Tuesday, Jan 10, 2017

Dubai: Jebel Ali Free Zone (Jafza), a DP World Company, said on Tuesday its new guidelines will enable foreign companies to continue operations in the free zone without the need to open a branch or establish a new company.

For the first time, Jafza said it has brought together all the legal entities such as the Free Zone Establishment (FZE), Free Zone Company (FZCO) and branches under one regulation and has introduced a new legal definition such as Public Listed Companies (PLC).

“These changes reflect the needs of an ever evolving market in terms of providing facilities that are prompt, secure and form the best international practice,” Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer of DP World and Chairman of Ports, Customs and Free Zone Corporation, said in the statement.

Companies can restructure and rearrange their operations by converting from an FZE or FZCO to a PLC and vice versa, enabling continuity of businesses in the free zone. Foreign companies will also be able to transfer to the free zone keeping intact all their commitments so attracting international businesses, the port added.

Staff Report

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