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DIFC Sees Record Jump In Company Registrations

by Lorys Charalambous, Tax-News.com, Cyprus

18 February 2016


The number of new company registrations at the Dubai International Financial Centre increased at a record rate of more than a quarter (27 percent) in 2015 compared with 2014, from 242 to 309, the free zone said.

Last year, the number of active registered firms in the financial services and non-financial services sectors in the DIFC grew 13 percent and 22 percent, respectively, compared with 2014. Among active registered firms, financial services account for 408 firms while the non-financial services sector is made up of 835 companies.

The size of the total workforce employed within the DIFC also grew to 19,808 in 2015, an 11 percent increase compared with 2014.

An additional 335,600 square feet of office space was leased in the zone last year, 19 percent more than in 2014, the DIFC said.

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

TAGS: United Arab Emirates | tax | tax incentives | law | financial services | tax breaks | trade | individual income tax | Dubai | free trade zone | services

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