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Mon 1 May 2017 01:24 PM

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Dubai firms can now get dual onshore, offshore licences

Partnership between DIFC and Dubai Economy establishes central data repository

Dubai firms can now get dual onshore, offshore licences

Companies registering to operate at Dubai International Financial Centre (DIFC) can now obtain a licence to operate ‘onshore’ as well, the free zone said on Monday.

DIFC announced a new partnership with Dubai Economy under which companies can for the first time obtain a dual onshore-offshore licence to operate across Dubai.

The two parties signed a memorandum of understanding (MoU), under which a central data repository will be established, allowing data exchange between the two parties and transparency of commercial activity within the DIFC.

In addition, joint inspections will seek to to prevent fraud and increase consumer protection.

DIFC chairman Essa Kazim said: “This landmark MoU is further evidence of DIFC’s efforts to encourage robust best practice and our commitment to our 2024 strategy that will see us triple in size.

“The new licence agreement and increased level of governance, transparency and compliance from this MoU will directly benefit businesses in DIFC and contribute to the economic growth of Dubai, the UAE and wider region.”

Sami Al Qamzi, director-general of the Department of Economic Development, said: “The MoU will enrich the economic diversity and services available in Dubai, and also complement our efforts to improve transparency and compliance in the business sector.”