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NEWS

DIFC Records Company Formation Growth


06/09/2013

Dubai International Financial Center (DIFC) has revealed that its active registered companies grew 7 percent in the first half of 2013.

A net total of 979 registered companies with a combined workforce of 15,000 currently operate within DIFC’s financial ecosystem.

Launched in 2004, the DIFC has a highly attractive tax and regulatory regime, offering firms 0 percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls and a legal system based on English common law.

DIFC issued 94 commercial licences in the first half of 2013. In the same period 1,000 net new jobs were created in the Center.

"Interest from North America and Europe continues to increase as Western multinationals look to diversify their operations and expand towards the East," a press release said. "DIFC has also witnessed sustained interest from Middle Eastern and Asian firms looking to increase their exposure to opportunities arising in Africa and the West. Today, the geographical diversity of the Center’s total number of regulated companies reaffirms DIFC’s growing status as a global financial center catering to the region. Approximately 36 percent of regulated companies come from Europe, 27 percent from the Middle East, 16 percent from North America, 11 percent from Asia, and 10 percent from the rest of the world."

http://www.tax-news.com

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