DUBAI / WAM
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, Comme- rcial 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 commitme-nt to providing nurturing bu-siness environment balanced with appropriate levels of protection, in accordance wi-th 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 licencing category, retail businesses and other non-financials will now be able to operate their businesses from DIFC with flexible rates over shorter timeframes.
In addition, Restricted Licences have been introduced to firms interested in de-veloping 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.