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Wed 8 Apr 2020 11:34 AM

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Covid-19: Dubai Financial Services Authority proposes relief measures for firms

New firms will get 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises

Covid-19: Dubai Financial Services Authority proposes relief measures for firms

Existing firms will get 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.

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.

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