How Long Does It Take To Set Up A DIFC Free Zone Company?
Planning a business in the DIFC Free Zone offers numerous advantages, such as a world-class infrastructure, easy access to global markets, and tax benefits. For entrepreneurs and businesses interested in establishing a presence in Dubai, the process of DIFC free zone company setup is relatively straightforward, but the timeline can vary depending on several factors.
Initial preparations:
The initial stage of setting up a DIFC Free Zone company typically involves choosing the appropriate company structure and preparing the necessary documentation. The DIFC offers several types of business entities, including limited liability companies (LLCs), branches of foreign companies, and representative offices. The decision on the company structure will affect the setup time. Entrepreneurs must also submit documents such as passport copies, business plans, and proof of financial standing. This preparation stage can take anywhere from a few days to a week, depending on how quickly the required documents are gathered.
Application submission and approval:
Once the necessary documents are ready, the next step is to submit the application to the DIFC authorities for approval. The DIFC’s regulatory body, the Dubai Financial Services Authority (DFSA), reviews the application to ensure that the business meets the free zone’s standards and complies with local regulations. In most cases, the review process takes about 5 to 7 business days. However, this can be extended if the application requires additional documentation or if there are concerns that need to be addressed.
Issuance of license and registration:
After the application is approved, the DIFC Free Zone will issue the business license. This is an important step in the company setup process, as it allows the business to legally operate in the free zone. The license issuance typically takes additional 5 to 10 business days. Once the license is granted, the company is officially registered, and the owner can proceed with opening a bank account and securing visas for employees.
Visa and office space arrangements:
While the company is being set up, entrepreneurs can simultaneously apply for the necessary employee visas and arrange for office space. The DIFC offers a variety of office solutions, including serviced offices and flexible workspaces. The time required for obtaining visas can vary based on the number of employees and the type of visas needed. It generally takes 5 to 10 business days for visa processing.