The city of Dubai has gone through a massive transformation in the past few decades and with an open market and reputable business climate on offer, the international businesses and companies have stormed to the state to further their international reach and growth. There are many factors that make Dubai one of the hottest business centers in the world. It puts on the table numerous options for the companies to choose from, whether they want to set up a free zone company, an offshore company, a limited liability company, and a joint venture, or they can opt to choose from many other business opportunities in the Emirates. The Dubai International Financial Center (DIFC) is one of the places dedicated by the local authorities to help the foreign companies find a new home for their businesses. The DIFC companies enjoy many benefits and advantages which makes the DIFC just the perfect business hub for many of the international companies currently operating in the United Arab Emirates.
The procedure for setting up a foreign company in the DIFC is pretty simple. Just follow the simple steps to get through the official requirements subtly and efficiently.
- A company can apply for the company registration form by presenting their business plan, financial projection, and annual accounts details.
- Business Plan: Every company has a judicious and detailed business plan which sets the foundation of their business strategies. In order to get registered with the DIFC, the company needs to present an elaborate business plan which is in line with the DIFC-set regulations. By submitting the business plan, the company also makes it clear how it will add value to the DIFC community.
- The company should present a financial projection for up to three years.
- The intending company should present its annual accounts reports for two years while the startup companies can mention the financial source.
- The company should also submit the biography of its management team and provide the copies of their passports.
The DIFC Business Entities Unit reviews the above-mentioned documentation and forwards it to the Registration Review Committee which decides to approve or disapprove the registration. The Registration Review Committee takes into consideration the following criteria before reaching its decision.
- Financial Wherewithal
- Business Risk
- Center or Building
- Employee Base
- Business Strategy and Implementation
- Contribution to GDP of Dubai
Go to website to know more about the registration process and the benefits associated with it to further boost your company’s growth in Dubai.