Dubai International Financial Center

14.11.2022

Dubai International Financial Center (DIFC) is a financial center that provides a safe and effective platform for businesses and companies. It is localized in the Middle East. The entire range of residential, entertainment and professional facilities is available in the frison. Today, 3,292 institutions are registered here.

About Dubai International Financial Center

Was founded in 2004 to oversee the strategic development, manage and administer financial institutions in Dubai. It is now included in the list of the 10 largest financial objects in the world. It falls under the common law system and operates in English.

Registered on the territory:

17 world banks;
more than 20 consulting firms;
13 prestigious international companies;
60 large funds.

Business advantages of opening a company

Full ownership.
Independent regulatory environment – licenses and regulation of financial services.
Tax efficiency – 0% rate on corporate income, profit.
There are no restrictive conditions regarding the repatriation of money.
Providing a platform for the centralization of regional, global control of operations.
Modern infrastructure: transport, communication, Internet.
Fast service for obtaining visas, work permits.

Regulatory authorities

Management – the body controls the work, administers the frison: develops a general strategy, promotes, attracts licensees.
DFSA is an integrating regulatory body that issues permits, deals with licensing, registration of institutions, individuals.
The judiciary administers, and also ensures that civil and commercial laws are observed.
ROC advises, receives, reviews, processes all applications from potential registrants.
ROS registers securities, determines the priority of collateral for loans, guarantees.
RORP is engaged in the registration of real estate, protection of the rights of buyers, sellers, tenants.
Hawkamah is an association of international–level corporate governance practitioners. Its purpose is to regulate the work of bodies and institutions, the main task is to develop best practices of corporate governance in the Middle East.
Mudara – Institute of Directors (IOD). Engaged in servicing directors, professional leaders, management professionals.
Arbitration Center DIFC-LCIA – resolves disputes of business, commercial world organizations.

Opening a business in Dubai

To conduct business in this frison, you need to apply for its creation or for registration of a legal entity in the ROC. The authorized body will provide a detailed list of forms and documents that will be required.

Financial business

At the first stage of registration, it is necessary to meet with DIFC and DFSA, submit a letter of intent (LOI) to the first body. After an informal review of the DFSA application, it is possible to submit a full application with a regulatory business plan. The DFSA will conduct the initial verification of the documents.

Actions of the applicant after the approval of the application:

Register a legal entity.
Open a local bank account.
Confirm the presence of the office.
Get a license.

Non-financial business

Companies that provide non-financial goods and services perform 2 functions:

They offer financial organizations goods and services for effective work. For example, consultations in the field of investor relations, courier services.
They help to create an environment for recreation. For example, salons, fitness centers, retail outlets.

Activities

Personal Bank

As part of its activities, investment and asset management services are presented.

Brokerage firms

Serve markets, exchanges on the territory of MEASA. They have access to the market of family offices, private banks, investment consultants.

Investment activity of banks

Direct access to various opportunities fueled by trade flow and investments is open. Among the services: consulting, mergers, acquisitions, project financing, securitization of international loans.

Innovative license

It acts as a platform for the launch of current technologies in the field of technology startups.

Financial markets

Provide state-of-the-art solutions to clients across the region from a globally recognized common law jurisdiction. It also opens access to Nasdaq Dubai, an international electronic trading platform.

Insurance, reinsurance and captives

The center helps insurance agents, reinsurers to manage the costs of creation, as well as the time to enter the market. Within the framework of the work, reasonable capitalization requirements apply, and the approach to money is based on risk assessment without imposing preliminary restrictions on the investment strategies of insurers.

Fund control

Thanks to the legislative and regulatory regime, there is a safe, favorable environment for local, regional, and global players on the territory of the frison.

Asset control

Thanks to legal and regulated structures, it was possible to combine effective setup with supervision. This gives investors confidence in asset management products.

Capital control

DIFC combines a large ecosystem of specialized professional service providers with a regulatory environment that is designed to meet the needs of individuals, families, and companies. Such a platform is an excellent option for servicing regional customers.

Venture capital

The venture capital environment continues to develop – there are 232 venture funds and a third of MENA investors. In addition, they have access to the Future District Fund (1 billion AED). It was created 2 years ago to attract money to accelerate the digitalization of the regional economy.

Hedge funds

The center is ideal for hedge funds, as it allows them to develop, provides financial freedom, an independent legal framework, as well as a comfortable environment for life and entrepreneurship.

Private equity funds

Family organizations are growing. Many of the industries are fragmented, which is ideal for consolidation. All this is facilitated by private capital. The stock structure and types of licensing are ideally combined with direct investments. This combination forms an excellent platform for launching, distributing, and placing direct investments.

Corporations and professional service providers

Thanks to the work of the corporate and management office, access is provided to a wide, stable market of suppliers of global professional services (more than 4,000 registered firms).

Fintech

Over the past 10 years, fintech startups have raised more than $100,000,000. Therefore, the platform gives access to huge opportunities, growth in this area.

Islamic finance

The regime of their regulation obliges firms to create a Sharia supervisory board. It should include at least 3 competent scientists. In addition, it is mandatory to comply with the principles of Accounting and auditing for AAOIFI and IFSB. Everyone who provides Islamic financial services is always aware of global opportunities and developments.

Retail and amenities

Specialists, visitors, residents of DIFC can enjoy a full range of retail offers:

hairdressers;
fitness centers;
car rental;
laundries;
clothing boutiques;
spa centers;
telecommunication points.

Cafes and restaurants

The world’s coffee chains are represented on the territory. The food is quite diverse – from simple to exquisite dishes

Prescribed companies

Enterprises can count on a flexible, convenient business structure with high-quality infrastructure, inexpensive legal structure.

Digital assets

Modes that are associated with digital assets perform the following tasks:

provide standards;
help to control risks for firms;
solve issues related to market abuse;
protect the rights of consumers.

Everyone who works in this direction receives a license from the DFSA.

Art galleries

You can get acquainted with the works of art at ongoing exhibitions. A feature of Dubai culture is considered to be the most anticipated event, which is held 2 times a year – Art Night at Gate Village. In addition, galleries often host exhibitions dedicated to an event.

Types of spaces

Frizone is distinguished by the presence of first-class commercial spaces, modern business centers, dynamic trading platforms. It also offers exclusive commercial real estate. Each object available for rent has Class A quality and is equipped with modern amenities, a security and safety system.

Retail space

The retail offer is suitable for owners of such businesses as:

restaurants;
beauty and health salons;
technical support;
kindergartens;
pharmacies;
grocery outlets;
galleries, etc.

Coworking

Coworking spaces are equipped with the necessary equipment for those who wish to work alone or together in a shared office. They provide support to small firms and startups to make their activities uninterrupted.

Business center

Multi-purpose offices with IT support and conference rooms are suitable for corporate, networking, educational and cultural events. The area of the objects reaches 800 sq. m.feet. Inside there is comfortable modern furniture.

DIFC Academy

The internationally recognized center of excellence includes venues, universal meeting spaces. It helps to develop professionally, serves influential companies and global educational institutions.

Event spaces

The space is suitable for any event – from a small reception to a meeting for several thousand guests. There are indoor and outdoor facilities.

Data centers

There are only 4 of them. They offer solutions that are adapted to the changing conditions of the prestigious and business community. The main goal is to provide a safe and fault–tolerant infrastructure that minimizes risks and maximizes uptime. Each has a minimum reservation of N+1 for each cabinet.

Advantages:

backup telecommunications service providers;
backup generator;
video surveillance;
reading access system;
BMS room,
substation transformer.