The Dubai International Financial Centre also called DIFC is
located in Emirate of Dubai and is a federal financial free zone in United Arab
Emirates. Established in 2004 through a decree, DIFC is a sprawling 110 acres. Legal
systems and courts are different from UAE, with a jurisdiction over commercial,
corporate, employment, trusts, civil and securities law affairs. The main aim
of DIFC is to offer a platform for financial and business institutions to enter
in or out of emerging marks in the region and to create an ambiance for
progress, growth and economic development in UAE by offering adequate
infrastructure and legal backing on par with international standards.
Under the constitution of UAE, DIFC is independent
judicially with commercial and civil laws different from that of UAE. DIFC laws
are in English to avoid ambiguity and DIFC has courts and judges from
jurisdictions with common law like Singapore, England and Hong Kong. Though
DIFC has independent laws, the immigration rules and criminal law is the same
as UAE. DIFC-LCIA Arbitration Centre is modeled after London Court of
International Arbitration. DIFC Authority is the main governing body for DIFC
and DFSA (Dubai Financial Services Authority) regulate financial services in
DIFC, though it is different from UAE federal Securities and Commodities
Authority that governs outside of DIFC.
Financial institutions can submit applications for a license
and they’re benefitted from the 0% tax for income and profits, no limitations
on Forex or profit/capital repatriation, 100% foreign ownership, business
continuity and operational support amenities. Dubai International Financial
Exchange is a privately owned financial exchange for DIFC and was listed as
DIFX and rebranded as NASDAQ Dubai in 2008. DFSA regulates NASDAQ Dubai.
Dubai International Financial Centre Complex houses a hotel,
Ritz Carlton that was opened in 2011. Dubai International Financial Centre also
houses art galleries, restaurants and an array of outlets for shopping
extravaganza. The Dubai shopping season has garnered acclaim worldwide and the
number of tourists visiting during this season shoots through the sky. Many
entrepreneurs would like to have a business established in DIFC and it isn’t
surprising considering the perks and profits businesses get here. Matthew Roddan of Project Ninety Nine would recommend
suitable and innovative project launch here, when an able leader is helming it.
The location of a business is very important and DIFC is one
location businesses should consider. Not just for expansions, even new launches
that are good would sure thrive and flourish here. There’s a reason why it is
called Financial Centre and you must try it, to believe it.
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