adminToday, many businessmen around the world are looking to set up a business in Dubai Free Zone. Dubai International Financial Center (DIFC) is a free zone in Dubai, generally for those businesses that are more inclined towards finance.
DIFC’s strategic geographical location enables access to vast business opportunities developing from the emerging markets in the region. The operations, development, and administration of this Free Zone are regulated by the DIFC Authority. The Free Zone Authority creates value for its several stakeholders. DIFC Free Zone company setup comes with a lot of benefits, such as:
- Open to a Range of Businesses
Dubai International Financial Center attracts businesses from the regulated financial sectors of banking and wealth management and companies from non-regulated industries. DIFC also welcomes brokers, consultants, and product and service providers from various sectors.
- Comprehensive Setup Process
DIFC is one of the UAE’s most prominent free zones, thanks to its robust setup procedure. As a regulated business, you must first file a letter of intent with DIFC.
Once your submission is reviewed, you can then make the full application. You also have to provide standard setup documents such as visas, passport copies, a formal regulatory business plan, and a three-year financial forecast.
The procedure for non-regulated businesses is less stringent. However, the precise obligations will depend on the nature of the business you want to do.
- Well-Defined Pricing Structure
Although setting up a business in Dubai International Financial Center can be costly, its pricing structure is understandable.
The initial setup cost is USD 21,500. However, as an entrepreneur, you also need to pay licensing fees, office costs, and paid-up front share capital of USD 50,000.
If you’re planning to set up a regulated business, you also need to consider the cost of creating a business plan. These costs and any payment to DIFC or other authorities should be done in US dollars.
- Zero Percent Tax
One can’t talk about the benefits of Dubai International Financial Center without mentioning its favourable tax conditions. DIFC offers a 40-year assurance of zero taxes on both corporate income and profits. That’s because of the large part of DIFC’s broad network of double taxation treaties with global regulators and central banks.
- Easy to Arrange Corporate Bank Account
You can set up your corporate bank account after receiving In-Principal Approval from DIFC and the DFSA. The application process is straightforward and quick. A professional business setup consultant company can advise on the bank that will suit your needs. You can also approach any local or international financial institution on your own.
- Easily Sponsor Dependants
DIFC is on hand to help with visas for your dependents. Whether you want to sponsor your family member, chauffeur, or maid, the procedure is reasonably simple and quick.
Since it is an essential process, it is better to consult an expert business setup consultant. It will ensure that you and those you’re planning to sponsor meet the entry criteria.
- Set up with Multiple Shareholders:
One of the main reasons many enterprises want to commence business in the DIFC free zone is that it allows for company setup with multiple shareholders. Shareholders don’t need to be individuals. It can also be corporate entities or a combination of both.
- Auditing and Bookkeeping Requirements:
DIFC’s stringent auditing and bookkeeping obligations are yet another reason why this free zone is regarded as one of the best in the region. Although regulation may