DIFC – RE/THINK PROVIDES TURN-KEY ASSISTANCE ON REGULATED and NON-REGULATED BUSINESS SET-UP SERVICES.
Through our team of senior level compliance advisors, combined with legal and corporate service expertise of our local business partners, we are able to provide the highest quality advisory for Regulated set-up, at a competitive cost. The key to our success and the success of a timely business set-up is the compliance and business plan at the beginning of the process. This ensures that our clients present their plans correctly to the regulatory and /or the registrar authority.
In addition, to our services during regulated company set up Re/think can provide a broad range of services, including:
- Outsourced Compliance Officer/ Money Laundering Reporting Officer
- Risk Officer
- Accounting and Finance Officer
- VAT advisory and implementation
- CRS/FATCA readiness assessment & support
- Targeted DNFBP support regarding policies and procedures and completion of AML Return support
- Assurance and Health Checks
- Regulatory Change Management
- Training
- Compliance Human Capital services
STEPS TO A DIFC REGULATED SET UP
Applicants interested in setting up operations in DIFC are required to apply to the DIFC’s regulatory body, the DFSA, which will consider the merits and suitability of the applicant and the category of license for which the application is being submitted.
The category of license will depend upon the regulated activity(ies) that the business would like to engage in.
Managing an unrestricted Profit sharing investment account
Dealing in Investments as Principal
Dealing in Investments as Agent
Acting as the Trustee of a Fund
Managing a Collective Investment Fund
Providing Custody (where it does so other than for a Fund)
Managing a restricted Profit sharing investment account
Advising on Financial Products
Arranging Custody
Insurance Intermediation
Insurance Management
Operating an Alternative Trading System
Providing Fund Administration
Providing Trust Services (where it is not acting as trustee in respect of an express trust)
Arranging Credit and Advising on Credit
In the initial stages of the registration process, an introductory meeting is arranged with the DIFC and DFSA and a Letter of Intent is filed with the DIFC. Once the DFSA has informally reviewed a draft business plan, the applicant submits their full application, including the Regulatory Business Plan. DFSA will conduct an initial review of the application documents to ensure they are in good order and establish an ongoing dialogue with the applicant. An In-Principal Approval letter is issued to the applicant once the DFSA have satisfactorily concluded their due diligence. The applicant is required to incorporate their entity, open a bank account and rent office space before the DFSA grant a license to the applicant.
WHY THE DIFC
- 100% foreign ownership
- 0% corporate tax for 50 years
- No restriction on capital repatriation
- 0% import or re-export duties
- 0% personal income tax
- No currency restrictions
- No restriction on foreign talent or employees
- US$ denominated environment
AUTHORITIES
- Dispute Resolution Authority (comprising DIFC Courts and Arbitration Institution)
- Dubai Financial Services Authority
- DIFC is unique from mainland jurisdictions in that it has a legislative system consistent with English Common law. DIFC has its own set of civil and commercial laws and regulations. It has developed a complete code of law governing financial services regulations. As part of its autonomy, DIFC has created an independent judicial system. The DIFC Courts is the entity responsible for the independent administration and enforcement of justice in DIFC. The Courts have exclusive jurisdiction over all civil and commercial disputes arising within DIFC and/ or relating to bodies and companies registered in DIFC
