This document is a description of the changes in the revised/new DMCC Company Regulations, DMCC Companies Limited by Guarantee Regulations, Licensing Rules and Family Office Rules, each of which came into effect on 10 October 2024.
These notes should be read in conjunction with the relevant Regulations and/or Rules. They are not, and are not meant to be, comprehensive descriptions of the relevant Regulations and/or Rules.
a. The Companies Limited by Guarantee Regulations create a legal framework for companies limited by guarantee. A company limited by guarantee is a private company that has no share capital but the liability of a member is limited to such amount as he/she undertakes to contribute to the assets of the company in the event of its being wound up. Members of a company limited by guarantee generally do not, and are not required to, make any contribution to the company’s capital for so long as the company remains a going concern.
b. Companies limited by guarantee are generally used where there is no immediate need for capital...