Dubai International Financial Centre (DIFC) was established in 2004 as a financial-free zone having an independent legal and regulatory framework aiming to foster growth and economic progress in the nation. DIFC offers an attractive environment for businesses to operate in, with state-of-the-art infrastructure, modern regulations, and a highly skilled workforce.
The Dubai Financial Services Authority (DFSA) is responsible for carrying out the registration, licensing, and other related compliance for the businesses set up in the DIFC.

In this article, we will discuss the steps to form a company in Dubai International Financial Centre.

Step 1: Choose your business activity and company structure:
The first step in forming a company in DIFC is to choose the business activity you wish to undertake and decide on the company structure. You can choose from a range of business activities such as finance, insurance, banking, wealth management, and legal services.

Step 2: Choose a company name and obtain initial approval:
The next step is to choose a company name and obtain initial approval from the DIFC Authority. The name of your company should be unique and not already registered with the DIFC Registrar of Companies.

Step 3: Prepare and submit your application:
Once you have obtained initial approval for your company name, you can prepare and submit your application to the DIFC Authority. Your application should include the following-
A completed application form;
A business plan outlining your proposed business activities and financial projections;
Details of your proposed company structure;
Proof of initial capital investment;
A copy of the proposed company’s Memorandum and Articles of Association.

Step 4: Obtain a commercial license:
Once your application has been approved, you can obtain a commercial license from the DIFC Authority. The commercial license allows you to legally operate your business in the DIFC. You will also need to obtain other necessary licenses and permits depending on the nature of your business activity.

Step 5: Register with the DIFC Registrar of Companies:
After obtaining your commercial license, you will need to register your company with the DIFC Registrar of Companies.

Step 6: Open a corporate bank account:
Once your company has been registered, you can open a corporate bank account with a bank in the DIFC. This will allow you to manage your company’s finances and conduct transactions with other businesses.

There are several advantages associated with setting up a financial institution in the free zone.
-The DIFC allows for 100 percent foreign ownership and has unrestricted repatriation of profits.
-There are several tax benefits associated as DIFC does not impose any income tax and since the United Arab Emirates (UAE) has double tax avoidance treaties with several nations, it helps businesses to save on taxes.
-DIFC’s excellent world-class infrastructure and internationally recognized regulatory and legal framework make it an attractive free zone.

For Assistance and more information, please contact:

Thomas Paoletti

Fauzia Khan

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