Dubai International Financial Centre or simply DIFC is one of Dubai’s most important free zones. Created in 2004, DIFC is the leading financial hub for the MEASA region which comprises the Middle East, Africa, and South Asia.
As a free zone, DIFC offers targeted investment options in the financial field, as its name says. Moreover, it is a preferred destination for foreign investors coming to Dubai as they can benefit from a wide range of tax advantages.
In order to from support in obtaining all the benefits this free zone offers, foreign entrepreneurs can seek advice from law firms in DIFC, including our Dubai lawyers who can offer their services to those who want to set up businesses here.
The main legal services provided by our law firm in DIFC
If you are a foreign investor and you are looking to carry out any activity here, these are the main services you can obtain with us and with the law firms established in DIFC:
- legal advice on the main laws that apply in this Dubai special economic zone;
- assistance in incorporating a free zone company in Dubai International Financial Centre;
- assistance in tax legislation applicable in DIFC, including tax planning and advice;
- guidance in applying for the necessary business permits and licenses to operate in DIFC;
- legal advice in employment matters and work permits for foreign workers.
Also, should you need assistance in other matters, our law firm in Dubai is at your service.
The main laws applicable in DIFC
One of the best reasons to choose to work directly with a law firm in DIFC is that its attorneys will guide you on the legislation applicable here. Just like any other special economic zone, DIFC has its own laws that are enforced by the Dubai International Financial Centre Authority (DIFCA).
It is worth noting that apart from the core activities that define the creation of this free zone and for which specific laws apply, there are also other regulations that apply in DIFC. Among these, we mention the following:
- the Arbitration Law;
- the Data Protection Law;
- the Intellectual Property Act;
- the Commercial Law;
- the Personal Property Law;
- the Trust Law;
- the Companies Act;
- the Electronic Transactions Act.
So, if you need information on a specific law applicable here, you can directly ask for guidance from the law firms in DIFC in order to make sure you benefit from updated information.
Business registration services available in DIFC
Most people who come to Dubai International Financial Centre focus on starting their own businesses, as the legislation here favors various types of activities, even if its main focus is the financial sector.
Our law firm in DIFC can help you set up various types of companies that are categorized as financial and non-financial ones.
In the case of financial companies, you can decide to set up businesses in any of the following fields:
- private banking;
- asset, fund and wealth management;
- insurance;
- fintech.
When it comes to the non-financial activities you can develop in this free zone, our Dubai lawyers can help you establish retail companies, but also cafes and restaurants.
If you want to operate in this free zone, the law firms in DIFC can help you register any type of company and open a local bank account which is mandatory when establishing operations here.
Tax aspects to consider about the Dubai International Financial Centre
Many foreign investors who come to Dubai know that free zones have special tax regulations which is also the case of the Dubai International Financial Centre. Among these, we mention the following:
- corporate tax exemptions for 50 years;
- no duties on imports and exports;
- free repatriation of profits.
What should be noted, however, is that under UAE’s double tax treaties and depending on the investor’s country of origin, certain taxes may be paid in one’s home state. This is where the guidance of one of the law firms in DIFC is valuable, as lawyers here can offer detailed information on specific tax legislation matters. You can also watch our video below:
The Dubai International Financial Centre in numbers
If you are curious about why the Dubai International Financial Centre free zone is the largest financial hub in the MEASA region, here are some interesting facts about it:
- the MEASA region is made of 72 countries and a population of approximately 3 billion people, all serviced by companies in DIFC;
- DIFC has the largest number of financial companies in the region – more than 2,500 businesses are registered here;
- these companies employ no less than 25,600 professionals in the financial field.
If you need legal services in this free zone, do not hesitate to contact our law firm in DIFC for tailored assistance.