Financial Services Authority Announces Financial Support Package

Dubai’s Financial Services Authority has announced it will be introducing a financial support package for existing and prospective entities it regulates. The aim is to allow these entities to protect their employees and support their clients during the Coronavirus outbreak in the UAE. New firms coming into the DIFC will be given more time to complete application and authorisation processes and meet the set-up requirements to start business. They will also be able to benefit from a 50% reduction in application fees for the rest of 2020 and flexibility in requirements for permanent premises. Domestic Funds will receive a waiver of Registration Fees for the rest of 2020.

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