Dubai International Financial Center was established to promote financial services within UAE. company formation in the UAE’s premier financial free zone, provides a platform for financial institutions to operate in the emerging market within the region. DIFC follows its own regulatory framework which consists of independent regulations based on the principles of common law. DIFC adheres to its core values such as efficiency, transparency and integrity and it has been playing vital role in enhancing the financial services sector in the region.
Also Read: 5 Advantages of Setting Up a Business in DIFC
Business setup in the DIFC involves the following aspects:
- Filing out the application form: filling all the necessary details of the applicants and details regarding the company for initiating the registration of company in DIFC.
- Obtaining the initial approval from free zone authority: An initial approval a certificate has to be obtained from the relevant authority to continue the business licensing formalities that permit a foreign national to conduct business in UAE.
- Submitting the required documents: arrange all the approved documents with a proof of mi mum share capital of the business submit all the required documents to the relevant authority.
- Opening of a bank account. When investors want to transfer their funds into a new region, they need to open a bank account so they can secure their investment. free zone of emirates provides you an ease to open a bank account, so that you can perform daily monetary activity with comfort and peace of mind.
- Application of business license: The license will be issued within a few weeks after analyzing every document provided and certificate of incorporation will also be issued along with it.
Documents required for company formation in DIFC (not limited to)
- financial position of parent company (in case of a branch)
- Application form for business setup
- Detailed business plan
- And all the documents as requested by the DIFC authority
Types of entities operating in DIFC
The different types of business that can be established in DIFC are
- Limited liability company: this type of company is the most common form of company that operates within.it is a separate and district legal entity
- Branch setup: Existing companies can establish a branch of a parent company in DIAC
Government authorities for business setup in DIFC
This center holds frame work that combines international standards and principles of common law. The DIFCA body helps in regulating the matters of strategic development and administration
- Dubai financial services authority
The another financial regulatory that looks into the matters of special economic zone. The center looks into matters of assets and wealth management.
- Dispute resolution authority
Constituted for delivering counseling matters in legal matters. This division are extended to support the legal system in DIFC to shape this free zone an eminent place to work and visit.
Also Read: Benefits of Business Setup in Dubai Free Zones
Benefits of company formation in DIFC
- World class regulatory environment
DIFC model is an independent regulatory authority provides world-class legal and regulatory environment. DIFC constantly explore ways to shape the financial landscape in the region. Insights from clients, industry and Wealth Management Working Group have been reflected in the laws which have been enacted to ensure stable and secure growth for their business
- Unique legal frame work
Difc is unique in its legislative system as it follows the English law. DIFC streamlined its own civil and commercial laws and has developed a complete code of law governing financial services regulation. They follow the common law framework and equally respected court system.
- Tax efficiencies
DIFC provides zero taxes on corporate income and profits enhanced by UAE wide network of double taxation avoidance.
- 100%foregin ownership
DIFC enjoys sole ownership as awellas world class regulatory environment that allows for a range of options for structuring legal entities.
Business set up consultants in UAE
Business set up in Dubai international financial center is easy if you seek an assistance of a business consultant who helps businessowners and investors belonging to financial sector with company formation in free zone we at FAR Consulting Middle East we handle the entire business formation process in this international financial center from Start to finish. Contact our team for business set up in DIFC our team will be glad to assist you.