Starting from October 10, 2024, four documents came into force in the DMCC free zone:
- Updated Companies Regulations.
- Updated Licensing Rules.
- Companies Limited by Guarantee Regulations.
- Family Office Rules.
Under the updated Companies Regulations, changes have been made to share capital. It is now possible to denominate capital in different currencies, reduce it in various ways and issue bonus shares out of retained earnings and share premium income.
According to the updated Licensing Rules, Special Purpose Vehicle (SPV) companies can now be created. This type of companies can be utilised to hold assets, fund projects and create investment instruments.
The updated Rules also cover freelancer licenses. Freelancers can now conduct business within the DMCC free zone without the need to enter an employment contract or register a company. To obtain a license, the applicant does not need to meet the criteria set for other licenses. For example, it is not required to rent commercial premises in the DMCC free zone. The license is issued for one or more activities – the full activities list is available at https://freelanceuae.com/.
Companie...