The Dubai International Financial Centre (DIFC) has issued a consultation paper proposing to amend its prescribed company regulations. The proposed amendments will enhance the regulatory framework within the DIFC and provide further structuring options for businesses operating in or from the centre.
The key amendments include consolidating and expanding the definition of Qualifying Applicant; consolidating and expanding the definition of Qualifying Purpose; disapplying certain provisions of the Companies Law, DIFC Law No. 5 of 2018 in respect of private companies for Prescribed Companies whose Qualifying Purpose is a Structured Financing or a Crowdfunding Structure; amid other changes.
The proposed regulations have been posted for a 30-day public consultation period with the deadline for providing comments ending on May 4, 2022.
The DIFC is the leading financial hub for the Middle East, Africa and South Asia region, which comprises 72 countries with an approximate population of three billion and an estimated GDP of $7.7 trillion.
The centre is home to almost 28,000 professionals working across over 3,200 active registered companies.
