Dubai International Financial Centre (DIFC) proposed to amend its Prescribed Company (PC) Regulations. The proposed amendments seek to significantly enhance structuring options in the DIFC, as well as further expanding the role of Corporate Service Providers (CSPs) in the Centre.

Jacques Visser, Chief Legal Officer at DIFC Authority, said, “DIFC Authority is pleased to announce for public consultation amended Prescribed Company Regulations. The proposed amendments open the regime to any applicant, significantly enhancing the scope of the regime, as well as expanding the role of corporate service providers in the Centre.”

The proposed amendments open the PC regime to any applicant, removing the remaining qualifying purpose, applicant and nexus based eligibility requirements in the existing legislation. This change significantly broadens access to the regime and reflects the maturity of the DIFC’s regulatory framework, as well as the Centre’s alignment with international tax transparency and reporting standards.

To support this expansion, the proposed Regulations introduce a strengthened and more clearly defined role for DFSA licensed CSPs. Under the proposed regime PCs are required to appoint a CSP to act as their primary administrative and compliance interface with the DIFC Registrar of Companies.

Exempt PCs are not required to, but may, appoint a CSP to act on their behalf. These amendments align the PC regime with the recently enacted Variable Capital Company Regulations, reflecting the application criteria for establishing such entities and the broader remit of CSPs.

The proposed amendments also introduce clear statutory duties and obligations for CSPs, alongside supporting enforcement measures, reinforcing their role within the DIFC ecosystem and ensuring appropriate accountability as the regime expands.

Proposed amendments to the DIFC Operating Regulations are also included as part of the Consultation, to clarify the Registrar’s existing powers to obtain information from Registered Persons, including financial information, and to enable controlled disclosure of such information for statistical purposes.