An Introduction to Non-Profit Entities in the DIFC
Type
E-journal
Date
19 May 2014
Jurisdiction
Dubai International Financial Centre, United Arab Emirates
Taxonomy
Charitable Purposes, Charitable Trusts & Institutions, General Company Law & Business Entities
Copyright
LexisNexis
Relevant company
Latham & Watkins LLP
Legal reference
DIFC Law No. 2/2009, DIFC Law No. 6/2012, Dubai Law No. 12/2004, Federal Decree No. 35/2004, Federal Law No. 8/2004
Associated digest links
An Introduction to Non-Profit Incorporated Organisations in the DIFC, LNB News 19/05/2014 71
Analysis
While the free zone continues to focus on the financial services industry, the Non-Profit Incorporated Organisation (NPIO) represents an additional tool to attract non-profit entities.
While the Dubai International Financial Centre (the DIFC) remains primarily focused on the financial services industry, its stable and sophisticated legal and regulatory regimes have increasingly attracted organisations in the culture and arts, retail, leisure and - more recently - the non-profit sectors. To date, only a handful of non-profit entities have been established in the DIFC, but the more recently introduced regulations allowing the creation of NPIOs may lead to increased interest. This Client Alert examines both the pre-existing options in the DIFC and the NPIO - the first entity of its kind in the Middle East.
The DIFC