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DIFC Cuts Business Costs

by Lorys Charalambous,, Cyprus

20 December 2010

The Dubai International Financial Centre (DIFC) announced on December 12 the details of its revised pricing structure, designed to enable new and existing companies operating from the Centre to continue the growth and expansion of their businesses. The revision includes office space rents as well as operational fees.

In the announcement Abdulla Al Awar, Chief Executive of the DIFC Authority, commented: “The number of companies managing businesses from the DIFC has grown to 780 in just six years. Our new pricing structure demonstrates our commitment to support our clients with their growth plans. We are confident that the overall cost of doing business in the DIFC continues to be competitive with other leading international financial centres, while it reinforces our efforts to remain an integral and important contributor to the UAE’s economy.”

Marwan Ahmad Lutfi, Deputy Chief Executive and Head of Business Development at the DIFC Authority, said: “In the past, clients would typically have a representative team in the UAE with the core workforce based overseas. Over the past year, we witnessed the migration of global business desks and the consolidation of divisions, in a growing trend that saw companies utilize the DIFC as their global hub for financial and business operations. As part of our commitment to strengthening our partnerships with our valued clients, we have ensured that our fees analysis was conducted according to best practice and the highest standards of governance and transparency. We have also taken into consideration the importance of long term visibility of operating costs to both sustain clients and help them plan efficiently for their continuous growth”.

The DIFC has already started applying the revised set of operational fees. The amended rental charges will come into effect from January 2011 along with new documentation and commercial terms that have been modelled on globally accepted real estate and commercial standards.

TAGS: tax | investment | business | company formation | financial services | fees | offshore company formation | offshore | licensing | standards | Dubai | services

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