DIFC SPV & Prescribed Company Support
Let's Talk
Free Consultation
ACCOUNTING, TAX & COMPLIANCE SUPPORT FOR DIFC PRESCRIBED COMPANIES
The term "DIFC SPV" is commonly used for special-purpose or holding entities established within the Dubai International Financial Centre.
Under the current DIFC framework, the relevant corporate regime is the Prescribed Company (PC) regime.
Elevate Accounting & Auditing supports clients with accounting, tax, documentation and compliance requirements relating to DIFC Prescribed Companies.
Our role is limited to the professional services we are authorised to provide. Incorporation, licensing and regulatory decisions remain subject to DIFC requirements and the relevant authorities.
WHAT IS A DIFC PRESCRIBED COMPANY?
A Prescribed Company is a DIFC company established or continued under the applicable Companies Law and Prescribed Company Regulations.
Its permitted activities depend on the basis on which it qualifies and the conditions of its licence.
A Prescribed Company is not designed to operate like an ordinary trading business and is not permitted to employ employees.
DIFC PRESCRIBED COMPANY ELIGIBILITY
Eligibility depends on the applicable DIFC requirements at the time of application.
Relevant factors may include:
- ✓The applicant or controlling parties
- ✓DIFC or GCC connections
- ✓The company's proposed purpose
- ✓Assets or interests involved
- ✓Applicable qualifying-purpose criteria
- ✓Corporate Service Provider requirements
The appropriate eligibility route should be confirmed before proceeding.
PERMITTED ACTIVITIES
A DIFC Prescribed Company must operate within the activities permitted by its licence and the applicable regulations.
Depending on its basis of eligibility, this may include an approved qualifying purpose or the activity of Holding Company.
A Prescribed Company must not provide Financial Services unless appropriately authorised by the DFSA.
HOLDING ASSETS THROUGH A PRESCRIBED COMPANY
A Prescribed Company may, where the applicable requirements are satisfied, be used to hold relevant assets or interests.
Its actual activities must remain within the scope of its licence and applicable DIFC regulations.
*Elevate Accounting & Auditing does not advise clients on what investments or assets they should acquire or how investment transactions should be structured.
DIFC LEGAL & REGULATORY FRAMEWORK
DIFC operates under its own civil and commercial legal framework and has an English-language court system based on common law principles.
Prescribed Companies may be subject to requirements relating to:
- Company administration
- Accounting records
- Beneficial ownership
- Data protection
- Tax
- Registered-office requirements
- Licence conditions
- Other applicable compliance obligations
KEY CHARACTERISTICS AT A GLANCE
- EntityDIFC Prescribed Company
- PurposeLimited to permitted activities under its licence
- Operational ActivityNot designed as an ordinary operating company
- EmployeesNot permitted
- Financial ServicesRequire appropriate DFSA authorisation where applicable
- AccountingRecords and accounts must be maintained as required
- Registered OfficeMust meet applicable DIFC requirements
ACCOUNTING REQUIREMENTS
A DIFC Prescribed Company must maintain appropriate accounting records and prepare accounts in line with applicable requirements.
Elevate can assist with:
- Bookkeeping
- Accounting records
- Financial statements
- Supporting schedules
- Record organisation
- Accounting review
UAE TAX CONSIDERATIONS
A DIFC entity should not be assumed to receive a particular tax outcome simply because it is established in DIFC.
Relevant matters may include:
- ✓UAE Corporate Tax
- ✓Tax registration
- ✓Filing requirements
- ✓Record keeping
- ✓Supporting tax documentation
- ✓Applicable reliefs or exemptions
*Elevate Accounting & Auditing can provide tax support based on the entity's circumstances and applicable UAE tax rules.
ONGOING COMPLIANCE
Responsibilities continue after incorporation.
Depending on the company, these may include:
- Accounting records
- Corporate records
- Beneficial ownership information
- Applicable filings
- Registered-office requirements
- Tax compliance
- Licence conditions
- Updates to corporate information
CORPORATE SERVICE PROVIDERS
Corporate Service Providers can have specific responsibilities under the DIFC Prescribed Company framework.
Where an activity must be performed by an appropriately authorised or registered provider, Elevate does not replace that provider.
We can instead support the client with relevant accounting, tax, financial information and documentation.
DIFC PRESCRIBED COMPANY SUPPORT WITH ELEVATE
Elevate Accounting & Auditing can assist with:
Accounting & Bookkeeping
Maintain financial records and supporting information.
Financial Reporting
Support relevant financial statements and schedules.
UAE Tax Support
Assist with applicable tax and compliance requirements.
Documentation Support
Organise relevant accounting, tax and compliance records.
Corporate Record Support
Help maintain organised corporate and financial records.
Professional Coordination
Work with Corporate Service Providers and other professional advisers where required.
*Good to Know: Elevate Accounting & Auditing does not provide investment advice or investment-structuring services as part of this offering.
FREQUENTLY ASKED QUESTIONS
"DIFC SPV" is commonly used as a general market term. Under the current DIFC corporate framework, the relevant regime for these special-purpose style entities is the Prescribed Company regime.
The appropriate entity and eligibility requirements should be confirmed under the regulations in force at the time of application.
A Prescribed Company's activities are limited by its licence and the applicable regulations.
It should not be treated as a general operating company unless the activity concerned is expressly permitted under the applicable framework.
No. Under the current Prescribed Company Regulations, a Prescribed Company is not permitted to employ employees.
Yes. A Prescribed Company must maintain accounting records and prepare accounts as required under the applicable Companies Law.
Specific filing or audit requirements can vary according to the entity's circumstances and any applicable exemptions.
Not unless it is appropriately authorised by the Dubai Financial Services Authority where such authorisation is required.
A Prescribed Company must satisfy the applicable registered-office requirements.
Under the current framework, its registered office may in certain circumstances be provided through an appointed Corporate Service Provider or an eligible DIFC affiliate.
The applicable arrangement should be confirmed for the particular company.
No.
Tax treatment depends on the entity's facts, activities and applicable UAE tax legislation. No particular tax outcome should be assumed simply because an entity is incorporated in DIFC.
Elevate provides accounting, tax, documentation and compliance support within its professional scope.
Where incorporation, registered-office, regulatory or Corporate Service Provider functions need to be carried out by an appropriately authorised provider, those functions should be performed by the relevant provider.
Yes.
Elevate can coordinate relevant accounting, tax, financial information and supporting documentation with the client's Corporate Service Provider or other professional advisers where appropriate.
The company must continue to meet the requirements applicable to it.
These can include accounting records, corporate information, applicable filings, beneficial ownership requirements, registered-office requirements, tax compliance and licence conditions.
Need Support With Your DIFC Prescribed Company?
Get clear guidance on accounting, tax, documentation, and compliance requirements for your DIFC entity.
*Service Scope
Elevate Accounting & Auditing is a private professional services firm and is not the DIFC Authority, DIFC Registrar of Companies, Dubai Financial Services Authority or DIFC Courts.
References to "DIFC SPV" on this page are used for general explanatory purposes. The current DIFC framework refers to Prescribed Companies.
Elevate's services are limited to accounting, tax, documentation, compliance support and other services within our professional scope.
We do not provide investment advice, investment management or investment-structuring services through this offering.
Applicable laws, regulations and administrative requirements may change. Current DIFC requirements should be confirmed before proceeding.