Dubai International Financial Centre (DIFC)
The Dubai International Financial Centre (DIFC) is one of the largest and prestigious Financial Centre’s in the Middle East, Africa and South Asia (MEASA) region. The DIFC offers a secure and efficient platform and regulatory environment for businesses and financial institutions to operate in the emerging markets of the region. The DIFC is governed by its own independent regulation, common law framework, supportive infrastructure and tax-friendly regime governed by the Dubai Financial Services Authority (DFSA).
The DIFC is one of Dubai’s independent Freezones, which means it offers companies 100% foreign ownership without the need for a local partner. The DIFC also offers its clients a 50-year guarantee of zero taxes on corporate income and profits complemented by the UAE’s network of over 90 double taxation avoidance treaties.
Loggerhead Corporate Services is located alongside the DIFC and maintains strong business relationships with their company representatives.
DIFC Benefits
100
% Foreign
Ownership
100
% Repatriation of
Capital and Profits
0
% Corporate &
Personal Tax
Common Law Framework
Independent Regulatory Environment
Ease of Setting Up Corporate and Personal Bank Accounts
Eligibility for Residency and Work Visas
From its Dubai office, Loggerhead Corporate Services advises clients on how to incorporate a company within the DIFC and will coordinate the entire process on their behalf. Please contact us for more information or to arrange an initial private consultation.
Frequently Asked Questions
What documents are required to setup a company in the UAE?
The documents required depend on the type of entity established. Loggerhead Corporate Services advises clients on the most appropriate entity according to their needs and then simplifies the entire process by providing a comprehensive list of the documents required.
Please contact us for more information or to arrange an initial private consultation.
What Documents are required to setup a company in the DIFC?
Before a company can be incorporated, an introductory meeting is held with the DIFC and DFSA where a Letter of Intent is filed. The Letter of Intent will help determine the category of license under which the business will operate. Once the DFSA has informally reviewed the submission, the business can lodge the full application which includes a comprehensive “Regulatory Business Plan”. Once the business plan has been approved, the applicant may begin the formation process.
Please contact us for more information or to arrange an initial private consultation.
How long does it take to setup a DIFC Company?
The DFSA will assess if your application is materially complete within 2 working days. Once accepted, the full review process will commence between the DFSA and the applicant. The entire review and recommendation process takes approximately 4 months. At this stage, an in-principle letter is issued which allows the applicant to complete the formation procedure with the DIFC Registrar and open a corporate bank account. The in-principle letter is valid for 3 months during which time all matters relating to the formation must be completed. The DFSA will only issue a license once applicants can demonstrate that they have fulfilled the conditions included in the in-principle letter.
Please contact us for more information or to arrange an initial private consultation.
Is it necessary to visit the UAE to set up a company?
This will depend on the type of entity selected.
· Freezones – each Freezone has their own company formation requirements and, as such, there is no one-size-fits-all answer to this.
· Offshore – Offshore companies require each shareholder and director to have visited the UAE at least once (proven by an entry stamp in their passport).
· Onshore LLC companies require all shareholders and directors to visit the UAE to sign the company’s articles of association.
For clients who are unable to travel to the UAE, Loggerhead Corporate Services can prepare a Power of Attorney which allows us to incorporate the company on behalf of the client.
Please contact us for more information or to arrange an initial private consultation.
Are companies taxed in the UAE?
Although the UAE introduced 5% value added tax (VAT) on January 1, 2018, the UAE remains free from all other taxes, including income and corporate taxes.
Please contact us for more information or to arrange an initial private consultation.
Are companies taxed in the UAE?
Although the UAE introduced 5% value added tax (VAT) on January 1, 2018, the UAE remains free from all other taxes, including income and corporate taxes.
Please contact us for more information or to arrange an initial private consultation.
Can Loggerhead Corporate Services help open a corporate bank account?
Yes, Loggerhead Corporate Services can help clients open corporate and personal bank accounts in the UAE or offshore through our network of contacts across all major local and international banks. We are also well networked with top Swiss Private banks should additional wealth management be required.
Please contact us for more information or to arrange an initial private consultation.
How often will I have to renew my company?
All legal entities in the UAE are issued with trade licenses by their respective authority which allows companies to operate in the UAE. Company trade licenses must be renewed on an annual basis (applies for Onshore, Offshore and Freezones – including DIFC) on their anniversary.
Please contact us for more information or to arrange an initial private consultation.
Does Loggerhead Corporate Services provide any additional services to support a UAE business?
Yes, Loggerhead Corporate Services provides a comprehensive list of services to support our clients UAE companies, including: accounting and bookkeeping, payroll services, attestation and legalization of corporate documents, treasury services and bank account opening services.
Please contact us for more information or to arrange an initial private consultation.
Related Services
UAE Freezone
Free trade zones are isolated areas with special tax, customs and import regimes. Free Zones are governed by their own distinct framework of regulations (except for UAE Criminal Law).
Free Zone companies can only trade within the boundaries of its Free Zone or internationally and not directly with the UAE market.
This means that FZ companies maintain 100% foreign ownership and permits them to issue residency visas and tax residence certificates for the UAE as office space and local staff are required.
UAE Onshore
An Onshore Company is a fully-fledged Company registered with the Department of Economic Development in one of the 7 Emirates.
It is the legal entity required for someone to operate within any of the 7 Emirates in the UAE.
For clients who wish to substantially expand their business to mainland UAE and require office space and residency visas, the Onshore business setup is the most suitable option.
Cyprus Holding Company
A Cyprus Holding Company does not produce goods or services but rather manages or owns the outstanding stock of other companies.
This allows their owners to control more than one company across a variety of business activities whilst benefitting from the favorable tax regime.
Companies are considered as Cyprus residents if their management offices are based in Cyprus.
UAE Offshore
Offshore companies are the ideal choice for businesses who do not require any physical office space.
The UAE offers the formation of International Business Company’s (IBC) through the offshore registries located in Jebel Ali Free Zone (JAFZA) and Ras Al Khaimah through the RAKIA Free Zone and RAK Free Trade Zone.
From its Dubai office, Loggerhead Corporate Services will facilitate the entire process for incorporating and maintaining Offshore companies.
Swiss Public Limited Company (AG)
The public limited company (AG) is the most widely used legal form in Switzerland. The formation of a public limited company requires a minimum share capital of CHF 100,000, of which 20%, or at least CHF 50,000 must be paid-in by either cash or with a contribution in kind.
For companies whose share capital exceeds CHF 1 million, the authorities charge a stamp duty of 1%.
Swiss AG companies must pay taxes on capital and income. The corporate income tax rate in Switzerland varies significantly between the different Cantons, ranging from 12% to 23%.
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