Accounting & book keeping services in Dubai

DIFC Regulatory Company
Set-up

A dedicated team of Chartered Accountants fully
invested in providing our clients with smart and
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DIFC Regulatory company set-up

DIFC – Rethink provides turn-key assistance on Regulated non-regulated business set up services in the DIFC.

Through our team of senior level compliance advisors, combined with legal and corporate service expertise of our partners, we are able to provide the highest quality advisory for Regulated set up, at a competitive cost effective rate. The key to our success and the success of a timely business set up is the compliance and business plan advisory at the start of the process. This ensures that our clients present their plans correctly to the regulatory and /or the Registrar authority from the start.
In addition, to our services during company set up Rethink is able to provide a broad range of services, including:

  • Outsourced Compliance Officer/ Money Laundering Reporting Officer
  • Risk Officer
  • Accounting and Finance Officer
  • VAT advisory and implementation
  • CRS/FATCA readiness assessment & support
  • Targeted DNFBP support regarding policies and procedures and completion of AML Return support
  • Assurance and Health Checks
  • Regulatory Change Management
  • Training
  • Compliance Human Capital services

Steps to a DIFC Regulated Set up

Applicants interested in setting up operations in DIFC are required to submit an application to DIFC’s regulatory body, the DFSA, which will consider the merits and suitability of the applicant and the category of license for which the application is made.
The category of licence will depend upon the regulated activity(ies) that the business would like to engage in.

Category 1: Accepting Deposits
Managing an unrestricted Profit sharing investment account

Category 2: Providing Credit
Dealing in Investments as Principal

Category 3A Dealing in Investments as Principal (where it does so only as a Matched Principal)
Dealing in Investments as Agent

Category 3B Providing Custody (where it does so for a Fund)
Acting as the Trustee of a Fund
Category 3C Managing Assets
Managing a Collective Investment Fund
Providing Custody (where it does so other than for a Fund)
Managing a restricted Profit sharing investment account

Category 4 Arranging Deals in Investments
Advising on Financial Products
Arranging Custody
Insurance Intermediation
Insurance Management
Operating an Alternative Trading System
Providing Fund Administration
Providing Trust Services (where it is not acting as trustee in respect of an express trust)
Arranging Credit and Advising on Credit

Category 5 is an Islamic Financial Institution and manages a Profit sharing investment account

At the initial stages of the registration process, an introductory meeting is held with the DIFC and DFSA and a Letter of Intent is filed with the DIFC. Once the DFSA has informally reviewed a draft business plan, the applicant submits their full application, including a Regulatory Business Plan. DFSA will conduct an initial review of the application documents to ensure they are in good order entering into ongoing dialogue with the applicant. An In-Principal Approval letter is issued to the applicant once the DFSA have satisfactorily conducted their due diligence. The applicant is required to incorporate the entity open a bank account and rent office space before the DFSA grant a licence to the applicant.
Why the DIFC

  • 100% foreign ownership
  • 0% corporate tax for 50 years
  • No restriction on capital repatriation
  • 0% import or re-export duties
  • 0% personal income tax
  • No currency restrictions
  • No restriction on foreign talent or employees
  • US$ denominated environment

Authorities

  • Dispute Resolution Authority (comprising DIFC Courts and Arbitration Institution)
  • Dubai Financial Services Authority
  • DIFC is unique from mainland jurisdictions in that it has a legislative system consistent with English Common law. DIFC has its own set of civil and commercial laws and regulations and has developed a complete code of law governing financial services regulation. As part of its autonomy, DIFC has created an independent judicial system. The DIFC Courts is the entity responsible for the independent administration and enforcement of justice in DIFC. The Courts have exclusive jurisdiction over all civil and commercial disputes arising within DIFC and or relating to bodies and companies registered in DIFC