Tobacco Documents Online

New corrnpany la~r fior JAFZ . :- ~:;> A law governing tlie e,,stabl>5liment o; . f companies inrthe Jebel Ali Free Zone has beenenacted in Dubai. The law„nirmber nine'o~ 1992, has beeti w'~elcoined by Dubai- based la'wy;ers, who say it,is L{cely to boost, ` investment in the zone '' The law allows for the setting up of I compantes - or`free zorne establishments :? J.1 (FZEs)=i as separate legal enttties. Previously; FZEs had to be brafiches of a'- t:t company domiciled elsewherehlow foneign, +x,z. compaittes can"set up 10(D percentr subsidiartes in tlae fnee ione aci ordtng tos; ,'', ; regulations laid down by the free zone =~r cr, authority VAFZiL). JAFZA will be_the sole regulatory authority';,, which means that companies will not'have to:, ' deal iwith Dubai municipalityto obtatn Ihe i,7; ,' necessary permits. A FZE will be a private ; limited liability company oAVned by an ;: =-;, individual or a corporate body. Its liability .',: i will be deterrrnined by the amount of paid-up-, capital;.which must be at least Dh I _million: - j ($272;fJ0Cl): JAFZAwi1L'maintain a,register of; ,, each FZEs security, which will show any .; interest granted overthat;securlty: Tlhiswill., be made,available for inspection by any; :. , parties interested in doing>business with ai-: .,_ FZE. Lawyers have welcomed'the new _ls v:w;_ < I arid saythanit also offers possible tax _ benefits to foreigncompanies interested tn;,;~ the;area. ,