The new enhancements to the licencing regime will provide a nurturing business environment balanced with appropriate levels of protection, in accordance with international best practise.
Thursday 11, July 2019 BY KUDAKWASHE MUZORIWA
Dubai International Financial Centre (DIFC) has introduced four new licencing categories as well as fees which are designed to make establishing businesses within the centre easier and more affordable.
The regulator stated that four new licencing categories were introduced as part of the new Operating Law and Regulations, including short-term and restricted licences as well as commercial permissions and dual licences. The new categories come with reduced licence fees and increased flexibility, allowing more firms to conduct business from the centre.
Khalid Al Zarouni, the Senior Vice President & Registrar of Companies at DIFC Authority, said that the new licences and fees introduced under DIFC’s Operating Law and Regulations will enable DIFC businesses to grow, whilst encouraging a more diversified portfolio of businesses to establish in the financial centre.
Short-term licence fees ranges between $300 and $5100 and allows retail businesses and other non-financials to operate within DIFC at flexible rates over shorter timeframes.
Additionally, restricted licences have been introduced to firms interested in developing or testing new or innovative products and services in the DIFC and the annual licence fees ranges from $1,000 to $4,000.