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DIFC Space In High Demand

Thursday, January 24, 2013

The number of active registered companies operating within the Dubai International Financial Centre (DIFC) rose during the year to reach 912 companies at the end of December 2012, a 7% year-on-year increase, while the workforce of registered companies leapt by 16% during the year, to 14,000 persons.

Jeffrey Singer, Chief Executive Officer of the DIFC Authority remarked: "Dubai's unique proposition and geographical positioning provide unrivalled opportunities in terms of connectivity and accessibility to the thriving Middle East, Asian and African markets. The growth we have witnessed within the DIFC reflects the ongoing demand among international businesses for a presence in the region."

He added: "In spite of global economic challenges, the DIFC has delivered a robust performance across all areas of the business. Our strategy remains the same and by capitalizing on our world-class infrastructure and internationally recognized legislative and regulatory framework, we are creating a platform for global and regional companies to build fruitful and sustainable business relationships within a comprehensive financial environment.”

Notable new additions to the DIFC's business community included Bank of China Middle East (Dubai) Limited, Royal and Sun Alliance Insurance PLC, Standard Life International Limited, Abu Dhabi Capital Management, and asset manager Neuberger Berman Europe Limited. A number of companies decided to build upon their profile from the DIFC by applying to upgrade their license, including: Bank Sarasin-Alpen (Middle East) Limited, UBS AG and VTB Capital PLC.

With the DIFC now almost full to capacity many firms looked to expand upon the size of their DIFC offices. 260,000 square feet of space was occupied by new firms during the year, and 35,000 additional square feet was made available for existing firms. Just over 875,000 square feet of space was made available during the second half of 2012 to facilitate the further expansion of the DIFC.

Following the expansion seen in 2012, the DIFC is now home to 19 of the world's top 25 banks, 11 of the top 20 money managers, eight of the top 10 insurance companies, and six of the top 10 legal firms.

Launched in 2004, the DIFC has a highly attractive tax and regulatory regime, offering firms 0% income tax guaranteed for 50 years, 100% foreign ownership, no exchange controls and a legal system based on English common law.

According to the September Global Financial Centres Index, Dubai is now ranked as the top financial centre in the Middle East, Africa and South Asia, and is placed as one of the top five global centres where international firms want to open offices, alongside Singapore, Hong Kong, London and Shanghai.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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