Dubai International Financial Center DIFC

The Dubai International Financial Center (DIFC) is established as a leading destination for financial business and related services in the Middle East, North Africa and South Asia region. DIFC is an integrated financial and business community that provides an ideal environment for global and local companies to develop and expand their businesses. Among the leading companies that contribute to the success of DIFC is Itqan, which is considered a key partner in developing and enhancing the technical infrastructure and IT-related services within the center.

With Itqan Company as a strategic partner in DIFC, it enhances technical capabilities and works to provide innovative solutions that meet the needs of financial and commercial companies in the region. Itqan’s vision is to support business operations with advanced technologies, which contributes to improving efficiency and effectiveness and enhancing competitiveness.

Through this article, we will explore Etqan’s role in supporting the success of the DIFC, and how its pioneering services and solutions contribute to strengthening the technical infrastructure and promoting innovation and development in the financial and commercial sector within the region.

Dubai International Financial Center DIFC

The Dubai International Financial Center (DIFC) is a financial free zone located in the heart of the city of Dubai in the United Arab Emirates. DIFC was established in 2004 and is considered one of the most prominent financial centers in the region.

DIFC has a range of advantages that make it attractive to companies and financial institutions. These advantages include:

• Regulation and Laws: DIFC has an independent regulatory system and commercial and financial laws that allow business to be conducted in an efficient and transparent manner. High international standards are applied in regulation and control.
• Advanced Infrastructure: DIFC has a modern and sophisticated infrastructure that meets the needs of financial companies. The infrastructure includes high-quality office facilities, advanced communications technologies, and exhibition and event venues.
• Financial Services: DIFC offers a wide range of financial services, including banks, investment companies, asset management, insurance and financial advisory. A suitable environment is provided for financial companies to work and collaborate together.
• Privacy and Legal Protection: DIFC ensures the protection of privacy and confidentiality for companies and clients. Strict laws are in place to protect business and financial information.
• Political and economic stability: The UAE enjoys political and economic stability, and this enhances confidence and investment in DIFC.

Types of companies that can be established in a DIFC

In the Dubai International Financial Center (DIFC), several types of companies can be established with different legal structures. Here are some common types of companies that can be incorporated in a DIFC:

1. Limited Liability Company: This is a common and flexible DIFC structure. It allows shareholders to have limited legal protection, and requires at least one shareholder.
2. Limited Liability Partnership: Allows partners to benefit from limited legal protection, as each partner has limited liability for business debts and obligations.
3. Public Company: Allows a company to raise capital by offering its shares to the public. These companies are subject to additional requirements and more oversight than other companies.
4. Branch Company: Allows foreign companies to establish branches in the DIFC. The parent company is responsible for the commercial activities conducted in the branch.
5. Joint Venture: A joint venture can be formed between two or more companies for a specific project in a DIFC. This structure allows responsibilities and risks to be shared between partners.
6. Investment Company: Specializes in investing in financial assets such as stocks, bonds, mutual funds, and real estate.

Necessary procedures for establishing a company in DIFC

Establishing a company in the Dubai International Financial Center (DIFC) requires following a series of necessary and agreed upon procedures. Here are general steps for setting up a company in DIFC:

• Study options and planning: Before starting the incorporation process, investors must study the market and determine the type of company they want to establish (such as a limited company or joint stock company).
• Contacting the Dubai International Financial Center (DIFC): Investors should contact the DIFC management to obtain the necessary information about the legal and regulatory procedures and requirements for establishing a company.
• Choosing a consulting or legal firm: Investors may need to seek specialized legal advice from a consulting firm or a lawyer with experience in commercial and legal affairs in Dubai and in DIFC in particular.
• Submission of documents and registration: The required documents, such as the registration form and other legal documents, must be submitted to the DIFC administration and applied for company registration.
• Payment of Fees and Permits: Investors must pay the required fees to register and obtain the necessary permits from the DIFC.
• Completion of tax and legal procedures: Investors must comply with all tax and legal procedures related to the establishment and operation of the company in the DIFC.
• Starting Business: After completing all necessary procedures and obtaining permits, the company can begin conducting its business activities in DIFC.

Legal services available at DIFC

At the Dubai International Financial Center (DIFC), a wide range of legal services are available to businesses and individuals. The DIFC operates as an independent legal system with its own judicial system, and therefore many specialist legal services are provided. Below are some of the legal services available at DIFC:

1. Legal advice: You can obtain specialized legal advice in various fields such as companies, contracts, financial regulation, taxes, intellectual property rights, and others. Lawyers and legal advisors can provide advice and guidance on various legal issues.
2. Licenses and Registration: Assistance can be obtained with the process of business licenses and registration at the DIFC. Legal experts can help you prepare the necessary documents and submit them to the competent authorities.
3. External Arbitration and Settlement: The DIFC has an independent judicial system including the Dubai International Financial Courts (DIFC Courts). Lawyers can file lawsuits and represent clients in arbitration and third-party settlement within this judicial system.
4. Corporate Legal: These services include commercial contract preparation, legal negotiation and review, business dispute management, intellectual property protection, regulatory compliance, and labor and employee-related legal affairs.
5. Financial Legal Services: Legal services related to the financial sector such as regulation of banks and financial companies, financial licensing, asset management, investment funds, and insurance are provided.

How to create a successful business in Dubai

The Dubai International Financial Center (DIFC) is home to an internationally recognized independent regulator, a judicial system anchored by English common law, and the largest financial ecosystem in the region with more than 25,600 professionals working in more than 2,500 active registered companies – making it the largest and most diverse community. Industrial talent in the region. The Center’s vision is to lead the future of finance. Today, it offers one of the most comprehensive fintech and venture capital environments in the region, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programs, and financing for growth-stage startups.

Comprised of a diverse collection of world-renowned retail and dining venues, a dynamic arts and cultural scene, residential apartments, hotels and public spaces, DIFC remains one of Dubai’s most sought-after business and lifestyle destinations.

In the words of the Crown Prince, it is inspired by: a bold vision to create a financial market to fill the gap not covered by the international financial centers in Europe, East and North America. With the Dubai International Financial Center (DIFC), we set out to create an international financial center to match those in London, New York and Hong Kong – with a regulatory framework built on best practices found in those leading jurisdictions. Financial institutions will have peace of mind knowing that when they move to the DIFC, their reputation will be secure because regulations will be world-class.

Deputy Ruler of Dubai His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum is the Chairman of the Dubai International Financial Center DIFC, while Brett Schafer is the Centre’s CEO. This vision is indeed a bold vision. All the financial centers that Dubai aspires to have developed over a long period of time and were largely unplanned. Dubai’s ambition to become a new financial powerhouse almost from scratch is unprecedented.

As the Chairman of the Dubai International Financial Center (DIFC) stated: “The DIFC is being established as a globally recognized center for institutional finance and a regional gateway for capital investments in the Middle East.” All you have to do is contact one of our company’s business consultants and do not waste your time and effort searching for the requirements for establishing a company in Dubai. We provide you with everything necessary to obtain all the necessary approvals for a commercial or administrative license, whether in the free zones or in areas affiliated with the Dubai government.