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Dubai is the face of a growing Middle East and in keeping with its needs, it has set up several strategic business hubs, one of which is the Dubai International Financial Centre (DIFC).
DIFC caters to businesses and financial services within the region and liaises with other leading economies around the world. Independent regulations, a unique legal framework and world-class infrastructure make it an ideal destination equipped to meet the financial needs of the UAE as well as other emerging markets.
DIFC offers the perfect platform for wealth creation and investment. It is ideal for commercial as well as investment banks, brokerage and insurance firms, and other financial institutions. Even retail shops, restaurants, cafes, hotels and art galleries are making DIFC home.
Registered companies can lease state-of-the-art shell and core and fitted office space with advanced safety systems and efficient infrastructure. Smaller firms or start-ups can avail themselves of serviced offices with modern furnishings and facilities. Freehold property is also available.
At the core of DIFC is the Dubai Financial Services Authority (DFSA) which acts as a regulatory body. It monitors the day-to-day operations of all banks and financial organisations within DIFC and grants licences to new businesses. An international legal system that falls in line with the English common law is followed here. It is an autocratic body that does not conform to the country’s general legal norms. Its courts resolve all civil and commercial disputes that arise within the free zone.
All formalities related to visa processing, work permits or licences can be easily obtained under one roof.
Therefore, transparent operational structures, legal efficiency, an independent judicial system and access to skilled professionals are some of the advantages any business entity operating from DIFC have.
* Dubai International Financial Centre offers office, retail space
* It is the Ideal location for banks, brokerage and insurance firms
* The DFSA monitors the day-to-day operations of the free zone
Source: Shabnam Mondal, Special to Properties
The writer is a freelancer