Free zone is a particular geographical area in the emirate where 100% foreign ownership is allowed. Free zones do not require partnership with a UAE citizen or with a local service agent.
DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) is a free zone that was conceived by Dubai Government as the first UAE financial economic zone. Currently it is being the only fully functional financial zone in the UAE, with Abu Dhabi Financial Centre picking up as of year 2016.
The key feature of DIFC is its legal system, which is based on English common law as compared to civil or commercial laws of the UAE. It is also important to mention that DIFC has its own court. The main currency within DIFC is a US dollar, so all DIFC management fees are accepted in US Dollar currency.
Apart from payment of all registration fees, in order to operate a financial company in Dubai International Financial Centre, relevant approvals from Dubai Financial Services Authority (DFSA) are required.
the minimum share capital requirement is USD 50,000. Share capital shall be formed by depositing funds into company’s bank account.
1 year only, as in any other emirate, after which the license needs to be renewed.
Dubai International Financial Centre requires that all member companies submit annual audit reports.
Company’s license shall be renewed prior to its expiry date. Penalties apply for late renewal.
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