DIFC Business Stimulus Initiatives For COVID - 19
The following incentives are in place during the period from 1st April 2020 till 30th June 2020:
- Full waiver of license and registration fees for any new companies:
- All new entities regardless of type (financial, non-financial, retail, regulated, non-regulated, fintech, techs tartups) are eligible to register.
- No payment required for the Licensing fee of USD 12,000 and Incorporation fee of USD 8,000
- The waiver does not apply for Data Protection, Registrar of Real Property in case of Lease Registration and DFSA fees (if applicable)
- 10% discount on license renewal fees for all DIFC existing entities:
- All DIFC entities due for renewal between 1st of April 2020 to 30th of June 2020 can avail of a 10% discount of the total license renewal fees.
- All payments made before June 30th can benefit from the discount even if payment was made after their renewal due date.
- DIFC can arrange a refund for entities who have paid their registration and licensing fees but are not fully registered yet.
- Discount does not apply to confirmation statement, establishment card, data protection fees and DFSA fees (if applicable)
- DIFC tenants may request for a deferral of rental payments if they agree to a payment period not exceeding 6 months. This only applies to commercial leases located in:
- The Gate Building
- Gate District Building 2 to 5
- Gate Village Buildings 1,2,3,4,5,6,7,8,10 and 11
- Gate Avenue
- Any sale or purchase of property will have a 4% reduction of freehold transfer fee within the three-month period and if the transfer is registered within 30 days after the expiry of the said three-month period.
- Personal sponsorship agreement fee is not included in the discount
- Employers can make arrangements to move employees in and out of the DIFC to other free zones provided that a transfer request has been submitted to DIFC Government Services.
DIFC is one of the world’s top eight onshore financial centers and offers a secure and efficient platform for businesses and financial institutions to reach into and out of the emerging markets of the region. The quality and independence of DIFC’s regulator, the prevailing common law framework, excellent infrastructure and tax efficiencies make it the perfect base to take advantage of the rapidly growing demand for financial and business services in the MENASA region.
DIFC fills the time-zone gap for a global financial centre between the leading financial centres of London and New York in the West and Hong Kong and Tokyo in the East.
Here are some specific advantages of establishing in the Dubai International Financial Centre:
LEGAL AND REGULATORY FRAMEWORK:
- Legal framework supports cross-border activities
- 100% foreign ownership permitted
- No restriction on foreign talent or employees
- No restrictions on capital repatriation
- Zero tax for 50 years on profits, capital or assets from 2004
- Zero tax on employee income
- Highly regarded, independent regulator
- Independent, English-speaking, common law judicial system
- Distinct from the UAE legal system
- Risk-based regulatory approach
- Central to regional deal making
- High concentration of international firms, investment funds, wealth management firms, banks, and financial institutions
- World-class regional and international law and auditing firms, and other professional services
- The largest fund domicile in the region
- Management offices, holding companies and family offices are located closer to the assets they own or manage
- The Middle East, Africa and South Asia (MEASA) is increasingly the centre of gravity for the global economy
- Dubai plays a central role in the growing South-South trade, principally between Asia and Africa
- Well-positioned to harness the potential of emerging markets
Forming your DIFC company has never been more cost effective. Take advantage of this limited time offer - GET IN TOUCH TODAY!
*DFSA fees not included in the offer
**for DIFC-managed buildings only