Dubai International Financial Centre (DIFC)
The DIFC (Dubai International Financial Centre) has been established by the government of Dubai in 2002 and its operation was just started in 2004. The DIFC is having a physical location of 110 acres which is occupied by hundreds of financial institutions. The DIFC also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC’s independent jurisdiction extends to a range of areas including corporate, commercial, civil, employment, trusts, and securities law matters.
The Dubai International Financial Centre is having two types of business areas, that are Financial Service Institutions and Commercial firm. Banks, insurance, wealth management, capital markets, etc come under financial service institution, while professional services, management offices, global corporations, retailers, etc. in commercial firm section. The Dubai International Financial Centre has been known as "a city within a city", because it provides a complete range of business and lifestyle facilities for today’s professionals.
Business formation with DIFC Free Zone
The DIFC is an economic free trade zone, so that it has tons of financial relaxations and customs regulations to make sure that a foreign investor could consider it as a best destination for their offshore entrepreneurship. The key attractive areas of DIFC as free zone are, 100 percent foreign ownership, zero percent tax rate on income and profits, a wide network of double taxation treaties available, free capital convertibility, etc. DIFC is unique in that it has a legislative system consistent with English Common law.
Along with free zone relaxations, DIFC is ensuring some more advantages like modern transport, communications and internet infrastructure, an independent common law judicial system and a wholly transparent operating environment, complying with global best practices, and internationally accepted laws and regulatory processes.