Economic Stimulus Package by DIFC (1.0)
As the premier financial freezone in the GCC the DIFC has been going from strength to strength. The DIFC announced record growth in 2019, with the total number of firms in the centre rising 14% to 2,437 and has established a vibrant and multicultural community. In response to the Corona virus pandemic and to protect its members the authority will introduce a number of fiscal easing initiatives over the next three months from 1st April to 30th June 2020.
The measures are:
- Deferred payment on all leases
- Full waiver from annual licensing fees for new entities
- 10% discount on renewal of license applicable on existing entities
- Reduction on fees for property registration from 5% to 4% for three months
- Free Movement of labour
These measures apply to all members of the DIFC Jurisdiction (Regulated and non-regulated entities):
- Non-Financial including Prescribed Companies.
- Fintech Company
- Regulated and non-regulated entity
With this transition to a work from home (WFH) ReThink can help with your business continuity plans as well as offering outsourced finance and compliance functions if team members are away and restricted from travel.