The Intermediate SPV: An Alternative for Structuring DIFC Investments
The Dubai International Financial Centre ("DIFC") has introduced a new regime for the establishment of Intermediate Special Purpose Vehicles ("Intermediate SPVs") effective 19 September 2016. The use of Intermediate SPVs is an alternate option for the establishment and maintenance of DIFC limited companies and limited liability companies ("LLCs") and, at present, is only available to entities that are incorporated or licensed and have a physical presence in the DIFC.
The Intermediate SPV regime has been designed to meet the structuring needs of market participants, offering a simplified application process and competitive fees. Furthermore, Intermediate SPVs will serve to complement the use of DIFC Special Purpose Companies ("SPCs") which have increased in both volume and complexity in recent years but have been restricted to structured finance transactions. As such, Intermediate SPVs provide a viable alternative for the structuring of investments from the DIFC, including transactions where there is no financing element involved. Additionally the increasing availability of various vehicles has further strengthened the DIFC’s reputation as an attractive and competitive place to do business.
As part of its comprehensive offering of specialised fiduciary and corporate services, Maples Fiduciary provides incorporation services to DIFC vehicles including SPCs, regulated entities, LLCs and Intermediate SPVs. Services include the provision of a registered office and company secretary for DIFC companies to ensure all regulatory filings are made and all on-going corporate requirements are satisfied under relevant laws as well as the provision of registered agent services to ensure annual returns are appropriately filed.
Working with DIFC law firms, Maples Fiduciary provides a streamlined approach to the incorporation of DIFC vehicles and has the capability to provide fiduciary services to both simple and complex transactions. As a result, Maples Fiduciary has established a reputation for excellence and has been involved in a number of high profile transactions in the DIFC, including the incorporation of the first ever DIFC SPC, various listed public sukuk issuances and now the incorporation of Intermediate SPVs.
The MaplesFS offering includes specialised fiduciary, accounting, regulatory compliance and administration services, through its operating divisions, Maples Fund Services and Maples Fiduciary. MaplesFS has highly qualified teams on the ground in Dubai that bring in-depth local market, cultural and industry knowledge as to MENA-based clients and their complex Islamic finance transactions.
For further information on our Dubai Fiduciary Services, please view our Overview of Services.