Procedure for setting up in DIFC Dubai & applicable legislation

Licensing Requirements for Financial Institutions at DIFC:
Financial Institutions are required to provide:

1. A business plan;
2. Names of key staff, major shareholders (above 5%) and controllers, as well as confirmations as to their   fitness and propriety to conduct the Institution’s business
3. The organizational structure of the proposed institution;
4. Information on operating systems and controls;
5. The Institution’s compliance system and internal audit functions;
6. Anti money laundering procedures and controls; and
7. The financial position and regulatory history of the applicant institution.

Successful applicants, whether incorporated in the DIFC or branch operations, will be subject to all laws, regulations and rules administered by the Dubai Financial Services Authority (the “DFSA”), which is an independent authority acting as the DIFC Regulatory authority, responsible for regulating financial services and licensing entities to carry out those services . Only applicants registered as non-DFSA regulated businesses will not be subject to DFSA regulation.

 

Winston Wambua

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