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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
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On 31 October 2019, the Dubai International Financial Centre (“DIFC”) introduced Prescribed Company Regulations 2019 (“New Regulations”) that replace the Special Purpose Company regulations (“Old Regulations”).
The main objective of the New Regulations is to consolidate, replace and expand on the existing Special Purpose Company (“SPC”) and Intermediate Special Purpose Vehicle (“ISPV”) regimes.
The New Regulations provide a flexible, business friendly regime allowing a cost and time efficient way of doing business to Prescribed Companies in the DIFC aligned with international best practices.
A Prescribed company is a private company limited by shares that falls under the regime of Small Private Company as per Companies Law DIFC Law No 5 of 2018 (“Companies Law”).
A Small Private Company will be considered a Prescribed Company if:
Scenario 1 – Qualifying Applicant – It has been formed by:
Scenario 2 – Qualified Purpose – It forms part of:
It is subject to the New Regulations as well as Operating Law DIFC Law No. 7 of 2018, Operating Regulations, the Ultimate Beneficial Ownership Regulations and the Companies Law.
All existing SPCs and ISPVs shall automatically become a Prescribed Company upon the enactment of the New Regulations, and shall:
Our team will be delighted to assist you by:
Izabella Szadkowska
Partner, Corporate Structuring
i.szadkowska@tamimi.com
Noff Al Khafaji
Senior Associate, Corporate Structuring
n.alkhafaji@tamimi.com
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