Article: 3486

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Company setup in DIFC, Dubai

State dutyloading

Terms days

This company can engage in providing the services of subscribing and connecting to international information networking as well as specialized information banks and exchange of electronic mail which includes operating systems and applications such as electronic mail and the exchange of data electronically by using communication networks as well as their local and international lines. The activity can include facilitating subscription procedures against fees or specified amount.

About the company's activities

Types of activities

The following business activity has been selected for the DIFC company setup:

Public Networking Services. Includes firms specialized in providing the services of subscribing & Connecting to international information networking as well as specialized information banks and exchange of electronic mail which includes operating systems and applications such as electronic mail and the exchange of data electronically by using communication networks as well as their local and international lines. The role of those is limited to facilitating subscription procedures against fees or specified amount.

DIFC does not impose limits on the maximum number of business activities from one industry group and their combinations under the same license without additional fees. DIFC may request a justification for how these business activities are interconnected.

Additional External Regulator Approvals

No additional approvals are required to register a company conducting this business activity.

Share Capital Requirements

There is no minimum share capital requirement for DIFC companies.

Company name requirments

Must not violate the country laws or contain words that are obscene, indecent or generally offensive
Must not contain the names of Allah, Buddha or God, or any other religious terminology
Must not infringe any third party's intellectual property rights
Must not be identical or similar to local/global brands or registered trademarks
Must not contain geographical names, such as the names of emirates, cities, countries and other landmarks
Must not contain the names of local/international religious, political or governmental organizations
May contain words indicating the provision of medical, legal, educational or other regulated professional services, subject to appropriate permission from regulatory authorities
Must correspond to the company’s business activities

Bank Account

Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.

When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.

Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.

About Jurisdiction

Name and Description

Title: Dubai International Financial Centre
Description:
DIFC (Dubai International Financial Centre) is a free economic zone (free zone) established in 2004 in the Emirate of Dubai, UAE. DIFC is one of the largest financial hubs in the Middle East, Africa, and South Asia (MEASA) region, attracting leading financial institutions, law firms, technology companies, and consulting organizations from around the world.

DIFC offers a unique business ecosystem for banks, insurance companies, investment funds, as well as innovative startups in FinTech, InsurTech, RegTech, and Islamic FinTech. The free zone combines a cutting-edge legal infrastructure based on English common law, an independent judicial system, and strict international regulatory standards, providing companies with reliable legal protection and favorable conditions for scaling and growth. Companies registered in DIFC are permitted to conduct business within the free zone and beyond the UAE.

DIFC issues the following types of business licenses:
- Financial services (banking, insurance, investments)
- Professional services unrelated to financial activities
- FinTech and innovation
- Retail and leisure
With its international status, advanced technologies, and support for innovation, DIFC offers ideal conditions for companies seeking to scale and expand into global markets.

Tax regime and income management

The UAE has several taxes and fees that regulate the financial activities of both legal entities and individuals. Below are the main ones.
1. Value Added Tax (VAT)
  - Since January 1, 2018, the UAE has implemented a VAT rate of 5%, which applies to most goods and services and is charged to companies operating within the country, except for those registered in designated zones.
  - A Designated Zone is a territory within a free zone that is treated as outside the UAE for tax purposes, allowing goods to be exempt from taxation, provided certain criteria are met. The main taxation rules in Designated Zones are as follows:
  - For local companies and those registered in Non-Designated Zones (free zones not included in the Designated Zones list), the standard tax rules set forth in the Federal Decree-Law on VAT apply.
2. Corporate Tax
  - As of June 1, 2023, the UAE has introduced a corporate tax at a rate of 9%, levied on the taxable net profit of companies with income exceeding AED 375,000.
  - A 0% rate is applied to taxable income not exceeding AED 375,000.
  - Charitable, non-profit organizations and medical institutions are fully exempt from corporate tax.
3. Excise Tax
  - Since October 1, 2017, the UAE has introduced an excise tax aimed at reducing the consumption of harmful products and funding healthcare initiatives. The tax applies to alcohol, tobacco products, and beverages containing added sugar, including energy drinks and carbonated beverages.Excise tax rates vary depending on the product category:
  - Companies dealing with excise goods must register with the Federal Tax Authority (FTA), submit monthly declarations, and maintain records. Excise tax is paid upon the import, production, or release of goods for consumption in the UAE.
4. Customs Duties
  - Custom duties in the UAE are applied to most imported goods at a standard rate of 5% of the cost, insurance, and freight (CIF). Exceptions include certain categories of goods, such as medicines and food products, which may be exempt from duties or subject to a reduced rate.
  - Goods imported into UAE free zones are generally not subject to customs duties as long as they remain within these zones. However, when such goods are transferred to the UAE mainland, standard duties apply.
5. Personal Income Tax
  - In the UAE, personal income is not subject to taxation.
  - UAE citizens and residents are exempt from paying taxes on their personal income, including salaries, interest, dividends, inheritances, gifts, luxury goods, and capital gains.
6. Local Taxes and Fees
  - Individual emirates may impose specific local taxes and fees in line with their economic and social needs. These taxes and fees are aimed at supporting public services and implementing infrastructure projects.

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