The Dubai International Financial Center announced the expansion of the new regulatory framework for the “specific” companies system, with the aim of attracting new businesses and companies to establish their activities according to structures consistent with international best practices.
The Financial Center announced the entry into force of the new regulatory framework for the “specific” companies system in 2019, thus providing options that enhance the financial efficiency of companies seeking to benefit from the business structures issued by the Center, which in turn are in line with the best legal and regulatory frameworks at the regional level.
Financial position The opportunity to benefit from the expansion of the regulatory framework for various companies, ranging from family businesses to financial technology companies, government agencies, and regulatory financial companies. Corporate organizational structures are used in structuring funds such as financing the aviation sector, crowdfunding, and asset management and retention.
The expanded system includes all types of companies registered in the DIFC except for the retail sector. It also includes shareholders and ultimate owners / UBO / of these companies and their subsidiary institutions, including all family businesses that have a large presence in the UAE.
The new regulatory framework provides the beneficiary companies with flexible office options as it allows them to use co-working spaces or share offices with companies registered with the financial center. Firms also benefit from incorporation fees, reducing the value of annual licenses and costs of compliance obligations as they are not required to audit or submit their accounting reports to the office of the companies ’registrar as well. That the “designated” companies are eligible to hire employees and issue visas.
Salman Jeffrey, Chief Business Development Officer at the DIFC Authority, said that the DIFC has succeeded since the entry into force of the new regulatory framework for “specific” companies during the last quarter of last year, by including more than 200 companies and we are seeking to expand this framework to Attracting more companies to cost-effectively manage their business structure in line with the highest international standards, and the financial center has become a regional destination that helps companies expand their business in the Middle East, Africa and South Asia region that promises a lot of opportunities and this system allows companies to simplify their structures in accordance with the leading legal and regulatory frameworks that it enjoys. The Dubai International Financial Center will further enhance compliance levels with these frameworks, which are the most sophisticated and business-friendly laws in the region.