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Dubai Commodities Centre Promotes Its Benefits

Monday, March 14, 2011

The Dubai Multi Commodities Centre Authority (DMCC), the free zone authority for the Jumeirah Lakes Towers (JLT), recently hosted an exclusive networking event for members from 10 international Business Councils in its landmark building, Almas Tower.

The event was co-organized by DMCC and the Italian Business Council, hosting the Business Councils of Spain, Greece, Switzerland, Finland, the Netherlands, Denmark, Lebanon, Syria, India, and Japan. In addition, it was also attended by the Dubai Chamber, more than 120 of Dubai's senior private and public sector representatives, as well as leading members of the banking community and commodities trade.

During the event, DMCC presented an overview of its achievements to date, highlighting the strong growth JLT witnessed in 2010 with more than 725 new company registrations, making it one of the fastest growing mixed use free zones in the UAE. DMCC also detailed the benefits member companies enjoy including 100% business ownership and capital repatriation, a 50-year holiday on personal and corporate tax, freehold offices available for sale or lease as well as serviced and virtual office options, with sole shareholders permissible and a full range of business activities licensed.

JLT is home to over 2,800 companies from around the world and has registered over 200 new member companies since the start of 2011. DMCC actively supports Business Councils located in UAE and is an active member of many of them including both the Italian Business Council and the British Business Group.

Malcolm Wall Morris, Chief Executive Officer of DMCC, said: "Today, we had the opportunity to present to the Business Councils and showcase JLT's compelling and competitive proposition which attracted an average of 60 companies per month in 2010, with 85% of those being new to Dubai. As a government entity that was primarily established to promote trade through the Emirate, we are honoured to have a role in further enhancing Dubai's position as the business gateway to the vast opportunities in the region. We look forward to exploring new ways of cooperation with the different Councils which will in turn contribute towards Dubai's goal of sustained economic growth."

Dr Ottavia Molinari, the President of the Italian Business Council, commented: "The Italian Business Council is delighted to form part of this event, which supports our goal to provide a networking platform for our members to exchange ideas, experiences and information. There is no doubt that Italian companies interested in setting up in JLT, will enjoy the many benefits that the JLT free zone can offer its members. Companies like Pacorini DMCC have already discovered the advantages JLT offers and we are eager to promote the business opportunities available in the UAE for other Italian businesses."

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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