The Dubai International Financial Centre has reached an agreement with Dubai’s economic department to allow companies in the free zone to obtain licences to operate onshore in the emirate.
Under the terms of the agreement signed with the Department of Economic Development (Dubai Economy), non-regulated companies in the DIFC will be able to operate as mainland businesses within the emirate under a licence issued by Dubai Economy.
The memorandum of understanding signed between the two entities will involve the creation of a central data repository between the two parties, with the intention of improving visibility and transparency of commercial activity within the DIFC.
“The new licence agreement and increased level of governance, transparency and compliance from this MoU will directly benefit businesses in DIFC and contribute to the economic growth of Dubai, the UAE and wider region,” said DIFC governor Essa Kazim.
Joint inspections conducted by the two parties will also ensure better compliance, prevent fraud and increase consumer protection, the DIFC said in a statement on Monday.
“The MoU will enrich the economic diversity and services available in Dubai, and also complement our efforts to improve transparency and compliance in the business sector,” said Dubai Economy’s director general Sami Al Qamzi.
The number of entities registered at the Dubai International Financial Centre rose by about 13 per cent to 1,648, the freezone announced on Sunday.
Occupancy was 98 per cent in 2016, which has encouraged its owner DIFC Investments to add more commercial space including the Gate Avenue and The Exchange.
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