If you want to open a company in Dubai International Financial Centre (DIFC), you need to consider the incorporation conditions and procedures. This article will provide details about the setup formalities, including those related to obtaining a financial license. With the help of our consultants in opening a company in Dubai, you can benefit from support in opening businesses in DIFC.
Table of Contents
What types of activities can I establish in DIFC?
- banking,
- insurance,
- asset management,
- credit services,
- trust services,
- securities,
- equities exchange,
- FinTech, etc.
What is the applicable law in DIFC?
It is based on the English Common Law. You will have to decide whether you want to develop a financial or non-financial company in Dubai.
Is 100% foreign ownership permitted in DIFC?
Yes.
What types of financial companies can I set up in DIFC?
- Banks,
- Brokerage firms,
- Asset management companies, etc.
What kind of non-financial firms are available in DIFC?
- Consulting firms,
- Tech startups,
- Holding companies, etc.
NOTE: Faster approvals are issued for non-financial companies in DIFC as conditions and requirements are simplified.
What are the main conditions to open a company in DIFC?
- verify and reserve the desired business name,
- ensure a registered business address in DIFC,
- prepare the Articles & Memorandum of Association,
- prepare a detailed Regulatory Business Plan (RBP).
- register for taxation and also DIFC Commission of Data Protection,
- register foreign employees with the immigration authorities at the time of company incorporation.
NOTE: You may use our PRO services in Dubai to be covered for all business & employment set up in DIFC.
What are the documents required for a DIFC company setup?
The following documents must be filed with the free zone authority in order to open a company in Dubai International Financial Centre:
- the prescribed application form;
- a viable business plan;
- the audited accounts of the shareholder for the last 3 years;
- details of the shareholders and directors.
How do I apply for a financial license in DIFC?
- Dubai Financial Services Authority (DFSA) is the institution that authorizes companies and issues them financial licenses.
- companies operating in DIFC must first be registered with DFSA, the authority that will run specific evaluations to certify that companies comply with the imposed business conduct standards.
- a specific application form must be completed with information about the financial company, shareholders, its activities, and other relevant information.
- DFSA agents may contact company owners once the documents are submitted.
- DFSA issues an electronic financial license once all regulations and procedures are met.
IMPORTANT:Setting up a bank in DIFC requires passing strict Anti-Money Laundering policies that might take 1-3 months.
Can I open an IT company in DIFC?
Anyone who wants to develop an IT business is welcome here, and among the business ideas that are gaining appreciation lately are blockchains, robotics, and apps for online payments.
Is it hard or time-consuming to open a company in DIFC?
No. as long as you collaborate from the start with a team of local specialists, such as our Dubai agents.
Are you interested in company incorporation in Dubai? Would you like to set up a company in Dubai International Financial Centre? Our team of specialists is at your disposal with comprehensive information and tailored services for your future business. Please explore more by contacting our team today.