# Fund manager licence (Dubai International Financial Centre (DIFC))

Source page: https://protegra.io/licensing/licences/fund-manager/difc/

The Financial Services Permission for Managing a Collective Investment Fund (Category 3C) is issued by Dubai Financial Services Authority (DFSA) under DIFC Law No. 2 of 2010 (Collective Investment Law 2010). The official register lists 121 current holders. The legal decision period is No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay. The application fee is USD 10,000.

## At a glance

| Official name | Financial Services Permission for Managing a Collective Investment Fund (Category 3C) [1] |
| --- | --- |
| Also known as | DIFC Category 3C licence · DFSA fund manager licence · DIFC fund manager licence · DFSA Managing a Collective Investment Fund licence · Category 3C |
| Issued by | [Dubai Financial Services Authority](https://protegra.io/licensing/regulators/dfsa-difc/) |
| Jurisdiction | [Dubai International Financial Centre (DIFC)](https://protegra.io/licensing/jurisdictions/difc/) |
| Licence family | [Fund manager](https://protegra.io/licensing/licences/fund-manager/) |
| Legal basis | DIFC Law No. 2 of 2010 (Collective Investment Law 2010) [2] |
| Passporting | Domestic only |
| Application fee | USD 10,000 [3] |
| Annual fee | USD 10,000 [3] |
| Statutory decision time | No statutory decision period: the Regulatory Law (Art. 48) only requires the DFSA to notify the applicant of its decision without undue delay [4] |
| Public register | [official register](https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit) [5] |
| Current holders | 121 [5] |

## What it lets you do

| [Managing alternative investment funds](https://protegra.io/licensing/activities/aif-management/) | Performing portfolio management and risk management for funds that are not UCITS, such as hedge, private equity and real estate funds. |
| --- | --- |
| [Managing UCITS funds](https://protegra.io/licensing/activities/ucits-management/) | Managing undertakings for collective investment in transferable securities, the EU's retail fund format. |
| [Portfolio management](https://protegra.io/licensing/activities/portfolio-management/) | Managing client portfolios that include financial instruments on a discretionary, client-by-client basis. |

## Where it is valid

_Valid in Dubai International Financial Centre (DIFC)._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## Buying a company that already holds it

**Prior approval required.** Under Regulatory Law 2004 Article 59 and DFSA Rulebook General Module (GEN) Section 11.8, prior written approval from the DFSA is required before any person becomes a Controller, or increases their holding across 30% or 50% thresholds. A Controller is defined as someone holding 10% or more of shares or voting rights, or exercising significant influence over management. Under GEN 11.8.6, the DFSA must determine an application for approval of a change of control within 90 days of receipt of a duly completed application. [6]

## FM in other countries

| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
| --- | --- | --- | --- | --- | --- |
| [Abu Dhabi Global Market (ADGM)](https://protegra.io/licensing/licences/fund-manager/adgm/) | Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C) | FSRA |: |: |: |
| [Bermuda](https://protegra.io/licensing/licences/fund-manager/bermuda/) | Fund Administrator LicenceFund Administrator Licence (Part III, Investment Funds Act 2006) | BMA |: |: |: |
| [British Virgin Islands](https://protegra.io/licensing/licences/fund-manager/bvi/) | Fund manager licenceBVI mutual fund recognition (private/professional fund), registration (public fund) or approval (incubator/approved fund) - funds are recognised/registered/approved, not 'licensed' | BVI FSC |: |: |: |
| [Cayman Islands](https://protegra.io/licensing/licences/fund-manager/cayman-islands-mutual/) | Regulated Mutual FundRegulated Mutual Fund (registered, master, or administered fund under the Mutual Funds Act) | CIMA |: |: |: |
| [Cayman Islands](https://protegra.io/licensing/licences/fund-manager/cayman-islands-private/) | Registered Private FundRegistered Private Fund under the Private Funds Act | CIMA |: |: |: |
| [Cyprus](https://protegra.io/licensing/licences/fund-manager/cyprus-aifm/) | Alternative Investment Fund Manager (AIFM) authorisation | CySEC |: |: | ~3 mo |
| [Cyprus](https://protegra.io/licensing/licences/fund-manager/cyprus-sub-aifm/) | Sub-threshold Alternative Investment Fund Manager registration | CySEC |: |: |: |
| [Cyprus](https://protegra.io/licensing/licences/fund-manager/cyprus-ucits/) | UCITS Management Company authorisation | CySEC |: |: |: |
| [Czech Republic](https://protegra.io/licensing/licences/fund-manager/czech-republic-registered-15/) | Sub-threshold Alternative Investment Fund Manager registrationSub-threshold Alternative Investment Fund Manager registration pursuant to Section 15 of AMCIF | CNB |: | CZK 10,000 | ~1 mo |
| [Czech Republic](https://protegra.io/licensing/licences/fund-manager/czech-republic/) | Investment Company / Fund Manager licence | CNB |: | CZK 50,000 | ~6 mo |
| Dubai International Financial Centre (DIFC) | Fund manager licenceFinancial Services Permission for Managing a Collective Investment Fund (Category 3C) | DFSA |: | USD 10,000 |: |
| [Estonia](https://protegra.io/licensing/licences/fund-manager/estonia-small/) | Small fund manager registration without activity licence | FI |: |: |: |
| [Estonia](https://protegra.io/licensing/licences/fund-manager/estonia/) | Operating licence as a fund management company | FI |: | EUR 600 |: |
| [France](https://protegra.io/licensing/licences/fund-manager/france-sgp/) | Portfolio management company authorisation | AMF |: |: | ~3 mo |
| [Germany](https://protegra.io/licensing/licences/fund-manager/germany/) | Investment management company licence | BaFin |: |: |: |
| [Ireland](https://protegra.io/licensing/licences/fund-manager/ireland-aifm/) | Alternative Investment Fund Manager (AIFM) Authorisation/Registration | CBI |: |: |: |
| [Ireland](https://protegra.io/licensing/licences/fund-manager/ireland-ucits/) | UCITS Management Company Authorisation | CBI |: |: |: |
| [Luxembourg](https://protegra.io/licensing/licences/fund-manager/luxembourg-aifm/) | Alternative investment fund manager (AIFM) authorisation | CSSF |: | EUR 18,000 | ~3 mo |
| [Luxembourg](https://protegra.io/licensing/licences/fund-manager/luxembourg-ucits/) | Management company authorisedManagement company authorised under Chapter 15 of the Law of 17 December 2010 | CSSF |: | EUR 18,000 | ~6 mo |
| [Netherlands](https://protegra.io/licensing/licences/fund-manager/netherlands-aifm/) | Alternative Investment Fund Manager (AIFM) licenceAlternative Investment Fund Manager (AIFM) licence under Wft Article 2:65 and Directive 2011/61/EU | AFM |: | EUR 200 | ~6 mo |
| [Netherlands](https://protegra.io/licensing/licences/fund-manager/netherlands-ucits/) | Fund manager licenceUndertakings for Collective Investment in Transferable Securities (UCITS / ICBE) registration under Wft and Directive 2009/65/EC | AFM |: |: |: |
| [Poland](https://protegra.io/licensing/licences/fund-manager/poland-tfi/) | Investment Fund Company licence | KNF |: |: |: |
| [Poland](https://protegra.io/licensing/licences/fund-manager/poland-zasi/) | Alternative Investment Company Manager registration / licence | KNF |: |: |: |
| [Seychelles](https://protegra.io/licensing/licences/fund-manager/seychelles/) | Fund Administrator's LicenceFund Administrator's Licence (and Restricted Fund Administrator's Licence) under the Mutual Fund and Hedge Fund Act 2008 | FSA |: |: |: |
| [Spain](https://protegra.io/licensing/licences/fund-manager/spain-sgiic/) | Fund manager licence (SGIIC) | CNMV |: | EUR 10,000 |: |
| [Switzerland](https://protegra.io/licensing/licences/fund-manager/switzerland-fund-management/) | Fund management company licence | FINMA |: |: |: |
| [Switzerland](https://protegra.io/licensing/licences/fund-manager/switzerland-manager/) | Manager of collective assets licence | FINMA |: |: |: |
| [United Kingdom](https://protegra.io/licensing/licences/fund-manager/united-kingdom-aifm/) | Fund manager licenceAlternative Investment Fund Manager (AIFM) Authorisation / Registration | FCA |: |: |: |

Values come from each licence's page, where every figure has its source.

## Sources

1. [DFSA Rulebook: prudential investment insurance intermediation and banking m](https://dfsaen.thomsonreuters.com/rulebook/prudential-investment-insurance-intermediation-and-banking-module-pib-ver5307-26): retrieved 2026-09-24
2. [DFSA Rulebook: collective investment law](https://dfsaen.thomsonreuters.com/rulebook/collective-investment-law): retrieved 2026-09-24
3. [DFSA Rulebook: fees module fer ver3504 26](https://dfsaen.thomsonreuters.com/rulebook/fees-module-fer-ver3504-26): retrieved 2026-09-24
4. [DFSA Rulebook: regulatory law 1](https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1): retrieved 2026-09-24
5. [DFSA Rulebook: 25 june 2026 dfsa annual report 2025 dfsa records third cons](https://dfsaen.thomsonreuters.com/rulebook/25-june-2026-dfsa-annual-report-2025-dfsa-records-third-consecutive-year-double-digit): retrieved 2026-09-24
6. [DFSA Rulebook: general module gen ver7207 26](https://dfsaen.thomsonreuters.com/rulebook/general-module-gen-ver7207-26): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.