Dubai International Finance Centre (DIFC)

Dubai International Finance Centre (DIFC) is an ideal base for international investors operating in the financial services industry. Healy Consultants assists entrepreneurs with all aspects of DIFC company formation, without them needing to travel to Dubai. The following is an overview of DIFC, enabling the entrepreneur to make an informed decision on whether it is the optimum solution to fulfil their business objectives.

The international income and profits of a DIFC company are legally tax-exempt. Furthermore, there are no personal income taxes in the UAE.

100% foreign ownership is permitted with DIFC company formation. Furthermore, there are no restrictions on the repatriation of capital or profits from the UAE.

Because it is home to almost 600 financial services Firms, new Firms registered in DIFC enter a flourishing existing business community. DIFC company formation is especially attractive to Firms specialising in providing services which may not be permitted in other free zones of the UAE. Services include i) banking services ii) capital markets iii) asset management and fund regulation iv) insurance and reinsurance v) Islamic finance vi) business process operations vii) ancilliary services (legal and accounting firms).

DIFC company formation projects an ideal image to global clients, suppliers and venture capitalists. Companies operating in DIFC are tightly regulated by the Dubai Financial Services Authority (DFSA), DIFC has a transparent operating environment with high regulatory standards, strict supervision and enforcement of money laundering laws. Furthermore, the quality of office accommodation at DIFC is excellent,

DIFC company formation is difficult due to tight regulatory controls imposed on financial services Firms. In order to obtain an operating license, financial institutions are required to provide the following documents: i) a Business Plan detailing planned activities of the business ii) names of key staff and major shareholders iii) the organisational structure of the proposed institution iv) information on operating systems and controls v) the institution's compliance system and internal audit functions and vi) anti money laundering procedures and controls. Healy Consultants assists entrepreneurs complete all paperwork for submission to the DFSA.

DIFC company formation is expensive and depends on the services provided by the Firm. For example, license application fees payable to the DFSA range from US$10,000 to US$50,000.

Healy Consultants are able to provide assistance on all aspects of authorisation, registration and compliance for any entity looking to establish a presence in the DIFC. We can assist in liaising with the DIFC Authority and the DFSA (if necessary) and provide guidance in completion of authorisation and registration formalities.

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