Fri, 21/12/2012 - 09:28
By Dominique Lecocq, lecocqassociate – This article will focus on the formation requirements of a domestic exempt Islamic fund (“IEF”) in the Dubai International Financial Centre (“DIFC”) – a recognised free zone in the United Arab Emirates with its independent regulator named the Dubai Financial Services Authority (“DFSA”).
An exempt fund requires a maximum of 100 or fewer subscribers with a minimum subscription of $50,000. Its subscribers should fulfil the requirements of a Professional Client defined in the DFSA rulebook.
Formation requirements and procedure
For the Registrar of Companies requirements please contact lecocqassociate.
Mandatory Appointments: Senior Executive Officer (UAE resident), Finance Officer, Compliance Officer (UAE resident) and Money Laundering Reporting Officer (UAE resident)
Service Providers: The investment manager, administrator, custodian etc. can be a firm registered outside the DIFC in a recognised jurisdiction. However an auditor should be registered with the DFSA in order to be appointed.
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Fri, 28 Aug 2015 00:00:00 GMTInvestment Banking Restructuring Analyst/Associate
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