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  • DIFC COMPANY FORMATION

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SFM IN PRESS

Changes to UAE Policies on Business Ownership and Residency

28 June 2018

The United Arab Emirates, which previously did not allow 100% ownership of foreign business entities or long residency, recently changed both policies. In a move that’s delighted business leaders right across the board, the country’s cabinet announced the changes would come into effect at the end of the year.[..]

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Our approach to protect data

20 May 2018

Much echo is being given nowadays to the looming implementation of the new European regulations regarding the processing of personal data, the General Data Protection Regulation (GDPR), and not only in the European Union.[..]

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DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC)

Our Commitment

  1. Your Company in Dubai International Financial Centre formed within 30 working days *
  2. Competitive and transparent pricing
  3. Complete confidentiality
  4. UAE Residency Visa for you and family members
  5. Setting up your company with a bank account including eBanking and debit card
DIFC Company

Dubai International Financial Centre Company Main Characteristics:

Company typeDIFC Free Zone
Governing corporate legislationDubai International Financial Centre Authority
Information published relating to company officersNo names are disclosed
ConfidentialityComplete confidentiality
Accounting requirementEvery company shall keep accounting records, accounting and auditing are mandatory  
TaxationNo corporate taxes
LegislationDIFC laws and regulations
Standard currencyUAE Dirhams pegged to USD
Time to form30 working days
CommunicationEfficient communication
Local sponsor requirementNot needed
Foreigner ownership100%
Residence visa issuanceResidence Visa issued
Number of directors neededDepends on the size of the office space

Types of Entities registered in the DIFC:

  • Company Limited by Shares (LTD) – A LTD is permitted to raise capital by offering shares by way of a public offer and can issue securities. A minimum of one shareholder is required.
  • Limited Liability Company (LLC) – A LLC may not become regulated by the DFSA and may not issue securities. A minimum of one member is required.
  • Recognised Company (RC) – A RC is a registered branch of an existing foreign company within the DIFC. A RC is not considered to be a separate legal entity and therefore is a mere extension of the foreign incorporated company.
  • Limited Liability Partnership (LLP) – A LLP may be established by two or more persons who should be members of the LLP. The liabilities of the members are limited to the extent of their contributions to the LLP.
  • General Partnership (GP) – A GP is formed by two or more persons and all partners are jointly and severally liable without limitation, for the debts and obligations of the partnership.
  • Limited Partnership (LP) – A LP is formed by two or more persons and must include at least one general partner whose liability will be unlimited and one limited partner whose liability shall be limited to the contribution made by it to the LP.
  • Special Purpose Companies – according to their charter they need to be licensed to operate under the DIFC Authority.
  • Pre-existing LLP, GP or LP may be registered in the DIFC.
  • The DIFC Authority also permits foreign companies to be transferred to the DIFC (provided that the foreign company is authorised to do so pursuant to the laws of its jurisdiction of incorporation).
  • Non-regulated entities are those, which are established in the DIFC but are not engaged in carrying on a Financial Service (as defined in the DFSA Rulebooks) or are not required to be regulated pursuant to one or more of the exemptions set out in the DFSA Rulebooks. Examples of such entities include holding companies, companies carrying out proprietary investments, companies carrying out activities of a support or back-office nature, service providers such as recruitment agencies, restaurants, coffee shops and bars.

Information concerning DIFC

DIFC

The DIFC is the financial hub of Dubai. It is a federal financial free zone and was established pursuant to UAE Federal Decree No. 35 of 2004, UAE Federal Law No. 8 of 2004 and Dubai Law No. 12 of 2004. The DIFC occupies a physical territory of approximately 110 acres. The DIFC has its own legal system and courts, independent from those of the UAE, with jurisdiction over corporate, commercial, civil, employment, trusts and securities law matters.

The DIFC aims to provide a platform for financial institutions to conduct business with the emerging markets of the region. It was established with the vision of creating an environment for growth, progress and economic development in the UAE, while accessing the region’s markets by providing internationally recognised legal and business practice, as well as the appropriate infrastructure keeping up with international standards.

It is a financial centre strategically located between the time zones of the east and the west, it is surrounded by a region that is fast developing and rich in natural resources and petro dollars. Combined with the tax friendly regime and the laissez-faire attitude regarding capital repatriation and movement of funds, it offers a financial destination and powerhouse that is unmatched.

* Please refer to our Terms & Conditions