Start an Insurance Business in the DIFC

Have you ever dreamt of investing, setting up or relocating to the UAE at a business hub within a rapidly growing market with significant commercial activity? Then you might want to look into the possibilities offered by the Dubai International Financial Centre (DIFC) for businesses in the financial, banking, insurance, brokerage and related sectors. Many international firms have already set up their operations at DIFC, an area with a separate jurisdiction within the emirate, serving a significantly growing market for new insurers other than being home to many banks, insurance, financial and legal services firms, with its own courts and arbitration center.

“Currently, DIFC’s client base comprises 1,113 active registered firms, including 21 of the world’s top 25 banks, seven of the top ten insurers, seven of the top 10 law firms, 11 of the world’s top 20 money managers. Around 16,560 employees operate in an open environment complemented by international legal and regulatory standards,” tells gulftalent.com.

This free zone is of particular interest thanks to the recent insurance market growth in the UAE. This purposely-built financial free zone offers suitable commercial office space on flexible lease terms to reach into and out of the emerging markets of the Middle East, Africa and South Asia regions. What serves as a gateway avenue also provides an ideal base from which small companies can operate. As mentioned on its website (difc.ae), “DIFC’s leased spaces have advanced facilities, safety and security systems, connectivity and integrated data solutions.”

Setting up a business in the DIFC Free Zone has its own physical, legal and regulatory infrastructure and a tax-friendly regime. Serviced office spaces with modern furniture and fittings suit any specific business needs on a freehold ownership basis under the DIFC Authority (DIFCA) who regulates and oversees the operations, development and administration of this Free Zone.

DIFCA is responsible for business development and legislation while DIFC manages real estate and land (property ownership) for long/short term leases as a branch office or established company when a commercial license is issued. Once approved by The Free Zone Authority, one can get started operating their UAE Company through the opening of a branch in accordance with the DIFC Laws and Regulations.

Free Zone Company Formation in UAE is an extremely advantageous investment thanks to 0% tax rate (on sales, wealth or capital); FULL 100% beneficial owner, and more.

Great opportunities are also granted by the Fujairah Creative Zone. This FTZ is geared towards the creative industry and businesses like media and advertising, consultancy, design, IT, e-commerce and broadcasting. Advantages of this FTZ include the fact that companies are not required to have a physical space and don’t need to submit annual book-keeping. Setting up a corporate bank account is also easier.

Start today by talking to the experts to gather as much information as possible in running your own business in UAE.

Start an Insurance Business in the DIFC

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