Dubai International Financial Center, commonly known as DIFC, is the top global financial center in the Middle East, Africa, and South Asia (MEASA) locale. It is home to the biggest, most created budgetary innovation ecosystem in the area, and denotes a great achievement today having enrolled more than 100 FinTech firms in the Center. DIFC was established in 2002 and started operations since 2004, the DIFC has been dedicated to financial entities, having reached a milestone by 2019 by signing up more than 100 + business entities. This growth shows the gravity and scope of the Fintech firm’s business activities in the region. Continuous efforts have been made by the Government through the evolving regulatory environment and the quality of the collaborations that are taking place in a region that goes beyond geographical boundaries. Similar initiatives will be put into effect when it comes to subsidized licensing choices to expedite the process for international investors.
The figures mirror a three-fold development in enrolled FinTech firms since the finish of 2018 as driving global and local FinTech firms to pick the DIFC as their favored purview from which to scale their business in the district. The significant rise in the number of registered FinTech firms establishing a presence at the Center highlights the sustained efforts to transform the region’s financial technology ecosystem and drive sustainable economic growth.
FinTech firms as of late pulled in by the DIFC length an assortment of geological business sectors and advances. In addition, regulated FinTech firms offered by the Dubai Financial Services Authority (DFSA) to receive an Innovation Testing License (ITL) demonstrating the Centre’s flexible yet robust controlling agenda. The Center has already seen a marked increase in the number of firms making up its dynamic FinTech ecosystem, which over the past six months has more than doubled in size from more than 80 to 200 firms.
The Center has also witnessed a significant increase in the number of FinTechs wishing to participate in the dedicated accelerator programs of the DIFC, which has become a first step towards testing the market segment for many global start-ups. Subsidized licensing options and connect directly to a dedicated $100 million FinTech Fund managed by Middle East Venture Partners (MEVP) and Wamda Capital has consistently proven both viable and alluring to FinTech start-ups in the Centre.
Expansion of FinTech Enterprises
As previously mentioned, technology has permeated all possible domains, and finance is one of the core domains where technology has left an intense mark. Financial technology has eased the world’s lifestyle. Banking and financial services can now be controlled with a push of a button, backed up by core coding in the back – end. The main domains where tech has played a significant role in the finance sector are:
Access to the Market for Corporate Environment
It has provided the finance sector with Cost Advantages, Labour Availability and know-how, Degree of Clustering and Integration, and Infrastructure Quality and Access. This point plays a major role in the feasibility of this particular sector.
Government Regulatory Support
This includes policy setting, land ownership and development, taxes and work permits, and ease of doing business. Since the government regulations fully support your business, you can easily and smoothly run it.
Access to Capital
FinTech companies are also provided with government funding, PE/VC funding, incubators and accelerators, and bank funding. Which provides them with the feasibility to run a successful business.
Financial Expertise
Funding strategies, deals structuring, due diligence, know your customer and regulatory requirements, etc. are essential to developing for an enterprise. All of these can help you build a successful company and fruitful outcomes.
Activities Related to Finance in DIFC
Some of the activities that occur in DIFC are listed below:
- Insurance
- Reinsurance
- Brokerage and Capital Market
- Retailers
- Corporate Offices
- Wealth and Asset Management
- Professional Service Providers
So, if you deal with any of the business aspects mentioned above, you can definitely carry out your business activities in the field of DIFC. Now, before you go ahead and simply continue, you need to fully comprehend that every country in the world has a set of rules and regulations for commercial enterprises that need to abide by them. In order to meet the needs of the company’s incorporation in the UAE, it is recommended to seek the help of business consultants who can guide you throughout the process. Now, you’ve got to ask why the professionals? Well, let’s figure out the answer to that.
Why Choose Riz and Mona Consultancy to Set up a Company in DIFC?
As far as the incorporation process is concerned, most business owners and investors would want to go ahead with experienced professionals on the basis of the following beneficial effects.
- Free from Error: It says, “Practice makes a man perfect.” Well, that saying goes well when it comes to dealing with business professionals. As previously stated, having a guide on your side will make your task easier. When you deal with a firm that is competent to set up a business in DIFC, you will experience fewer issues during the incorporation of the company. Since Riz and Mona Consultancy has quite an experience in their field, the chances of any sort of error are very minimal.
- Knowledge and Experience: Experience plays a crucial role in the corporate world. Even before making a hiring decision for a specific job, the management is looking at the experience of the candidate. If there are two candidates, one with experience, and the other not, there is a high probability that an experienced candidate will be selected. The main reason is that the management has a feeling of empowerment that an experienced candidate will be capable of dealing with the company’s tasks in a smarter manner.
- Dealing with Complications: Legal proceedings require multiple levels to be cleared. For example, certification of incorporation must be obtained, the registry of the company must be managed to complete at the registry office, etc. These tasks involve the demand for in-depth knowledge, and thus trying to deal with an experienced professional proves to be financially viable.
