DIFC or Dubai International Financial Centre is a special economic zone of Dubai. It was established in the year 2004, over an area of 272 acres. For MEASA or the Middle East, Africa, and South Asia, it is the financial hub.
This financial center has its own internationally independent regulator along with a specific jurisdiction system, tax-friendly regime, global financial exchange, common law framework, and a large business community.
The district fosters hundreds of financial institutions, and the list includes private investors and wealth funds. Along with this, it also hosts retail outlets, multinationals, galleries, hotels, public green spaces, residential spaces, restaurants, and cafes. For setting up a business, you can contact a law firm in DIFC.
DIFC is one of the free zones of Dubai. Without the need for a local partner, it offers 100% ownership to the companies. A common law framework governs this very district. With laws and regulations, which are issued in English, it is distinct for the legal system of the UAE or the United Arab Emirates.
5 Things That Make Dubai International Finance Centre The Best Business District In The World
Here I will tell you about the 5 things that make DIFC or Dubai International Finance Centre the best business district in the world.
Under the Constitution of the United Arab Emirates, DIFC is an independent jurisdiction. It has its own DIFC courts. The civil and commercial laws of DIFC are also different from the laws of the Wider UAE.
Apart from the fact that all DIFC laws are written in English, in the event of an ambiguity, DIFC defaults to English law. And all the laws are specifically written, keeping in mind the business structure that can be an excellent opportunity for businessmen.
International Financial Centre
From financial institutions in the sectors, license applications are considered here. The units also come with several benefits like 0% tax on profits and income, business continuity facilities, operational support, restriction-free foreign exchange or profit/capital repartition, and 100% foreign ownership.
There is no need for any local partner in order to do business in DIFC. in September 2005, DIFX, or Dubai International Financial Exchange was opened with the title of a privately held financial exchange. It is one of the key elements of the center.
DIFC FinTech Hive
In the month of April 2017, the Dubai International Finance Centre has announced its initiative for the growth of Financial Technology in this region. DIFC connects the innovators of financial services technology with the financial institutions, service providers, and banks within the dynamic ecosystem of DIFC.
As per the Fintech Middle East, the Fintech Hive of DIFC plays a significant role when it comes to the emerging Financial Technology market in the UAE.
The DIFC or Dubai International Finance Centre Comes with three hotels, and they are Four Seasons, Waldorf Astoria, and lastly Ritz-Carlton. All three hotels offer excellent staying experiences.
They make this region suitable for different types of business summits and conferences. The business owners do not need to put special effort into the business events when they are on the organizing committee.
Till now, I have not mentioned a very important fact, and that is DIFC is an excellent tourist spot in Dubai or the United Arab Emirates. With art galleries, shopping sites, top-class restaurants, and cafes, this place offers world-class experiences to its visitors.
So, it is quite obvious that these tourist facilities will work as add ons when it comes to operating different kinds of businesses. Apart from the corporate space, this region allows businessmen to try different types of commercial and consumer ventures as well.
These are all that you need to know about the DIFC or Dubai International Finance Centre. These are the five things that make DIFC the best business district in this world. This region has everything in order to nurture the economic environment. So, in case you are thinking of going for a business in this region, you definitely should try.