How to Setup Your Company in DIFC
Dubai International Financial Centre, also known as DIFC, is one of the most popular free zones in Dubai. This free zone is strategically situated in the middle of the East and West of the city, which is very beneficial for people looking for business setup in DIFC.
The best thing about this free zone in Dubai is that it is the only independent free zone that sprawls over 110 acres in the heart of the city. DIFC serves as a stable and secure location for financial institutions and businesses that allow them to tap into the burgeoning market of the Middle East and South Asia.
If you are impressed with the DIFC company setup and want to know how you can set up a business in this free zone, then you are required to read this article. In this article, we are going to provide you with a step-by-step guide on how to set up your company in DIFC. Furthermore, we will disclose some necessary information about DIFC Company Setup in Dubai.
Top advantages that you can get from setting up your business in DIFC
Indeed, the Dubai International Finance Centre (DIFC) comes with uncountable benefits for business setup in DIFC. Here is the list of the top benefits that you can get from starting your business in DIFC:
- Regulatory environment: Dubai International Finance Centre (DIFC) boosts a well-established regulatory framework on the basis of English common law that provides businesses with a business-friendly and transparent environment. It is renowned for its commitment to international best practice. As a result, this free zone has turned into a hub for financial institutions, law firms, and corporate service providers.
- Complete ownership: With the help of starting your business in the DIFC, you can get 100 per cent or complete ownership of your business as a foreigner.
- Tax benefits: The Dubai International Finance Centre (DIFC) provides business owners with excellent benefits of tax DIFC company setup. The absence of corporate and personal income taxes for 15 years is among the best tax benefits that you can get by starting your business in DIFC. This substantial tax benefit can help you to save DIFC company setup costs and earn maximum profits.
- Skilled professional: The DIFC company setup will provide you access to a skilled workforce who are the best in the world.
- Diverse business activities: Dubai International Finance Centre (DIFC) will provide you with the ability to conduct various business activities, from finance and banking to legal and professional services, insurance, and more.
Types of Licenses in DIFC
As we mentioned above, you are allowed to conduct different business activities in Dubai International Finance Centre (DIFC). As a result, this free zone provides you with an option to choose different licenses. Below is the list of types of licenses that you can get for DIFC Company Formation in Dubai:
- Proprietary investment
- Holding/regional headquarters
- Professional services
- Regulated/non-regulated business
Documents needed to set up business in DIFC
To get DIFC Company set up in Dubai, you are required to gather some documents. Here is the list of documents that you need to gather to start your business in DIFC:
- Anti-money laundering completed application form
- If the applicant is opening a branch, company financial position and regulatory history profile
- Detailed business plan
- Details of key controllers, most shareholders having more than 5% shares and key staff certificate confirming the company’s ability to conduct business.
- Company procedure on internal audits and compliance systems
- Audited account report for shareholders of the previous 3 years.
- Proposed applicants’ organizational chart
- Detailed information or data on operating systems and controls
Process of DIFC Company Formation in Dubai
When considering about DIFC company setup, you need to follow numerous steps. Here is the list of steps that you need to follow to start your business in DIFC:
1. Create a business plan.
Before diving into the depth of steps for DIFC Company Formation in Dubai, you should develop a comprehensive business plan. A business plan is the parachute for aspirations for your free-falling finance. Your business plan should map out your business model, and financial projections, and provide a nuanced look into your competitive landscape.
2. Decide the business activities.
After creating a business plan for DIFC Company Setup in Dubai, you have to think about what kind of business activities you want to conduct in your business. You should ensure that your business activities come under the allowed activities in the DIFC.
3. Choose the legal structure.
After selecting the business activities that you want to conduct in your business setup in DIFC, you should choose the legal structure for your business in DIFC. When it comes to choosing the legal structure, you will get limitless options, including LLC or branch office to choose from.
4. Prepare documents
After choosing the legal structure for your DIFC company setup, you should gather all the documents required that are mentioned above for opening businesses in DIFC. Remember, you might need to submit other documents based on the type of license you choose.
5. Submit the application
After gathering the documents for the DIFC Company Formation in Dubai, you have to submit initial approvals to the DIFC authorities. Depending on the type of business activity and the regulatory business plan you submit, the time and DIFC company setup cost of approval may vary.
6. Find a place
DIFC provides entrepreneurs with virtual and physical office space. Here, virtual means conducting business in this free zone without a physical office. At this point, you need to decide whether you want a physical or virtual office space for business setup in DIFC.
7. Submit the fees
After finding the appropriate place for your business, you need to submit the license and registration DIFC company setup cost that will allow you to get the business license. The license will let you to conduct business in DIFC.
Why you should consult Flying Colour
Flying Colour comes with a team of experts who understand every crucial thing to set up a company in DIFC. We can provide valuable suggestions to start your company in Dubai International Financial Centre (DIFC).
To learn more about A Step-by-Step Guide on How to Setup Your Company in DIFC, book a free consultation with one of Flyingcolour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.
*Please note that this article was published on 13/01/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.