Dubai International Financial Centre (DIFC) Free Zone is a well-known global financial hub. However, beneath its gleaming skyscrapers and bustling financial activity, there are lesser-known facets that make DIFC even more intriguing. In this article, we will uncover some of the lesser-known aspects of the DIFC free zone license that might surprise you.
Independent legal system:
DIFC operates under its legal system based on English common law, setting it apart from the UAE’s legal framework. This independent legal system provides a predictable and stable environment for businesses, ensuring strong legal protections and a transparent dispute resolution process.
DIFC houses its specialized courts, the DIFC Courts, which handle financial and civil disputes. These courts have gained international recognition for their expertise in handling complex financial cases and ensuring impartial justice.
DIFC Wills and Probate Registry:
DIFC offers a unique service known as the DIFC Wills and Probate Registry. This service allows non-Muslim expatriates to register their wills according to their home country’s laws, ensuring their assets are distributed as per their wishes in case of unfortunate events.
DIFC is not just about finance; it’s also an innovation hub. It hosts the FinTech Hive, the Middle East’s first fintech accelerator, which fosters innovation in financial technology. DIFC’s commitment to innovation extends to its regulatory sandbox, providing a platform for fintech companies to test and develop their solutions in a controlled environment.
Beyond finance, DIFC is home to a diverse range of businesses, including art galleries, fashion boutiques, restaurants, and cultural institutions. It offers a vibrant and cosmopolitan atmosphere where professionals can enjoy a rich work-life balance.
One of the well-known advantages of DIFC is its zero percent tax rate on corporate income and profits. However, it’s worth highlighting that this tax-efficient environment also extends to zero percent import and export duties.
Dubai International Financial Centre Free Zone is more than meets the eye. Beyond its towering skyscrapers and bustling financial activity, it offers a wealth of unique and lesser-known advantages. Its independent legal system, financial courts, innovation ecosystem, and international reach make it a global financial force to be reckoned with.