The international financial centre, DIFC, is the newest one in the world. This centre’s goal is to become as well-known and respected as London, New York and Hong Kong.
Its primary service area covers from Western Europe to East Asia, which is a rather large region.
Not only the firms in DIFC’s region but also top firms around the world are attracted to it since its opening in September 2004. In September 2005, DIFC opened the Dubai International Financial Exchange as a stock exchange of world-class caliber. The DIFC provides several financial products such as Capital Markets, including Debt Instruments, Equity, Commodity Trading and Derivatives; Banking Services that include Corporate Banking, Investment Banking and Private Banking; Fund Registration and Asset Management; Islamic Finance and Professional Service Providers; Insurance and Re-insurance.
The DIFC’s legal entities registration is the responsibility of the Registrar of Companies, which also provides information about all DIFC entities. The Registrar of Companies’ primary functions consist of:
The staff at the Registrar of Companies has the duty of advising, receiving, reviewing and processing the applications of registrants to DIFC who wish to create a presence within the DIFC according to the General Partnership Law, the Limited Partnership Law or Limited Liability Partnerships Law, the Companies Law and the implementation of any regulations that apply.
- Register/incorporate and dissolve entities of DIFC
- Inspect and store the information of DIFC entities delivered according to regulations and laws that apply
- Ensure the public has access to this information
Benefits that institutions may possibly gain by establishing themselves in the DIFC are:
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- A tax treaty network that is extensive for incorporated entities in the UAE
- A tax rate of zero percent on profits and income
- Unrestricted repatriation of profits and capital
- Foreign ownership of 100 percent
- Regulations and laws that are internationally accepted
- A top-notch regulatory agency that is independent and works with other financial regulatory agencies in major jurisdictions around the world
- An environment that is dollar dominated
- An operating environment that is entirely transparent and complies with best practices globally
- Primary and secondary listings of instruments of debt and equity in an international stock exchange
- Various legal vehicles that can be set up with flexible capital structuring
- Excellent availability of skilled professionals living in Dubai and the surrounding area
- Communications, transportation and internet is both efficient and up to date
- Work permits, visas and other relative needs can be obtained in one responsive place