Business Formation in Dubai International Financial Centre (DIFC)
Dubai International Financial Centre (DIFC) was established in 2004. It is considered as a financial hub. With its platform that proves to be a world-class stage for the financial businesses in the Middle East, Africa, and South Asia, it has connected a lot of organizations and opened many opportunities.
This Dubai free zone authority, nowadays, serves hundreds of financial institutions, proving it to be a financial hub indeed. It is one of the independent free zones of Dubai. The DIFC uses its own judicial system that is independent from the legal system in the country. They have their laws written in English. Aside from that, they offer a lot of benefits. There are also DIFC license categories that investors can choose from that rightly fit their organization.
DIFC company registration, being quite similar to the other business setup in Dubai free zones, is completed through a procedure that is expected to be followed by the business owners. The timeline and timeframe of the businessmen in starting their company can happen when the processing of their DIFC company registration follows the proper procedures.
Business setup in Dubai should not be treated as a simple task since it is not a light responsibility. That is why there are DIFC company formation consultants who are willing to extend their hand to advise you before you even take a step towards forming your organization. They are the ones who have helped in establishing most of all Dubai freezone companies successfully, so they are indeed aware of what they are advising you.
In light of this, the details that business consultants in Dubai are going to provide you are trustworthy ones. It should be taken note of since it will help you in a lot of things like making decisions and planning ahead for your company. Because they have extensive knowledge on the estimations of Dubai freezone company setup cost and Dubai free zone license cost, you can use the information to create your budget plan to be prepared with your financial side. It also helps even more to have the details on the estimation of Dubai free zone company registration fees as it will bring you closer to the figure that you would incur in conducting a business setup in Dubai free zones. All of these can be documented and be used for the forecast of when you will earn back the costs that you have to spend now.
The DIFC company formation consultants are always prepared to give you the answers to your questions, such as Dubai free zone company formation cost or documents required for trade license renewal in Dubai (for your future reference). But it should not be forgotten that they business setup consultants in Dubai are the ones responsible to take care of your business setup in DIFC. They will ensure that you are fully aware of all the things you should know about Dubai freezone companies before you make your final decision.
The best company formation consultants in Dubai should flank you for it is indeed essential for the proper and successful handling of your business setup in UAE free zones. With the help of your chosen DIFC company formation consultants, you can expect a quality service.
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Following industries you can setup in DIFC
We covers all the following industries, even if your industry not in list you can consult with us we can help you setup.
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Benefits of Business Setup in Dubai International Financial Centre (DIFC)
Business setup company in Dubai and in the UAE has been increasing as the years go by. More and more investors have been finding the UAE as a home for investment and expansion, tending to open a company in Dubai free zone when they come here.
Many investors have been looking at this zone as it not simply offers different DIFC license categories but other benefits as well. Its DIFC registration fees are competitive, ensuring that the businessmen are not too burdened with DIFC company set up cost altogether.
The business owners who conduct freezone company formation are the ones who want to invest in or expand in the big financial hub that is DIFC. With this, companies that are located there have these advantages below:
- 100% foreign ownership
- Zero tax
- Minimum capital requirement limited restrictions
- No currency restrictions
- No restriction on foreign talent or employees
- Onsite customs
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Business Setup Requirements & Procedure
Requirements for DIFC Company Registration
- Passport copies of the shareholders
- Passport copies and CV (resume) of the manager
- Personal information sheet of each shareholder and manager (template will be forwarded by Farhat Office & Co.)
- Proof of trade name reservation (part of the process—task of Farhat Office & Co.)
- Proof of initial approval for the activities (part of the process—task of Farhat Office & Co.
- Notarized Memorandum of Association (MOA), Article of Association (AOA) (Farhat Office & Co. will draft it for you and will assist you in order to get them notarized by a local notary public); in case the shareholders cannot appear in front of the local notary, they can appoint us (Farhat Office & Co.) as a legal representative so that we will be able to act on their behalf
- Notarized and attested Power of Attorney appointing Farhat Office & Co. as your legal representative so that they can act on your behalf/on behalf of the shareholders (template will be forwarded by Farhat Office & Co).
- Lease agreement (a document) showing a physical address for your new business—Having a physical address is mandatory for onshore business in the UAE. The minimum space required is 550 sq. ft. (around 60 sq. m). Your registration agent Farhat Office & Co. can assist you while searching for your physical address. Clients should not enter in any lease contract before we get the initial required approvals.
- Capital—we suggest a minimum authorized capital of AED 150,000 (USD 41,000 approximately). The capital structure is as follows: 51% to be registered for the name of the local citizen “partner” and 49% to be registered for the foreign partners. This formula can be changed by the Ministry of Economy upon the request of the investors, and the Ministry will look into the matter. The Ministry will assess and evaluate, and they will agree in case the business/the project will add material value to the state/country’s economy. Depositing/paying the authorized capital is not mandatory in most cases.
Additional Requirement Applicable to Corporate Shareholders (Legal Person)
- Board resolution to be resolute by the board of directors of your existing company/entity at the place of origin, expressing their intent for establishing a new setup abroad—it must be attested by the UAE Embassy (template will be forwarded by Farhat Office & Co.).
- Certificate of registration or business license or certificate of incorporation of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Memorandum of Association (MOA) of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Article of Association (AOA) (if any) of your existing company/entity at the place of origin—it must be attested and notarized by the UAE Embassy.
Note:
- There are cases that a concerned party may require documents and other requirements
- In some business activities, such as health care, law firm, education training, transportation, construction and contracting, engineering consulting, etc., no objection and permission will be required as mandatory requirements. If your business requires such pre-approvals and/or permissions, there will be an additional cost and additional professional fee for Farhat Office & Co.
The procedure of processing your business setup in DIFC will range from 2 to 4 weeks.
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Support Services Offered in DIFC
For more than 30 years, FAR Consulting Middle East has been providing business setup services in Dubai and all over the UAE. We have all the precise information that you are looking for with regard to business setup. One of the information that we can provide is the estimated Dubai free zone company registration fees so that you can be prepared with the amount needed.
Being your company formation consultants in Dubai, we can do the services below for you for your free zone company registration Dubai:
- Applying and following up on behalf of the client until the collection of the Certificate of Business Registration (Trade License)
- Representing the client in front of the authorities
- Assisting the client in bank account opening
- Assisting the client in account opening with the Ministry of Labour
- Assisting the client in account opening with the UAE immigration
- Assisting the client in leasing a premise as an address for the business
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Business Setup Cost in DIFC
The Dubai International Financial Centre has for long been one of the most suitable free zones for businesses and financial institutions due to their large coverage, distinct laws, and premium location. Business consultants of Farahat & Co assists in company formation in the said free zone. The fee table below explains the estimated costs business setup in DIFC. Please do contact us for further information for setting up a business in the desired free zone.
Cost for Business setup in Dubai Internet City (DIC)
Business Registration and Licensing Cost Fees Knowledge Fee & Innovation Fee AED 20.00 Registration Fee (Starting from) AED 7,340.00 Name Reservation Fee (Retail and Non- Retail) AED 734.00 Incorporation Fee AED 12,478.00 Cost by Trade Licence Type (Select one of the following) Retail License fee for Private Company AED 18,717.00 Non-Retail License fee for Private Company AED 44,040.00 Setting up a branch office (Starting from) AED 14,680.00 Foreign Branch Company Registration (Starting from) AED 15,000.00 Setting up a Branch of a Foreign Company (Starting from) AED 18,717.00 Additional Fees for Business Registration Letter of Good Standing for Retail and Non-Retail Companies AED 367.00 Certificate of Incumbency for Retail and Non-Retail Companies AED 367.00 Establishment Online Application (Starting from) AED 2,270.00 Chamber of Commerce Fees AED 2,200.00 Visa Processing Cost Bank Guarantee / Employee Visa deposit AED 2,500.00 Employment/Residence Visa (Select one of the following) Employment / Residence Visa – In Country (Starting from) AED 5,250.00 Employment / Residence Visa – Out of the Country (Starting from) AED 3,820.00 P.O.BOX Services Fee New P.O.Box (Starting from) AED 315.00 ATTENTION – NOTEAll fees for government and related authorities are an estimation only, as of on 19th September, 2019. The exact government fees will be determined at the time of submission of the applications. We are obligated to provide our clients with all receipts of government and related agencies against the amount that will be paid. Every amount that will expense for your business registration will be supported by documents. In case of shortage, the client has to repay us. In case of excess, we have to refund the client.
Our professional fee covers consultation, drafting of legal documents, introducing reliable local citizen service-agent when required, assisting in document notarization from the local notary public, assisting in local bank account opening, and applying to the concerned authorities on your behalf.