Dubai International Financial Centre (DIFC) has announced the enactment of the Prescribed Company Regulations that we first mentioned back in July of this year.

The Prescribed Company Regulations are issued under the Companies Law, DIFC Law No. 5 of 2019 and replaces the former Special Purpose Company Regulations. Under the new regime, existing DIFC structures such as Intermediate Special Purpose Vehicles (ISPVs) and Special Purpose Companies (SPCs) will now be classified as Prescribed Companies. The Prescribed Company Regulations expands the previous ISPV and SPC regimes and enables the following firms to establish a Prescribed Company in the DIFC: firms regulated by Dubai Financial Services Authority (DFSA) or a recognised International Financial Services Regulator; FinTech firms; Family Offices; DFSA regulated Crowd Funding Operators; Holding and Investment Companies; as well as Aviation Companies and firms involved in structured financing. The Regulations also give Corporate Service Providers the opportunity to have a greater role in the establishment and annual reporting requirements of Prescribed Companies.

Furthermore, Prescribed Companies have more flexible office requirements, and can use the registered address of Corporate Service Providers such as Alpha Management to minimise costs, and reduced annual licensing fees. Please contact us for more details.