Page 430 - Sustainable Cities and Communities Design Handbook
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400 Sustainable Cities and Communities Design Handbook
l wealth management,
l reinsurance and captives,
l Islamic finance,
l ancillary services.
Benefits of establishing an institution in DIFC include:
l 100% foreign ownership,
l 0% tax rate on income and profits,
l modern office accommodation and sophisticated infrastructure,
l double taxation treaties available to the UAE incorporated entities,
l no restriction on foreign exchange,
l world class English language court system based on the common law,
l freedom to repatriate capital and profits (no restrictions),
l high-standard laws, rules, and regulations,
l high-standard operational support.
DIFC offers a wide range of investment opportunities, such as:
l mutual funds,
l exchange traded funds,
l open- and closed-ended investment companies,
l index funds,
l hedge funds,
l consultant wrap accounts,
l Islamic compliant funds.
Moreover, DIFC supports the operational needs of financial institutions and
provides an ideal environment and a highly skilled work force to asset man-
agement firms and private banks. These services include accounting and legal
practices, actuaries, management consultants, recruitment firms, and market
information providers, among others.
There is an independent regulator, the Dubai Financial Services Authority
(DFSA) supervising DIFC and the independent status of the center is further
enhanced by the DIFC Courts providing the highest international standards of
legal procedure.
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The DFSA’s primary functions include :
l policy development,
l enforcement of legislation and authorization,
l supervision of DIFC licensees.
It manages companies offering asset management, banking, securities
trading, Islamic finance, and reinsurance and it regulates the Nasdaq Dubai
exchange.
73. www.dfsa.ae.