Photo Credit : WAM
The Dubai International Financial Centre (DIFC) has announced a public consultation on proposed amendments to its Prescribed Company (PC) Regulations, aiming to expand structuring options and strengthen the role of Corporate Service Providers (CSPs) within the financial centre.
According to Jacques Visser, Chief Legal Officer at DIFC Authority, the proposed changes are designed to open the PC regime to a wider pool of applicants while enhancing the operational scope of CSPs across the centre.
The amendments remove existing eligibility restrictions related to qualifying purpose, applicant type, and nexus requirements, effectively allowing any applicant to establish a Prescribed Company within DIFC. This move is expected to significantly broaden access to the regime and reflects the centre’s alignment with global standards on tax transparency and regulatory compliance.
To support the expanded framework, the proposal introduces a more defined and strengthened role for CSPs licensed by the Dubai Financial Services Authority. Under the new structure, Prescribed Companies will be required to appoint a CSP as their primary administrative and compliance liaison with the DIFC Registrar of Companies.
While exempt Prescribed Companies will not be mandated to appoint a CSP, they will retain the option to do so. The updated framework also aligns with the recently introduced Variable Capital Company Regulations, ensuring consistency in entity formation criteria and governance standards.
In addition, the proposed changes outline clear statutory duties and accountability measures for CSPs, reinforcing their role within the DIFC ecosystem and ensuring effective oversight as the regime expands.
The consultation also includes amendments to DIFC Operating Regulations, aimed at clarifying the Registrar’s authority to request information from registered entities, including financial data, and enabling controlled disclosure for statistical purposes.
