New firms will get 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises
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The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial centre, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.
For new firms:
- Additional time for completing application and authorisation processes
- 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises
- Waiver of registration fees for the remainder of 2020 in the case of domestic funds
For existing firms:
- Time extension for filing a number of returns and reports, including both IRAP and ICAAP returns, the controllers report and the annual report of the Shariah Supervisory Board
- Additional time for submitting annual accounts and financial statement auditors report, with the exception of reporting entities
- Flexibility in meeting authorised individual obligations, including extending the amount of time that temporary cover can be in place
- A waiver of fees for applications relating to authorised individuals and flexibility in considering the workload that may be carried by those offering outsourced compliance services
- Temporary relief from capital requirements for those firms which do not hold or control client assets or hold insurance monies
- A waiver of DFSA fees for applications for waivers and modifications for the remainder of 2020 and a waiver of all automated late return fees for the remainder of 2020
- A waiver of the listing fees for new SME issuers in the DIFC for the remainder of 2020
The tax-free DIFC business park is home to the regional offices of banks including Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.