Dubai International Financial Centre (DIFC) has expanded the applicant criteria of its Prescribed Company regime to attract more companies that are seeking to establish offices within its structures.
The expansion includes all non-retail companies and their shareholders, Ultimate Beneficiary Owners (UBOs), affiliates and prominent family businesses in the UAE.
Prescribed Companies are entitled to benefits such as flexible office options and choosing between a co-working space or sharing offices with a Corporate Service Provider or a DIFC registered affiliate.
These companies can also benefit from reductions in annual license fees, incorporation fees and compliance obligations that exempts them from auditing or filing accounts with the DIFC Registrar of Companies.
In addition to hiring staff, Prescribed Companies are also eligible to issue visas.
Salmaan Jaffery, Chief Business Development Officer of DIFC Authority, said: “Since the introduction of the Prescribed Company regime during the last quarter of last year, more than 200 prescribed companies have been established at the Centre. By expanding the existing regime, we are offering more businesses the opportunity to manage their company structures cost effectively whilst aligning to world-class standards.”
The successful regime continues to be used by companies for crowd funding, structured financing, managing assets and aviation financing.