Dubai International Financial Center DIFC
DIFC strives to provide a stage for financial institutions to engage in business with the emerging markets of the region. It was established with the vision of creating an environment for growth, progress and economic development in the UAE, while accessing the region’s markets by providing internationally recognized legal and business practice and have appropriate infrastructure. DIFC is a hub for international financial institutions to access the markets of the region. It applies International Financial Standards that meet local financial requirements and completes highly secured transactions in its jurisdictions.
The DIFC is a strategic part of the Dubai International Financial Center (DIFC), which is itself a free zone, providing an ideal business environment to promote regional and international trade and commerce. It acts as a bridge between institutions in the DIFC and the financial markets of the region. The DIFC, the financial free zone of Dubai, was launched on November 4 2004, as part of the UAE’s overall development and to facilitate international business operations. Since the DIFC’s launch in 2004, our standing has been confirmed by a number of notable international organizations including The Banker magazine (now known as The Financial Times) which awarded the DIFC Best Free Zone in the Middle East for 2012; EDRA which recognized the DIFC as one of the top three business centers or Free Zones in its FDI City Awards 2012; Standard & Poor’s Ratings Services referred to the DIFC as a regional hub for global business. Located in the heart of Dubai, and a focal point for regional and international trade, the DIFC is a modern center designed to meet the needs of financial institutions operating in markets across the region.
The DIFC has more than 200 banks and financial institutions that are licensed to operate at the DIFC. Additionally, there are thousands of financial services companies that have registered to conduct business with the DIFC.
Key Benefits & Advantages for setting up business in DIFC:-
- Zero Rated Tax
DIFC can offer you: – A 50-year guarantee of zero taxes on corporate income and profits. An impressive network of double taxation avoidance treaties that covers over 50 countries including EU markets and the UK. – Stringent measures to protect your investments and mitigate government interference.
- No Limitations on Capital Inflows/Outflows
DIFC-based companies enjoy complete freedom of capital movement, with no currency risk. Furthermore, DIFC-based companies are exempt from tax on foreign sourced income, and certain categories of income are also free from withholding tax. These benefits, coupled with Dubai’s strategic location at the crossroads of 3 continents (Asia, Europe, and Africa), prime shipping facilities, and first world infrastructure make DIFC-based companies ideal for export businesses looking to source their products from multiple countries.
- 100% Complete Ownership of your Business
Through the expansive use of the private forms system, DIFC allows for a wide range of legal entities through which to pursue commercial activity, and its investment regime is based on a 100% foreign ownership policy. DIFC’s regulatory system provides licenses for the establishment of representative offices; agency, wholesale and retail trading licenses; a consolidated license that focuses on financial group activities; structural licenses covering all industries or sectors in which an entity wants to conduct business in the UAE; and flexible free zone options that allow activities such as manufacturing, production, assembly, storage and logistics. The DIFC’s competitive tax environment provides significant savings compared to the commercial rates levied throughout the UAE
- Strong Laws & Regulations favouring your business setup and company formations.
The Dubai International Financial Centre (DIFC) is one of the most highly regarded legal systems in the Gulf region, with an independent and highly regarded law regulator and court system. It provides a platform for international and regional businesses to operate with confidence and to further contribute to Dubai’s economy. This is one of the reasons that numerous international law firms have established offices in the DIFC to serve regional, global and Middle Eastern clients. International law firms find it easy to practice their domestic and international business law, commercial disputes and arbitration work in a common law legal environment, especially one that follows English rules of court. The jurisdiction has a reputation for settling international disputes fairly, efficiently and within a short time frame whilst maintaining stability in its regulatory framework.