Dubai International Financial Centre (DIFC) is continuing to prioritise the ease of doing business with the introduction of new licencing categories and fees designed to make establishing businesses within the Centre easier and more affordable.
Four new licencing 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 licencing 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," he stated.
Under the new Short-term licencing 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 $100 and licence fee ranging from $300 to $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 $100, and with annual licence fees ranging from $1,000 to $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 $100 to $2,000, depending on the nature of activity and duration.
Finally, Dual Licencing also enables DED licenced 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 $1,000.-TradeArabia News Service