PwC Awaiting Approval Of DIFC License

by Lorys Charalambous, Tax-News.com, Cyprus

11 October 2005

Big four accounting firm PricewaterhouseCoopers (PwC) is currently applying for a license from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC) as an Ancillary Service Provider.

"We are delighted that PricewaterhouseCoopers wants to do business from the DIFC," Dr Omar Bin Sulaiman, Director General, Dubai International Financial Centre Authority (DIFCA), stated, according to AME Info.

Established last year, the Dubai International Financial Centre (DIFC) is an onshore capital market designated as a financial free zone. There are six primary sectors of focus within the DIFC: Banking Services (Investment Banking, Corporate Banking & Private Banking); Capital Markets (Equity, Debt Instruments, Derivatives & Commodity Trading); Asset Management & Fund Registration (Fund Registration, Fund Administration & Fund Management); Reinsurance; Islamic Finance and Back Office Operations. Each of these units benefits from zero tax rate on income and profits, 100 per cent foreign ownership, and no restrictions on foreign exchange or capital/profit repatriation.

According to Dr Sulaiman, the DIFC is proving very popular with international firms of varying types, and he noted that the number of companies committed to locating there is "increasing by the week."

"The diversity of financial products and services that is becoming through the Centre is already remarkably high, considering that we have been operational for only one year," he observed.

When its approval to operate in the DIFC is obtained, PwC intends to build upon its assurance, advisory and regulatory practice units, which provide clients with services such as regulatory compliance support and application assistance.

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