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Find out moreWe are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.
Read the full editionWatch Noff Al Khafaji’s video here.
On 31 October 2019, the Dubai International Financial Centre (“DIFC”) introduced Prescribed Company Regulations 2019 (“New Regulations”) that replace the Special Purpose Company regulations (“Old Regulations”).
The main objective of the New Regulations is to consolidate, replace and expand on the existing Special Purpose Company (“SPC”) and Intermediate Special Purpose Vehicle (“ISPV”) regimes.
The New Regulations provide a flexible, business friendly regime allowing a cost and time efficient way of doing business to Prescribed Companies in the DIFC aligned with international best practices.
A Prescribed company is a private company limited by shares that falls under the regime of Small Private Company as per Companies Law DIFC Law No 5 of 2018 (“Companies Law”).
A Small Private Company will be considered a Prescribed Company if:
Scenario 1 – Qualifying Applicant – It has been formed by:
Scenario 2 – Qualified Purpose – It forms part of:
It is subject to the New Regulations as well as Operating Law DIFC Law No. 7 of 2018, Operating Regulations, the Ultimate Beneficial Ownership Regulations and the Companies Law.
All existing SPCs and ISPVs shall automatically become a Prescribed Company upon the enactment of the New Regulations, and shall:
Our team will be delighted to assist you by:
Izabella Szadkowska
Partner, Corporate Structuring
i.szadkowska@tamimi.com
Noff Al Khafaji
Senior Associate, Corporate Structuring
n.alkhafaji@tamimi.com
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