In line with the new rules and regulations set out on 2nd January 2020, DMCC has introduced guidelines to define the roles and responsibilities of DMCC member entities, who are required to comply with the following changes.
DMCC Companies registered and licensed prior to the introduction of Company Regulations 2020, which has appointed a Legal Representative and has not appointed a Company Secretary, will have a maximum of twenty-four months to comply with the new rules.
The registered Legal Representative will have to resign, and if the Company wishes, it can issue a Power of Attorney to the Legal Representative in order to make him/her an Authorized Representative. A Company Secretary must be appointed in line with the new rules.
Branches established prior to the introduction of the new Company Regulations 2020, which have appointed a Director and Legal Representatives, will have to arrange for the removal of such Directors and Legal Representatives.