Dubai Financial Hub Regulator Proposes Relief Measures for Firms

(Bloomberg) -- The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial center, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.

For new firms:

• Additional time for completing application and authorization processes
• 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises
• Waiver of registration fees for the remainder of 2020 in the case of domestic funds

For existing firms:

• Time extension for filing a number of returns and reports, including both IRAP and ICAAP returns, the controllers report and the annual report of the Shariah Supervisory Board
• Additional time for submitting annual accounts and financial statement auditors report, with the exception of reporting entities
• Flexibility in meeting authorized individual obligations, including extending the amount of time that temporary cover can be in place
• A waiver of fees for applications relating to authorized individuals and flexibility in considering the workload that may be carried by those offering outsourced compliance services
• Temporary relief from capital requirements for those firms which do not hold or control client assets or hold insurance monies
• A waiver of DFSA fees for applications for waivers and modifications for the remainder of 2020 and a waiver of all automated late return fees for the remainder of 2020
• A waiver of the listing fees for new SME issuers in the DIFC for the remainder of 2020

Read: Dubai Weighs Bond and Emirates Mulls Loans as Virus Hits Economy

The tax-free DIFC business park is home to the regional offices of banks including Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.

©2020 Bloomberg L.P.