HSBC Bank Middle East Limited Transfers HQ To DIFC
by Lorys Charalambous, Lowtax.net, Cyprus
07 July, 2016
HSBC Bank Middle East Limited (HBME) has transferred its place of incorporation and head office from Jersey to the Dubai International Financial Centre (DIFC) effective June 30, 2016, the DIFC said.
As a result of the transfer, HBME is now lead-regulated by the Dubai Financial Services Authority (DFSA). HBME remains locally regulated in each of the countries in which it operates. The relocation has no material impact on HBME's business in the Middle East and North Africa (MENA) region, the DIFC said in a statement.
David Eldon, Chairman of HSBC Bank Middle East Limited, said: "As we look to the future, aligning our business and regulatory oversight geographically makes strong strategic sense...HSBC has operated certain businesses within the DIFC since 2006, so we know the jurisdiction and regulator well, and we look forward to developing our broader relationship with them."
The DIFC, a free trade zone, 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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