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Dubai Tax-Free Zone Seeing New Business From India

by Lorys Charalambous, Lowtax.net, Cyprus
19 May, 2017

The Dubai International Financial Centre, the leading financial hub in the United Arab Emirates, has become an increasingly popular destination for Indian banks, financial institutions, and fund managers, the zone has said.

Indian financial services businesses that have made DIFC their home include ICICI Bank, IDBI Bank, Punjab National Bank, Union Bank of India, and State Bank of India. India's largest asset manager, UTI International, has also recently set up its latest fund in DIFC.

The attractions of DIFC for Indian financial services related firms include its political and financial stability, an investor-friendly setting, strong regulation, and an English common law base. Increasing interest in DIFC is also linked to recent changes to domestic regulations in India, and the India-Mauritius tax treaty, which have led to Indian asset managers seeking alternative fund jurisdictions.

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority, said: "We are living in an era where UAE-India ties are accelerating. With 2.6 million Indian expats living in the UAE, 26,000 Indian firms, and over 40,000 UAE-based firms owned by non-resident Indians, the bond between the UAE and India is already strong."

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