Business Setup in DIFC
Dubai is the top hub in the region for business, finance, lifestyle, and more. It’s the ideal place to set up for the young and aspiring entrepreneur.
The Dubai International Financial Center (DIFC), in particular, is one of the best locations for business. The processing for setting up is quick and seamless, and can go even faster with the right company formation consultant to guide you through the steps.
The DIFC has the best location amongst all the free zones. It is between new and old Dubai, with direct access to the main highway as well as the city’s top schools and healthcare facilities.
The DIFC is not just limited to the finance industry. Beyond banking, wealth management, and other financial services – brokers, consultants, & service and product providers from other industries are welcome to start their business here as well. Aside from providing a wealth of opportunities for your business, this means that you can rest assured most of what you need is only a few blocks away. Company formation in the DIFC is something you should consider because it means your business will be close to many other important businesses and lifestyle activities.
The DIFC is well-known for its efficient setup process. However, there will be slight changes between regulated and non-regulated companies, and the nature of your business will play a factor as well. Get in touch with a company formation consultant to make sure that your business setup in the DIFC will go well.
Staying in the DIFC won’t be cheap, but their clear and straightforward pricing structure will be of great benefit and will reassure you that you are getting your money’s worth. Here’s a quick breakdown:
Initial setup costs: USD21,000
Licensing fees, office costs, up-front share capital: USD50,000
Creating a business plan may also cost a few thousand dollars. All these payments as well as any other payments to the DIFC or any other authority must be in US dollars.
You can check the following links to know more about the costs involved in setting up in the DIFC.
Airtight auditing and bookkeeping requirements
The DIFC’s strict auditing and bookkeeping requirements are one of the many reasons that it is one of the most respected free zones in the region. Make sure that your business keeps its books updated and that you file an annual report.
Setting up a corporate bank account
Setting up your bank account is, without a doubt, a top priority for you and your business. Fortunately it is easy to open one and we can advise you on the bank that best suits your needs. You can read our detailed article on Corporate Banking in the UAE to explore banking options in the country.
Has the idea of company formation in the DIFC won you over? What will your next steps be? There are several steps you’ll need to accomplish, with varying levels of difficulty and requirements depending on the type of license you are applying for and the kind of business you are planning to run. It is recommended that before going through the process, you already have a trusted company expert by your side to guide you through your application, ensuring that you go through the entire process as efficiently as possible.