The Dubai International Financial Centre (DIFC) was set up in 2004 as a financial freezone with a view to promote Dubai as a global financial hub.

The DIFC is an independent jurisdiction in the UAE with its own civil and commercial legal framework, inclusive of financial services regulation, and a courts system modelled closely on international standards and principles of common law.

Over 850 firms have registered at the DIFC including leading banks, asset management companies, insurance companies, law services and consulting companies have set up offices in the DIFC.

Given that most entities being set up in the DIFC are branches of multinational financial institutions or international advisory firms, the initial funding for such entities is usually provided by the parent firms.

As part of the UAE's vision to promote entrepreneurs in the technology space, the DIFC has launched the Fintech Fund and the Fintech Hive aimed at attracting international and local talent in the tech space.

This Practice Note will outline the key avenues through which a DIFC company may be financed, such as by way of:

• self-financing;

• finance from banks and financial institutions;

• initial public offerings in the UAE;