On July 15th, 2024, Dubai International Financial Centre (DIFC) introduced a significant amendment to its Prescribed Company (PC) Regulations, making the regime more accessible and straightforward. These changes enhance the use of Prescribed Companies as pure holding vehicles rather than operational entities, attracting global attention and increasing demand among those seeking to structure their wealth. This amendment allows businesses to simplify their structures, protect their assets, and significantly reduce costs, making DIFC an even more attractive hub for efficient wealth management and asset protection. 

Setting up a PC in the DIFC also opens doors to a thriving business environment, offering benefits such as tax incentives, a world-class legal framework, and a well-regulated financial ecosystem. As businesses increasingly prioritize transparency and compliance, the DIFC PC’s structured setup process provides a smooth pathway for companies to establish a presence swiftly and effectively. 

For entrepreneurs aiming to capitalize on the opportunities in the DIFC, the journey starts with a well-defined application process for PCs in the DIFC. The process spans from initial profile creation to final approvals, designed to be efficient and responsive, enabling companies to get up and run with minimal delay.  

Quick Approvals: How the Application Process for PCs in the DIFC Speeds Up Your Setup 

A notable advantage of setting up a PC in the DIFC is the speed of the approval process. In-Principle Approval can be secured within three business days from the submission of your application, making it one of the fastest initial approval processes in the region. Following this, setting up the legal structure of your Prescribed Company with the DIFC Registrar of Companies typically takes an additional 3-5 working days.              

Step-by-Step Guide to Setting Up a Prescribed Company in the DIFC 

Establishing a PC involves several key stages, starting from the initial application in the DIFC portal to the final setup. Here’s a breakdown of the major steps for application process for PCs in the DIFC: 

1. User Profile Creation 
   The first step is creating a user profile in the DIFC portal. This requires the applicant to submit a certified copy of their passport or complete an online verification process through the portal. 
2. Submission for Initial Approval 
   Once the user profile is set up, the next step is to submit the Initial Approval application via the portal. The applicant must specify whether the PC will appoint a Corporate Service Provider (CSP) and if the registered address will be shared with the CSP. 
3. Entity Registration 
   After receiving the Initial Approval, the applicant can proceed with registering the entity through the DIFC portal. This step formalizes the legal structure of the company. 
4. Document Submission 
   The following documents are required for the application:
5. CSP Appointment Evidence: If a CSP is appointed, the applicant must upload a letter of consent or evidence of appointment from the CSP. 
6. Office Space Consent: If the PC will share office space with an affiliated entity, a letter of consent from the leaseholder or property owner is needed. 

 Before you leave: Here are key final steps in the Application Process for PCs in the DIFC 

To complete the process smoothly, follow these additional steps: 

1. Document Collation 
   Gather detailed Know Your Customer (KYC) information for the shareholders and directors of the PC, including identification and background documentation.
2. Finalization of Registered Address 
   Decide on your registered office address, which can be either a physical address within the DIFC or an address provided by the appointed CSP.
3. Initial Submission to the Registrar 
   Submit the initial application package to the DIFC Registrar of Companies, ensuring all required information is accurate and complete.
4. Review and Clarification 
   Be prepared for the DIFC to review the submitted documents and request any necessary clarifications or additional information as a part of the application process for PCs in the DIFC. 
5. Preparation of Legal Documents 
   Prepare the legal documents required for the setup, including resolutions, articles of incorporation, and other statutory documentation.
6. Final Approvals 
   Once all documentation is in order and any additional requirements are met, the DIFC will grant final approval, officially establishing the Prescribed Company. 

Establishing a Prescribed Company (PC) in the DIFC is a strategic move that grants businesses access to a thriving financial centre with numerous benefits, including tax incentives and a well-regulated legal environment. The structured and streamlined application process for PCs in the DIFC enables companies to obtain approvals and complete the setup in a matter of days, minimizing delays and facilitating a swift entry into the market. 

How MS Can Simplify the Application Process for PCs in the DIFC 

As a trusted CSP, MS offers comprehensive support throughout the entire application process for PCs in the DIFC. Our services include assisting with regulatory compliance, document preparation, and submission to ensure that all legal and procedural requirements are efficiently met. We manage all communication with the DIFC and provide ongoing administrative support, allowing companies to navigate the process seamlessly. MS’s expertise helps companies address potential challenges and ensures smooth and compliant establishment in the DIFC, positioning businesses to take full advantage of the Centre’s benefits.