Dubai International Finance Centre (DIFC)
Despite the enormous wealth generated by oil extraction on a large scale for seven decades the Middle East has lacked a recognized financial hub. From London, Frankfurt and Paris in the north to Hong Kong, Tokyo and Singapore in the East there has been a void. Dubai has stepped in to fill that void through the establishment of the DIFC.
Opening in phases from 2004, DIFC is a 110 acre Free Zone which will eventually provide four million square feet of office space and 60,000 apartments. That’s enough space to satisfy the demands of the world’s financial institutions and their professional employees. Currently hosting just over 600 businesses DIFC is predicted to be home to several thousand companies by 2015.
DIFC is a wholesale, onshore financial centre for leading financial services institutions and service providers looking to do business in the region. Catering primarily to institutional investors, DIFC focuses on the following sectors:
• Banking Services
• Capital Markets
• Asset Management and Fund Regulation
• Insurance and Reinsurance
• Islamic Finance
• Business Processing Operations
• Ancillary Services (legal and Accounting firms)
These activities are all regulated by the Dubai Financial Services Authority, the regulator for the DIFC.
In addition to regulated activities, there are a number of entities providing non-regulated services, supporting the activities of the regulated entities and those seeking to join the DIFC.
A-Z Consultancy is able to provide assistance on all aspects of authorization, registration and compliance for any entity looking to establish a presence in the DIFC. We can assist in liaising with the DIFC Authority and the DFSA (if necessary) and provide guidance in completion of authorization and registration formalities.
The Share Capital requirements are subject to the proposed Activity selected by the client. Costs are also subject of the proposed activity.
Time frame: minimum 3 months