DIFC Announces Enactment of updated Prescribed Company Regulations Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, is enacting amendments to the Prescribed Company Regulations. The amended regulations significantly expand and simplify the current Prescribed Company (“PC”) regime in DIFC. Prescribed Company Regulations The Prescribed Company Regulations were enacted in 2019 and were further updated in 2020 and 2022. In both cases to expand the regime to a wider base of applicants. Despite these amendments, DIFC has been met with continued demand to further expand the regime. DIFC has sought to balance the objective of operating as a jurisdiction of substance against demand for access to special purpose style vehicles used for legitimate structuring purposes and transactions. With the introduction of UAE Corporate Tax, concerns around substance requirements are reduced and DIFC is of the view that further expansion of the PC regime is now appropriate. Key Changes to the Regime Under the existing regime, establishing a PC is limited to Qualifying Applicants (for the most part those that can establish an existing nexus to DIFC and certain other low risk applicants), or otherwise where the PC is carrying out a Qualifying Purpose (such as a Structured Financing). Under the proposed regulations, it will be possible to establish a Prescribed Company in the following scenarios.... https://bit.ly/3XYtiUq DIFC #Dubai #Business #UAE #GCC #MiddleEast
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Dubai International Financial Centre (#DIFC) has proposed to enact amendments to the Prescribed Company Regulations. The proposed regulations seek to significantly expand and simplify the current Prescribed Company (“PC”) regime in the DIFC. #TheFinancial #UAE
