Dubai International Financial Centre introduces new licencing categories and fees
Dubai International Financial Centre (DIFC) is introducing new licencing categories and fees designed to make establishing businesses within the DIFC easier and more affordable.
Four new licencing categories have been introduced as part of the new operating law and regulations, including short-term and restricted licences, commercial permissions and dual licences.
The DIFC said each of the new categories come with reduced licence fees and increased flexibility, allowing more firms to conduct business from the financial hub.
It added that the new enhancements to the licencing regime are in response to market needs.
Under the new short-term licencing category, retail businesses and other non-financials will now be able to operate their businesses from DIFC with flexible rates over shorter timeframes. This includes a registration fee of $100 and licence fee ranging from $300-$5,100 depending on the duration.
In addition, restricted licences have been introduced to firms interested in developing or testing new or innovative products and services in the DIFC. Entities obtaining this licence will benefit from a reduced registration fee of $100, with annual licence fees ranging from $1,000-$4,000.
The commercial permissions category aims to allow both DIFC and non-DIFC entities such as event companies, retail outlets, training providers or educational services to conduct their main business activities within the DIFC, with fees ranging from $100-$2,000, depending on the nature of activity and duration.
Dual licencing also enables DED licenced non-financial and non-retail firms with an affiliate in the DIFC to operate from the centre. This includes law firms, audit firms, consultancy firms, family businesses, holding companies and corporate service providers, who will pay an annual fee of $1,000.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.