Dubai International Financial Centre (DIFC), the number eight international financial centre and leading financial hub in the Middle East, Africa and South Asia (MEASA) region, has announced that the new DIFC Prescribed Company Regulations, will take effect today, 31 October 2019. 

The Prescribed Company Regulations are issued under the Companies Law, DIFC Law No. 5 of 2019 and repeals and replaces the former Special Purpose Company Regulations. Under the new regime, existing DIFC structures such as Intermediate Special Purpose Vehicles (ISPVs) and Special Purpose Companies (SPCs) will now be classified as Prescribed Companies.

Furthermore, Prescribed Companies have more flexible office requirements and reduced annual licensing fees of US$1,000, and a one off incorporation fee of US$100.