Effective Legal and Regulatory Setting
The framework of the DIFC is increasingly conducive for business development and high-scale investment.
Independent regulatory body: the Dubai Financial Services Authority (DFSA), created using principle-based primary legislation inspired by practices in London and New York, grants licenses and regulates the activities of all banking and financial institutions in DIFC.
100 % ownership: within DIFC, subsidiaries and incorporated entities enjoy 100% ownership that allows for a range of options for structuring legal entities.
Adherence to English Common Law: DIFC has its own set of civil and commercial laws and regulations and a complete code of law governing financial services regulation. U.A.E. made efforts to protect minority investors by providing for qualification of directors in case of prejudicial conflicts of interest.
Autonomous judicial system: The DIFC Courts is the entity responsible for the independent administration and enforcement of justice and have exclusive jurisdiction over all civil and commercial disputes arising within DIFC and or relating to bodies and companies registered in DIFC.
Taxation and Recent State Reforms
No Restriction on Capital Repatriation: DIFC-based companies face no restrictions or constraints on capital or profit flows, and benefit from no currency exchange controls in the US-dollar denominated jurisdiction.
Tax Efficiencies: DIFC provides a 40-year guarantee of zero taxes on corporate income and profits, enhanced by the UAE’s wide network of double taxation avoidance treaties with regulators and central banks.
Entrepreneur-friendly Policies: U.A.E. is promoting entrepreneurs to set up a business in the region by reducing the overall cost. Efforts have been made towards reducing the fee for business incorporation and simplifying construction permits via a risk-based approach in order to reduce the number of inspections.
Stability, Safety, Style
Finance and Investment Hub: The most rapidly growing business hub in the world, Dubai offers high-quality facilities to businesses along with a favorable environment. With an intent to grow further, the government of Dubai has brought a number of economic reforms and administrative policies to attract capital and business houses from across the globe.
Strategic Location: Dubai has a large coastline and it is a hub for global aviation. The convenient location of the country provides better opportunities to trade and facilitates cross border movement. Dubai attracts a large population of skilled workforce because of its global reputation and higher income.
The Peace Deal: Recently signed Israel–United Arab Emirates peace agreement further highlights the appeal of Dubai as a place of residence due to increased stability in the region and unlocked capital power of Israel as a source of investment and tourist attendance. The agreement opened the door to new partnerships and potential investment opportunities across all market segments.
UAE Citizenship provision reform: As announced on Jan 30th, 2021, the recent changes in national immigration law will allow the UAE to grant citizenship to selected investors and professionals including scientists, doctors, engineers, artists, authors and their families.
A Forward-Looking Space
Infrastructure: The fact that so many international hotel chains, restaurants and bars are opening new establishments in Dubai bolsters its desirability as a place to live and stay. U.A.E. has also made it easier to conduct cross-border trading by reducing the overall time to export products by way of completely digitizing certificates of origin and reducing the cost of import by way of issuing certificates of conformity that cover multiple shipments.
Innovation: Accessibility to state-of-the-art technology and cutting-edge techniques by the developers ensures adherence to the construction quality standards and enables creating truly special development projects. The Dubai Government aims to be a smart city. It will conduct paperless transactions and deliver services through apps by December 2021.
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