Dubai, UAE – Dubai International Financial Centre (DIFC), the number eight international financial centre and leading financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced that the new DIFC Prescribed Company Regulations, will take effect today, 31 October 2019.
The Prescribed Company Regulations are issued under the Companies Law, DIFC Law No. 5 of 2019 and repeals 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.
Furthermore, Prescribed Companies have more flexible office requirements and reduced annual licensing fees of US$1,000, and a one off incorporation fee of US$100.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.
With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 24,000 professionals working across over 2,200 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
For media enquiries, please contact:
Dubai International Financial Centre Authority
Manager, Media Communications
Tel: +971 4 362 2454
© Press Release 2019