The new enhancements to the licensing regime are in response to market needs.
Business Bureau, Gulf Today
Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, is continuing to prioritise the ease of doing business with the introduction of new licensing categories and fees designed to make establishing businesses within the Centre easier and more affordable.
Four new licensing categories were introduced as part of the new Operating Law and Regulations, including Short-term and Restricted Licences, Commercial Permissions and Dual Licences. Each of the new categories come with reduced licence fees and increased flexibility, allowing more firms to conduct business from the Centre.
The new enhancements to the licensing regime are in response to market needs and exemplify DIFC’s commitment to providing a nurturing business environment balanced with appropriate levels of protection, in accordance with international best practice.
Khalid Al Zarouni, Senior Vice President & Registrar of Companies at DIFC Authority, said: “As a major financial hub, we continue to develop and adapt our business ecosystem with world-class legislative framework to make DIFC a more attractive place for business. The new licences and fees introduced under DIFC’s Operating Law and Regulations are a first of its kind in the region and will enable DIFC businesses to grow, whilst also encouraging a more diversified portfolio of businesses to establish in the financial centre. Not only do these changes strengthen our position in international markets, but they also support Dubai’s vision to be the number one city for ease of doing business by 2021.»
Under the new Short-Term licensing category, retail businesses and other non-financials will now be able to operate their businesses from DIFC with flexible rates over shorter timeframes. This includes a competitively priced registration fee of US$100 and a licence fee ranging from US$300 to US$5,100 depending on the duration.
In addition, Restricted Licences have been introduced to firms interested in developing or testing new or innovative products and services in the DIFC. Entities obtaining this licence will benefit from a reduced registration fee of US$100, and with annual licence fees ranging from US$1,000 to US$4,000, allowing more flexibility for innovation, testing and access to the DIFC ecosystem which includes incubator and accelerator programmes.
The Commercial Permissions category will allow both DIFC and non-DIFC entities such as event companies, retail outlets, training providers or educational services to conduct their main business activities within the DIFC at competitive rates. Fees for Commercial Permissions range from US$100 to US$2,000, depending on the nature of activity and duration.
Finally, Dual Licensing also enables DED licensed non-financial and non-retail firms with an affiliate in the DIFC to operate from the centre. This includes law firms, audit firms, consultancy firms, family businesses, holding companies and corporate service providers, who will benefit from an annual fee of US$1,000.
DIFC is firmly committed to being the most business-friendly, Common Law jurisdiction in the MEASA region. The Centre’s vision is to drive the future of finance and today it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Meanwhile, Dubai International Financial Centre (DIFC) Authority, the entity responsible for the operations and management of the leading financial hub for the Middle East, Africa and South Asia (MEASA) region with a wealth and asset management market of $424 billion, has strengthened its leadership team to drive its ongoing journey towards becoming a next generation financial centre.
Dubai Electricity and Water Authority (Dewa) has organised the second France-DEWA Business Forum, in collaboration with the French Business Council in Dubai and the Northern Emirates and Business France. Saeed Mohammed Al Tayer, MD & CEO of Dewa, welcomed French participants, headed by Ludovic Pouille,
Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded an increase in net profit by 3 per cent during the first six months (January to June) of 2019 to Dhs1.130 billion (US$ 308 million), compared to the net profit of Dhs1.102 billion (US$ 300 million) during the same period
DUBAI: Aramex announced its financial results for the second quarter and the first half ended 30th June 2019. The company’s Q2 2019 revenues grew by four per cent to Dhs1,279 million, compared to Dhs1,232 million in Q2 2018. Revenues would have grown by seven percent excluding the impact from currency
Blue Ocean Group, a Dubai-based master distributor of consumer electronics, domestic appliances, electrical goods, telecom equipment as well as fashion accessories, today announces its expansion in to the United Kingdom, ahead of Brexit, which is expected to change the market dynamics in the United Kingdom. This makes Blue Ocean Group
World stock markets advanced Monday, helped by investor confidence in upcoming US quarterly earnings and the business outlook, and by hopes for progress towards a coronavirus vaccine, dealers said.
The Ministry of Finance (MoF), announced the completion of phase one of the transformation of the e-Dirham system, in cooperation with relevant ministries and national banks across the UAE.
Jebel Ali Free Zone (Jafza), the leading business and logistics hub, has recently recorded 10.6 per cent growth in the retail and e-commerce sector with a total trade value of Dhs37.6 billion despite the sudden challenges facing both regional and global economy in recent times.
With economic activities coming to a halt amid the Covid-19 pandemic and the lockdown, the Indian economy is expected to record a negative 4.5 per cent growth rate in the current financial year (FY21), according to the FICCI’s Economic Outlook Survey.