Dubai Placed Among Top-10 International Financial Centers
by Lorys Charalambous, Lowtax.net, Cyprus
06 September, 2017
The Dubai International Financial Center, the tax-free zone, has welcomed Dubai's placement in the top-10 international financial centers globally in a recent index.
Dubai was ranked tenth in The Banker magazine's annual "International Financial Center" rankings, placing it alongside hubs such as London, New York, Hong Kong, and Singapore.
The Banker, part of the Financial Times Group, published its annual survey on leading international financial centers on September 1, 2017. The ranking focuses on the level of international business and the value offered to institutions seeking to expand their international operations. It is based on financial markets indicators, data on economic potential, and business environment factors.
Since it was founded in 2004, DIFC has grown to become the leading financial hub for the Middle East, Africa, and South Asia region. In the first six months of 2017, DIFC grew by 6.2 percent and is home now to 1,750 incorporated companies. This followed 14 percent growth over the course of 2016.
DIFC offers a number of perks to firms, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.
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