Bank Of Singapore Launches DIFC Branch
by Lorys Charalambous, Lowtax.net, Cyprus
22 February, 2017
Dubai International Financial Centre (DIFC), the free trade zone located in the United Arab Emirates, has welcomed the recent opening of a regional office by Bank of Singapore.
Bank of Singapore joins close to 200 wealth and asset management companies who have chosen to locate themselves in the DIFC.
Commenting on the opening of Bank of Singapore's branch, the Governor of DIFC, Essa Kazim, said: "We are delighted to welcome Bank of Singapore, the leading private bank in South East Asia to the DIFC... The DIFC continues to attract leading banks and financial institutions from around the world thanks to its world-class connectivity to global markets, access to state of the art infrastructure and legal and regulatory system."
The DIFC is a free trade zone founded in 2002. It offers a number of perks to firms, including zero percent income tax guaranteed for 50 years. It allows 100 percent foreign ownership and has no exchange controls.
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