DIFC - the ultimate financial destination

DIFCImage Credit: Supplied

The Dubai International Financial Centre (DIFC) was inaugurated is an onshore financial center strategically located between the east and west, providing a secure and efficient platform for business and financial institutions to reach into and out of the emerging markets of the region. It is less a financial center and more of a “city within a city.”

Location-wise, DIFC is in a zone that is lucrative and accessible. Dubai is, without doubt, growing to be one of the most sought-after financial capitals in the world and people are seeking to set up their businesses and invest in property here, and so much more.

DIFC helps bridge the big barrier of time zones as a global financial center that is located in the central zone, i.e. in between London and New York, and Hong Kong and Tokyo in the east.

Not only is the financial infrastructure here comparable to global benchmarks, DIFC is also a world on its own, replete with retail outlets, art galleries, hotels and residential towers.

DIFC’s services place a strong focus on various sectors of financial activities which include banking services, asset management, fund registration, insurance, and Islamic finance and capital markets, to name a few. What makes DIFC especially attractive is its quality of services, supportive infrastructure and independent regulations.

The Registrar of Companies office is responsible for the registration of legal entities in DIFC. By choosing to set up a business in DIFC, companies gain the benefits of 100% foreign ownership, zero percent tax rate on income and profits, and an extensive tax treaty for UAE incorporated entities.

Apart from this, companies set up in DIFC also have freedom to repatriate capital and profits. DIFC is a one-stop service hub for visas, work permits, and other commercial requirements.

Handy Hints
· Dubai International Financial Center hosts firms in banking services, fund registration and others
· It also has retail outlets, art galleries, hotels and residential towers
· With its own rules, it is a one-stop shop for visas, other services

Source: Urmila Santosh, Special to Properties
The writer is a freelancer

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