Sunday, 29 July 2012

How is setting up in the DIFC different from setting up in Dubai?

The basic principle for setting up anywhere in the UAE is that entities setting up in the UAE must have at least 51% of the company’s shares owned by UAE national(s). Branches of foreign companies may be issued with licenses providing that UAE nationals are engaged as sponsors to carry out promotion, advertising and marketing activities for the business, but not actual trading activities within the UAE. Therefore, in principle, it is not possible for international companies to carry out their trading or service activities in the UAE without local participation.
Notwithstanding, the DIFC allows for the establishment of 100% foreign owned companies, whether as a branch of an already existing foreign company or as a 100% incorporated company within the DIFC.
Further, the companies undertaking the financial services will not be subject to the laws and regulations of the UAE Central Bank regulations instead will be governed by the DFSA laws and regulations.

Winston Wambua

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