duties, anti-discrimination provisions, limiting the application … Read More
DIFC Announces Employee Workspace Savings Scheme
Dubai International Financial Centre (DIFC) has announced the launch of the DIFC Employee Workplace Savings (DEWS) scheme, which will offer end-of-employment benefits as part of a funded and professionally managed contribution plan. In line with recent global employee benefit trends, DEWS will see the evolution of end-of-service benefits within DIFC from a defined benefit structure to a contribution plan. It … Read More
DIFC Wills + Probate: An Important Amendment
Dubai International Financial Centre (DIFC) has recently amended the rules with respect to its Wills & Probate Registry. From June 30th 2019, any Will can now include assets located in not only all of the Emirates, but internationally too. Previously, it had just been restricted to assets in Dubai and Ras al Khaimah. This is a significant change, which will … Read More
DIFC Announces Prescribed Company Regulations
Dubai International Financial Centre (DIFC) has detailed it’s plans to combine the existing regulations for Special Purpose Companies (SPC’s) and Intermediate Special Purpose Vehicles (iSPV’s) under one new initiative. These types of entities will now be know as Prescribed Companies. “The new Prescribed Companies regime is a very positive regulatory development that is going to make the DIFC an even … Read More