DIFC Looks To Raise Its Profile In China
by Lorys Charalambous, Lowtax.net, Cyprus
04 June, 2014
The Dubai International Financial Center, a free zone in the United Arab Emirates (UAE), recently sent a delegation to Beijing to reinforce and build upon its ties with China.
The delegation highlighted the Center's role as a business and financial hub for the Middle East, Africa, and South Asia (MEASA) region. It also set out to raise the DIFC's profile as offering a stable and transparent business environment that operates within its own jurisdiction with an internationally recognized regulatory and legislative framework.
The benefits of doing business in the DIFC include permission for 100 percent foreign ownership, zero percent tax on income and profits for 50 years, and an international legal system based on English common law.
Essa Kazim, leader of the delegation, said: "In 2008, the Dubai Financial Services Authority (DFSA) signed a Memorandum of Understanding with the China Securities Regulatory Commission. Since then our bilateral trade relations have flourished. The DIFC's unique geographical position and its world-class regulatory framework have enabled us to provide Chinese companies with a safe and stable gateway to markets in the West and to the rapidly emerging African markets. China and Africa are working together to double their two-way trade to USD400bn by 2020, meaning that Dubai will become an increasingly important location for Chinese companies looking to access to these markets."
China-UAE trade relations have grown rapidly during recent years with total trade between the two nations rising to USD36.7bn in 2013, the DIFC said.
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