Dubai International Financial Centre(DIFC)
Set up your company in the Dubai International Financial Centre (DIFC)
What is the DIFC?
Established in 2004, Dubai International Financial Centre provides a world-class podium for financial businesses. That the Dubai International Financial Centre contributes to more than 12% of Dubai’s GDP reveals the significance of the freezone. Set up a company in DIFC Freezone and unlock the multitude of benefits it offers.
DIFC is the hole to myriads of financial and non-financial firms from across the globe including those in banking, insurance, wealth management, asset management, credit services, etc.
Authorisation in the DIFC
Company formation in DIFC freezone, particularly the DIFC authorization can prove to be complex and cumbersome when you try to do it all by yourself. Expert guidance will help you simplify the steps and speed up the process.
The DIFC is regulated by three independent bodies- the DFSA (Dubai Financial Services Authority), the DIFC Judicial Authority or the DIFC Courts and the DIFC Authority.
To set up company in DIFC freezone and conduct finance and bank related activities in or from DIFC, a firm needs to seek authorization and acquire a license from Dubai Financial Services Authority (DFSA). The DFSA takes up preliminary assessments to make sure that the firms comply with DFSA’s code of conduct. After verification, the DFSA issues an electronic license authorizing the firm to carry out specific categories of financial services. Legal proceedings in the DIFC are handled by the DIFC Judicial Authority or the DIFC courts. So, the DIFC has an independent jurisdiction and has its own commercial and civil laws based on the Common law, and stands out from the standard legal practices in the UAE. All disputes from the DIFC freezone are dealt with by the DIFC Authority unless the parties involved prefer to choose laws coming under other jurisdiction. This way companies get an effective resolution for their disputes.
Additional steps after registering a company in DIFC
Once you have your company registered in the DIFC free zone, there are a few additional steps that you might want to consider. You will be required to register for VAT purposes and prepare audit and annual finance statements. At Oxbow Corporate Services, we offer end to end services and company formation solutions along with after registration support.
DIFC and IT Companies
It is easy to set up a company in the DIFC freezone when you follow the legal norms of the regime. Apart from financial services, the DIFC freezone presents promising business opportunities to IT businesses. Blockchain technology, robotics, payment applications, etc. have received a huge welcome in the DIFC freezone.
If you are looking forward to opening a company in the DIFC, we suggest that you take a free consultation with our company formation experts.
Frequently Asked Questions
How does Oxbow corporate service help?
Known for offering customized, end-to-end solutions, Oxbow Corporate Services has some of the best company formation services. We help you at each step of the process from document curation and submission to post registration formalities and procedures. We also assist you in meetings with the DIFC authorities and support you in building cordial relations with the authorities. Our experts will help you with policies, procedures and other regulatory norms that are a requirement in the DIFC freezone. Post registration and authorization of the company, our experts will guide you on taxes, compliance, governance issues, risk management and so on.
What kind of activities can you develop in DIFC?
DIFC is an ideal spot for financial, asset management, banking, and insurance companies. Regulated licenses are offered as authorisation to companies that provide finance and banking-related services. The DFSA regulates the financial services and issues license authenticating the firm to carry out specific types of business activities. On the other hand, non-regulated licenses are issued to authorize businesses that are not in the finance and banking services sector. They include hotels, academic institutions, cafe, restaurants, retail, etc.
Why invest in DIFC Dubai?
Company formation in DIFC Dubai allows 100% foreign ownership and lays no taxes on income and profits. Following are some of the other key benefits that might motivate you to invest in DIFC Dubai.
- Complete freedom to repatriate profits and capital
- Transparent business environment
- Independent common law system
- Compliant with English laws and DIFC Wills
- Dollar denominated currency ecosystem
- Free to hire foreign employees
- A vibrant community with promising business opportunities
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Office No.108, Coastal Building, Al Qusais 2, Dubai, UAE, P.O. BOX:84706
Get In Touch With Us!
Office No : 1109, Bay View Tower, Marasi Drive Street, Business Bay, Dubai, PO BOX : 391085