DIFC Helps Set Up Indian Int'l Financial Center
by Lorys Charalambous, Lowtax.net, Cyprus
03 May, 2017
The Dubai International Financial Centre, a free trade zone in the United Arab Emirates, has agreed to help Mumbai establish its own international financial center.
In support of this initiative, the DIFC and Mumbai Metropolitan Region Developmental Authority (MMRDA), an urban town planning and development authority established by the Maharashtra Government, have signed a Memorandum of Understanding (MoU) to facilitate the exchange of knowledge and international best practice.
Commenting on the MoU, Arif Amiri, CEO of the DIFC Authority, said it would boost mutual cooperation, stating: "[The] DIFC is recognized as the most robust and dynamic regulatory and legal system in the region, and we are pleased to share our experience of over a decade with other authorities looking to develop their own financial ecosystem. By working closely with partners such as MMRDA, we will further advance the development of a secure, stable, and well-managed global financial 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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