The DIFC Foundations Law 2017

Abstract The Dubai International Financial Centre (DIFC) has launched a public consultation leading to the enactment of a Foundations Law. Foundations are a typical civil law institution. The DIFC legislation builds upon the legislative experience of the first two decades of this century, where private foundations have been introduced in many common law jurisdictions. The DIFC Foundations Law reflects the main features of common law foundations as well as some aspects of the Dutch stichting. It contains some unique features, such as ‘firewall’ asset protection provisions, the doctrine of mistake and the Hastings-Bass rule, and the conversion of a company into a foundation.