DIFC

Dubai International Financial Centre

The Dubai Financial Centre [DIFC] is a federal financial free zone with its civil laws and courts designed to create a regulated regional financial marketplace.

The plan is to fill a Middle Eastern gap [between Western Europe and East Asia] not sufficiently covered by the financial centers of London, New York and Hong Kong by creating a new financial centre that can match them.

A regulatory regime supervised by the Dubai Financial Services Authority [DFSA] drawing on best practices from the leading jurisdictions and primarily London and the UK has been enacted to ensure that Dubai DIFC licensed brokers and other financial intermediaries know that upon relocating to the DIFC they will be operating within a world class financial regulatory system.

The project consists of 13 buildings, with heights varying from 12-50 stories, in a 110 acre zone located close to Dubai’s new commercial core of Sheik Zayed Road, and will provide office, retail, hotel, and residential accommodation.

The DIFC is focused on six distinct financial sectors namely:

Banking services [investment, corporate, and private banking].

Capital markets [equity, debt instruments, derivatives, and commodity trading].

Asset management and fund registration.

Insurance and re – insurance

Islamic finance.

Professional Service providers

Financial institutions may apply to the Authority for licenses in the above sectors. All licensees operating in the DIFC are entitled to the following taxation advantages:

- Zero tax rates on profits.

- 100% foreign ownership

- No restrictions on foreign exchange or capital repatriation

- US dollar denominate environment – all DIFC application fees are in US dollars.

- Substantial onshore capital market

- Well regulated operating environment

- State of the art office accommodation, technology, security and data protection.

A DIFC Authority regulated stock exchange – the DUBAI INTERNATIONAL STOCK EXCHANGE [DIFX] has operated in the DIFC since 2005.

In summary the DIFC is designed to be “a universally recognized hub for institutional finance and the regional gateway for capital investment in the Middle East” [DIFC Chairman] and with its own Authority [DIFA], regulations, and civil legal system operates as an autonomous financial free zone.

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