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DIFC free zone
The DIFC free zone (Dubai International Financial Centre Free Zone) is one of the leading business hubs in the UAE. It wouldn’t be an exaggeration to call it the topmost financial centre in the Middle East, Africa, and South Asia region.
Established in 2004, this free zone provides a comprehensive ecosystem for established as well as budding entrepreneurs from the financial and non-financial sectors to set up their businesses. The reason that makes DIFC stand out is its strategic location which attracts investors from across the world looking for growth, innovation and business growth.
Benefits of Setting up a Business in DIFC Free Zone
Like other free zones, here too you get to enjoy 100% foreign ownership. You don’t need a local partner to setup a company. You are also exempted from paying personal or corporate taxes which means there is zero income tax for 50 years and that too is renewable. You can repatriate your profits, which allows you to simply retain the capital and use it to you’re your company.
DIFC-free zone company formation means you are exposed to state-of-the-art infrastructure. You get all the facilities you need to run a successful business venture. Apart from this, this city boasts a range of educational institutions, hospitals, excellent transportation, accommodation and entertainment centres which makes it an ideal destination for families too.
Since DIFC allows a range of business activities in its hub, you get access to a skilled workforce to drive your activities forward. What’s more, the strong yet flexible legal structure provides a safe, secure and transparent business environment.
Process of Company Setup in DIFC Free Zone
As with any other business set-up, you will need to first decide the type of business you would like to conduct. Since DIFC offers a range of licenses such as financial services, retail operations and professional services, you can choose the one that aligns with your passion or objectives.
The next step is to gather the documentation required, which includes a business plan outlining your business activities, financial projections and market analysis. Attach the passport copies and passport-sized photographs of your stakeholders and shareholders. You will also need a bank reference letter to demonstrate that you have good financial standing. Among other documents, Memorandum of Association and Articles of Association, NOC from the current employer (if you are employed) are what you should furnish.
Once you have gathered all the required documents, submit them along with your duly-filled application to the DIFC authorities. They will review your application and grant you the initial approval. Once you are company is registered, you will be issued a business to execute your chosen business activity and you can legally start operations in the DIFC-free zone.
Time and Cost Associated with Free Zone Company Formation, UAE Â
Since the process of DIFC free zone company formation is seamless it may take between 20 to 30 days to form the company depending on the completion of your documents. Also, the cost of business setup would vary based on your company structure and business activity.
The typical business setup cost will include the following components:
One-time registration fee, Commercial/Professional License fee, cost of office rental, employment visas, dependent visas, innovation fees, legal and consulting fees etc. This would again depend on your company size, setup and activities.
Accelerate the process with the best business setup consultant in Dubai
Taking care of all the intricacies associated with setting up a company in the DIFC Free Zone may leave you perplexed and be time-consuming. Instead, consider teaming up with us at Corpin Consultants who with years of industry experience have helped numerous clients chart their success stories in Dubai.
Our team of professionals will meticulously guide you through the company formation process and handle everything for you so that you can focus on things associated with business operations. Right from documentation to bank account opening and taking care of your visa requirements and auditing, we provide end-to-end company formation services. We also offer post-setup support from time to time taking care of all the renewals and changes in the laws so that you run your business smoothly without any hiccups. Wait no more! Book a meeting with us today to start your journey toward successful company formation in Dubai and the UAE.
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