Dubai International Financial Centre (DIFC) is one of the topmost financial centers in the Middle East. Know all about business setup in DIFC.

2. Dubai International Financial Centre (DIFC) is one of the topmost financial centres in the Middle East,
Africa, and South Asia region. With a workforce of 25,600 and 2,584 registered companies, DIFC is a
leading financial hub.
Dubai Financial Services Authority (DFSA) regulates all the activities and grants licenses in DIFC. It has
been facilitating trade and investment flows for a period of 15 years now. It has a judicial system, which
is independent and internationally recognized. The DIFC aims to drive the future of finance.
DIFC | Dubai International Financial Centre Business Setup

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Dubai International Financial Centre (DIFC) Benefits
Strategic location
Tax-friendly regime
World-class regulatory environment
Unique legal framework

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Dubai International Financial Centre (DIFC) Benefits
100% ownership of business permitted
No restrictions on capital and profits repatriation
No currency exchange controls and restrictions

5. The companies that are looking to setup and conduct business in DIFC need to apply for
the registration or incorporation of a DIFC entity. This is done by submission of the
relevant application to the Registrar of Companies (ROC). The ROC advises, receives,
reviews, and processes all the applications.
The ROC then provides a detailed checklist of all the required forms and supporting
documents that are to be submitted by the applicant. General Partnership Law, Companies
Law, and Limited Liability Partnership Law determine the structure of the entity of the
registrant. The Registrar of Companies then issues a Commercial License and Certificate of
Registration, Incorporation, or Continuation.
DIFC Company Formation Process

6. • Banking
• Private banking
• Investment banking
• Brokerage
• Capital markets
• Innovation license
• Insurance
• Reinsurance and captives
The various areas of business in the DIFC
• Fund management
• Asset management
• Wealth management
• Private equity
• Corporate offices
• Professional service providers
• Islamic finance
• Fintech
• Retail and convenience
• Cafes and restaurants
• Art galleries.

7. Most of the DIFC’s client portfolio is made up of regulated entities since they provide a fully-
supported financial regulatory system. The businesses that are interested in setting up their
base in DIFC are required to submit an application to the regulatory body of DIFC, the Dubai
Financial Services Authority (DFSA). DFSA considers the capabilities and the suitability of the
applicant, along with the category of license for which the application has been made.
Before starting the registration process for an applicant, an introductory meeting is held with
the Dubai Financial Services Authority (DFSA), and a Letter of Intent (LOI) is filed with the
Dubai International Financial Centre (DIFC). After a formal review of the application by DFSA,
the applicant has to lodge the full application along with a Regulatory Business Plan. DFSA
conducts an initial review of the application and the documents to ensure that they are in
good order and suffice the conditions laid by the DFSA. Then it carries out its own due
diligence and enters into an ongoing dialogue with the applicant.
Business Types
1. Financial Business

8. • Ensure the registration or incorporation of the entity with the Dubai International
Financial Centre Registrar of Companies
• Open a local bank account and provide the DFSA with proof of the capital remittance
• Provide evidence of the office space from which it will be conducting its financial
activities.
On fulfillment of all the conditions, DFSA grants the license to the applicant.
After the issuance of the In-Principal Approval, the applicant must do the
following:

9. 2. Non-Financial Business
While the core activities might concern the finance and banking
sector, DIFC provides a broader base of other economic
activities. Regulated professional services companies establish
their base in the DIFC to operate in the areas of accountancy,
law, and some other non-financial and non-regulated
businesses.
These entities generally perform two important roles. Firstly,
they provide financial firms with a variety of goods and services
that are needed to operate effectively and efficiently.
For example, consultancy, legal translation
services, courier, and printing. Secondly, they help
in creating a lifestyle and leisure environment that
finance professionals expect from international
financial centres.
The professionals require a variety of good
services before, after, and during working hours.
Electronics and apparel, salons and fitness, tailors,
gyms, restaurants, and cafes ranging from casual
to fine dining and retail shops are some of the
examples. The DIFC has a Registrar of Companies
that facilitates the company formation process
Business Types

10. • Under the Companies Law, the companies that can be formed include Company Limited
by Shares (LTD), Limited Liability Company (LLC), or a branch of an already existing
foreign company.
• Under the Limited Liability Partnership Law, a Limited Liability Partnership (LLP) or a
branch of an already existing foreign Limited Liability Partnership can be established.
• Under the General Partnership Law, a General Partnership (GP) or a branch of an already
existing foreign general partnership (RP) can be formed.
• Under the Limited Partnership Law, a Limited Partnership (LP) or a branch of an already
existing limited partnership (RLP) can be established.
The Types of companies that can be setup are as follows:

11. There are various types of office spaces available at DIFC for
companies to choose from. These are commercial office
spaces, co-working spaces, retail spaces, business centres,
event spaces, and data centres.
Some of the features of the business centre are the provision
of conferencing and meeting facilities, 24-hour security, hot
and cold beverages, communication tools, mail receipt and
distribution, storage space, IT support, housekeeping, instant
internet, and telecom connectivity.
Other features
Authorities
The regulating authorities at DIFC are:
1. Dubai Financial Services Authority (DFSA)
2. Dubai International Financial Centre Courts

12. Frequently Asked Questions
For whom is the Dubai International Financial Centre
Work Hub open?
The Work Hub is open to three types of firms, and they are- Fintech Firms,
InsurTech Firms, and RegTech Firms.
How can the DIFC Work Hub be joined?
To join the DIFC Work Hub, the requirements are first discussed with a DIFC
Business Development Team, then the applications and documents are
submitted, and finally, approvals for licenses and visas are obtained.

13. Frequently Asked Questions
What is the legislative framework based on?
The legislative framework is based on the Principles of Common Law and
International Standards.
What is FATCA?
Foreign Account Tax Compliance Act is an account used to target non-
compliance by the taxpayers in the US. The UAE Government has entered
into a FATCA Inter-Governmental Agreement with the US.

14. Company Formation in DIFC
N R Doshi & Partners
We, at NR Doshi and Partners, have been offering company
formation and setup services for more than 34 years now. We
have an experienced team of business setup professionals on
board with us who closely work with each of our clients.
We provide all the details that help you in making informed
decisions and plan ahead for your company. Our clientele of
2500+ is a testimony to the expertise and rich experience that
we have in this field. We can answer all your queries and help
you make the process simpler and smoother.

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