DIFC Foundation
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What is DIFC?
The Dubai International Financial Centre (DIFC) is a leading financial hub in UAE and the whole Middle East region. It was established in 2004 and is regulated by the Dubai Financial Services Authority (DFSA). Today DIFC counts over 4000 active registered companies.
The DIFC Foundation regime was introduced in 2018 (DIFC Law No. 3) as a wealth structuring vehicle. It offers companies or investors the possibility to protect their business, properties, and assets.
With a DIFC Foundation you will benefit from:
- 100% foreign ownership
- 0% corporate, income or wealth tax
- The possibility to own property in Dubai
- Private wealth management and asset protection
- A solid governance structure and transparent regulations
What are the key differences between ADGM and DIFC?
Both DIFC and ADGM are onshore financial hubs with world-class infrastructure, a flawless reputation and a wide range of business and investment opportunities, but there are also some key differences between the two Foundation regimes, especially when it comes to legislation:
- The laws of ADGM directly incorporate common law, whereas the laws of the DIFC do not directly incorporate common law and therefore do not follow precedents set by the English courts
- The DIFC has been existing for 19 years and therefore has proven itself to be a tried and tested jurisdiction and is recognized across the world as a leading financial hub, whereas the ADGM is way younger and just becoming popular
- In terms of cost-efficiency it may seem that there is no big difference between ADGM and the DIFC at first sight, but based on your requirements and business activities the cost of setting up a fund in either of those hubs may vary a lot
How to setup a DIFC foundation?
There are 4 main parties to a DIFC Foundation:
- Founder - there must be at least one founder
- Council - the council is formed by the founder and must have at least 2 members
- Beneficiaries - can be an individual, group or entity and is appointed by the founder
- Guardian - the guardian ensures that the council meets all requirements and acts in the best interests of the beneficiaries
The process of setting up a foundation is quick and easy, you will need to submit an application to the local authority, prepare drafts for the founding documents and name individuals as the four key roles named above. Once all required information and documentation is submitted to the Registrar it will take approximately 5 days to set up your foundation.
If you are looking to setup a DIFC foundation we will be happy to assist as your registered agent! Contact us now to schedule a consultation!
You may also want to consider:
- How to start/relocate your business to Dubai?
- How to setup a corporate/personal account?
- How to sponsor yourself and your family to Dubai?
- How to buy/rent property in the UAE without being scammed?
- How to benefit from tax exemption?
- How to register for VAT/corporate tax?
- How NOT to spend a fortune on all of the above?
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