Setting up a business in Dubai International Financial Centre (DIFC) is ideal for investors ready to scale their business globally with a robust regulatory environment. Among the available options, PC (Prescribed company) formation in DIFC is emerging as a popular choice due to its low cost and high adaptability. A Prescribed Company might be the best fit whether your aim is to manage investment portfolios, facilitate finance transactions, or hold diverse assets.
This blog will walk you through the process and provide details on the necessary steps to set up a DIFC Prescribed Company so you can confidently take the next step.
What Is a Prescribed Company?
A DIFC Prescribed Company is an entity that is specially structured for specific business requirements, which can include holding assets, being a holding company, or acting as a manager for structured finance. It’s a cost-effective scheme compared to the establishment of an operational company within the DIFC. Thus, serving businesses with a great opportunity to work in this region.
Why Choose PC (Prescribed company) Formation in DIFC?
- Cost Effective: With fees as low as a $100 one-time application fee and an annual commercial license fee of $1,000, it is undoubtedly a budget-friendly option.
- Less Red-tapism: Due to reduced levels of compliance, a significant administrative burden is mitigated, and Prescribed Companies face reduced operational overheads.
- Asset Protection: It is very easy to manage valuable assets such as intellectual property or investments due to the great legal protection offered by companies in DIFC Prescribed.
Who is Eligible to Open a PC (Prescribed company) Formation in DIFC?
To open a PC (Prescribed company) formation in DIFC, you must meet the following conditions:
- Ownership or Control:The company must be controlled by:
- Citizens or companies of the GCC
- Approved businesses or other permissible participants in the DIFC.
- Individuals or legal entities serving as corporate service providers (CSPs).
- Purpose:The company is expected to operate with an aim that qualifies, such as holding assets like real estate, shares, aircraft, or even partnerships.
- Appointing a Director:If a resident is outside of GCC, then the company has to appoint a director who is also a CSP and based in DIFC.
How to Establish a PC (Prescribed company) Formation in DIFC?
PC (Prescribed Company) formation in DIFC is quite simple as the steps are as follows:
- Create User Profile: Visit the DIFC site, where you will fill in your ID or go through a verification check to create an account.
- First Step of Approval: Fill out a form that describes the aim of your company along with how it is structured. If a CSP is engaged, attach the necessary documents.
- Company Registration: After approval, you have to go through the registration process, which gives the company legal status.
- Document Submission: Attach all required documents, including authorisation letters for the office address and evidence of CSP appointment if they are called for.
- Get Your Final Approval: DIFC will issue the final approval to establish your company after fulfilling every condition.
Conclusion
Prescribed companies offer an uncomplicated approach to business management around a reputed financial hub. The procedure can be effortless with simplified steps and basic prerequisites.
If you are eager to get started, then get in touch with Business & Beyond for assistance in setting up your prescribed company.
Allow us to help you expand your business in the DIFC.
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