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28 March 2024

DIFC Authority abolishes, cuts fees

The fee cut came into effect from September 5, 2010, says DIFC statement (AP)

Published
By Waheed Abbas

Dubai International Financial Centre (DIFC) Authority has abolished or slashes Registrars of Companies (RoC) fees in order to attract new investments and reduce the cost of doing business followings its review in the first quarter this year.

In a statement on website, it announced elimination of fees in 61 categories and reduction in 10 categories but slightly raised fees in 12 categories. It left fees for 46 categories unchanged.

The changes made by DIFC Authority came into effect from September 5, 2010.

In addition there were also amendments to DIFC Limited Liability Partnership Regulations, General and Limited Partnership Regulations and Special Purpose Company Regulations.

The changes to its Registrar of Companies (ROC) fees cover retail and non-retail companies and are part of financial centre’s campaign to make it an attractive place for the regional and international companies to set up their offices.

During the first six months of 2010, the number of companies registered in the DIFC remained constant despite the economic downturn, according to a statement issued recently. DIFC has 745 registered companies of which 297 are regulated and 374 are non-regulated, it said. The centre also has 74 retailers.

Abdulla Al Awar, CEO of the DIFC Authority said: “This review process is part of our wider initiative to reduce the cost of doing business in the DIFC. We are committed to working closely with our clients in order to help them achieve their business goals. These proposals are designed to help our clients grow their businesses by making the DIFC a more competitive business hub.”

The changes followed a review conducted in the first quarter of 2010 in relation to the fees imposed by the Centre’s ROC. The review’s aim is to make the DIFC a more attractive and cost effective centre for companies establishing and maintaining a presence in the region.

DIFC is facing stiff competition from neighbouring regional financial centres in Bahrain and Qatar. But Dubai continues to stay as the regional financial centre, according to a recent survey.

A Z/Yen Group’s global survey of 1,800 financial professional revealed that Dubai remained regional financial centre and the emirate is expected to emerge even more important player in the coming years. The emirate was also termed global specialist in asset management along with Geneva and Shanghai.