Four new licensing categories have been introduced by Dubai International Financial Centre (DIFC) to further improve the ease of doing business in Dubai.
The new categories include those under “short-term” and “restricted” types. Retail businesses and other non-financial sector entities will be able to operate their businesses from within the DIFC cluster with flexible rates over shorter time frames under the short-term category.
This will include a registration fee of $100 (Dh367) and a license fee which ranges from $300 to US$5,100 depending on the duration.
Restricted licenses have been introduced for those firms interested in developing or testing new or innovative products and services in DIFC.
Entities obtaining this license can tap a reduced registration fee of $100 and annual license fees ranging from $1,000 to $4,000, and access to the DIFC ecosystem that includes incubator and accelerator programs.
Of the other two categories introduced, “commercial permissions” will allow both DIFC and non-DIFC entities such as event companies, retail outlets, training providers or educational services to conduct their main business activities within DIFC at special rates.
And dual licensing will allow Dubai’s Department of Economic Development licensed non-financial and non-retail firms with an affiliate in the DIFC to operate from the financial services free zone. This includes law and audit firms, consultancy firms, family businesses, holding companies and corporate service providers, who will benefit from an annual fee of $1,000.