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DIFC Posts Strong Growth In H1 2014

by Lorys Charalambous, Lowtax.net, Cyprus
25 September, 2014

The Dubai International Financial Centre (DIFC), a free zone which seeks to act as a gateway to investment between international markets, has announced "solid growth" during the first half of 2014.

During the period the number of active registered companies operating within the center reached 1,113, representing a seven percent increase compared with December 2013 levels, the DIFC said.

111 commercial licenses were issued during the first half of the year, and a further 15 retailers set up operations, bringing the total number of active retailers to 159.

The DIFC reported that, of the 350 financial services firms with operations in the DIFC, about 35 percent are from Europe, 14 percent are from North America, 30 percent are from the Middle East, 12 percent are from Asia, and nine percent are from the rest of the world.

The DIFC, located in Dubai, the United Arab Emirates, 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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