DIFC Delegation Attends Forum In China
by Lorys Charalambous, Lowtax.net, Cyprus
01 April, 2016
The Dubai International Financial Centre (DIFC), a free trade zone in the United Arab Emirates, concluded its third visit to China this year on March 29, 2016.
The visits are to deliver on the DIFC's strategy of attracting companies from emerging markets in Asia.
During the visit, the DIFC Authority's senior management highlighted the need for financial centers to develop and adopt technological advancements to close the gap between markets. Arif Amiri, Chief Executive Officer of the DIFC Authority, pointed out the technological developments that have taken place at the tax-free zone.
The official also noted the DIFC's strategic location, which allows it to act as a financial hub for markets in the Middle East, Africa, and South Asia.
The DIFC is home to China's four largest banks – Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Construction Bank, and Bank of China. Bilateral trade between the UAE and China has grown from USD63m in 1984 to USD54.8bn in 2015, and is projected to reach USD60bn by the end of 2016, according to the DIFC.
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.
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