DIFC Cuts Fees

by Lorys Charalambous, Tax-News.com, Cyprus

12 October 2010

The Dubai International Finance Centre recently announced a series of changes to its Registry of Companies (ROC) fees.

The changes made by the DIFC Authority, with immediate effect, in particular include amendments to the Companies Regulations fees covering retail and non-retail companies. Other amendments relating to fees were also made to the DIFC Limited Liability Partnership Regulations, General Partnership Regulations and Limited Partnership Regulations and Special Purpose Company Regulations.

The changes include the elimination of fees in 61 categories, a reduction in fees in 10 categories, and a slight fee increase in 12 categories. Fees in 46 categories were maintained at previous levels.

Abdulla Al Awar, CEO of the DIFC Authority, said: “This review process is part of our wider initiative to reduce the cost of doing business in the DIFC. We are committed to working closely with our clients in order to help them achieve their business goals. These proposals are designed to help our clients grow their businesses by making the DIFC a more competitive business hub.”

The changes followed a review conducted in the first quarter of 2010 in relation to the fees imposed by the Centre’s ROC. The review’s aim is to make the DIFC a more attractive and cost effective centre for companies establishing and maintaining a presence in the region.

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