Are you thinking of starting a business in Dubai? Are you searching for a place to get the most benefits? You can think of Dubai DIFC or Dubai International Financial Centre. But what is this DIFC?
We know you have a lot of questions in your head regarding the DIFC. Do not worry. Here in this article, we will offer you a complete understanding of DIFC so that you do not have any queries or doubts before starting your business.
What Is Dubai International Financial Centre (DIFC)?
Let’s first gather the basic idea of What DIFC is. It is a special economic zone of Dubai, which was established in the year 2004. This financial hub covers an area of 272 acres for the MEASA markets.
In case you do not know about MEASA, it is considered as the Middle East, Africa, and South Asia markets. You might be surprised to know that DIFC has its own separate jurisdiction and internationally regulated regulator system, global financial exchange, common law framework, global financial exchange, and obviously a large business community.
What is A DIFC License?
After knowing what DIFC is, it is time to know about the DIFC license you will need to start a business. The latest DIFC license starts at USD1,500 for each year and comes with options of subsidized commercial licensing. A law firm in DIFC can help you get one.
Those businesses with this specific license will also get you the opportunity to utilize DIFC co-working spaces, that too at attractive rates. While renting desk spaces, innovation firms will be able to save up to 4 visas and on additional visas 50% subsidy as well.
Benefits Of Setting Up Your Business In The Dubai International Financial Centre (DIFC)
Now you know much about DIFC and DIFC licensing. Let’s go through the benefits you will get if you set up a business in the DIFC.
100% Ownership Of The Foreign Firms
In the rest of the UAE, the foreign companies who are willing to spread their business in Dubai or UAE have to share their ownership authority with the UAE nationals. But with DIFC, it is not mandatorily needed. The business owners can be the only owner of the commercial organization. So, you do not need to share your ownership right with the UAE government anymore.
Flexible Regulatory Environment
When you establish your business here, in DIFC, for the rest of your life, you can be totally assured that you are going to receive total financial freedom of operating your business smoothly. There will be no space for ambiguity. So, the flexible financial framework will benefit your business in Dubai, UAE.
For both civil and commercial laws, this zone has an independent juridical system. This entire place is ruled and governed by the DIFC company. From this tax-free zone, you will be able to generate maximum revenue and turnover. So starting and growing a financial firm will be an attractive idea. Here all the business-related disputes are handled by the DIFC solely.
When you set up your business here, in DIFC zone Dubai, you will experience no restriction in the flows of profit. So, here, the absence of any maximum limit is for capital repatriation. Any control of the currency exchange is not at all needed here. Thus, in the DIFC zone, the flexibility of business is endless.
No Tax Rate
For all new businesses which are going to establish in the DIFC, they do not need to pay any taxes on their corporate incomes and profits for 50 years. This benefit is offered as a result of the UAE’s double taxation avoidance treaties. So, automatically this zone becomes almost perfect for businesses to earn more revenues.
We hope from the above discussion; you gain an overall idea about Dubai International Financial Center or DIFC. This zone has so many opportunities and benefits for businesses to experience. So, in case you are searching for a business zone in Dubai, you can think of this place.