Baku: Dubai International Financial Centre: 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.
According to Emirates News Agency, Jacques Visser, Chief Legal Officer at DIFC Authority, stated that the DIFC Authority is pleased to announce for public consultation amended Prescribed Company Regulations. The proposed changes aim to open the regime to any applicant, enhancing the scope of the regime and expanding the role of corporate service providers within the Centre.
The amendments propose to remove the remaining qualifying purpose, applicant, and nexus-based eligibility requirements in the existing legislation. This change broadens access to the regime and reflects the maturity of the DIFC's regulatory framework, aligning it with international tax transparency and reporting standards.
To support this expansion, the proposed Regulations introduce a clearly defined role for DFSA licensed CSPs. Under the proposed regime, PCs must appoint a CSP to act as their primary administrative and compliance interface with the DIFC Registrar of Companies. Exempt PCs are not required, but may choose, to appoint a CSP to act on their behalf.
The amendments also 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. Additionally, they introduce statutory duties and obligations for CSPs, along with supporting enforcement measures, reinforcing their role within the DIFC ecosystem.
Proposed amendments to the DIFC Operating Regulations are also included as part of the consultation, aiming to clarify the Registrar's powers to obtain information from Registered Persons, including financial information, and enable controlled disclosure of such information for statistical purposes.