Press Release (ePRNews.com) - DIFC, UAE - May 08, 2017 - The Dubai International Financial Centre has invited businesses to take part in a series of knowledge briefing sessions on DIFC’s Special Purpose Companies (SPC). An SPC is a company that is limited by shares and incorporated within the DIFC and its regulations. It is explicitly designed to be used in structured financial transactions.
There are several benefits to being incorporated in the DIFC. A few advantages of SPCs include:
§ No restrictions on foreign ownership – Investment Law 50:40 is not applicable, 100 percent foreign ownership is permitted
§ No tax – Will not be subject to tax for at least 50 years from 2004, which can be renewed
§ Limited liability
§ Not required to hold annual shareholder meetings
§ Can file an application for incorporation via any means
§ Not required to maintain, audit or file its accounts
§ No need to lease an office space
§ Access DIFC’s regulatory and legal system
§ Does not require a commercial license
§ DIFC Infrastructure
The cost for incorporation of a Special Purpose Company will be USD 1,000 and an additional USD 200 to reserve a name.
SPC Regulations were passed in 2008, and there are now ten Special Purpose Companies that have been incorporated to date. The Government of Dubai is one of the highest profile entities to incorporate an SPC on March 2011 under the name of Salik One SPC Limited.
The briefing session will address the most frequently asked questions related to SPCs, including the legal procedure surrounding them, exempt activities, and instances of how they are being used in the region.
The SPC possesses several appealing features that give it the ability to grow and become a common alternative to established SPV domiciles.
To know more about DIFC SPC, visit our website: