A Special Purpose Company is prescribed as a type of Company (Private or Public);
- Typically used for either structured Islamic or conventional finance transactions (such as securitisation, structured debt or sukuk issuance), as a loan facility or finance transaction as part of a corporate acquisition;
- No requirement to take physical office space (but must maintain a registered office address and can be hosted by their appointed Corporate Service Provider)
- Limited liability status equal to the share capital;
- The purpose of an SPC, as set out in the AIFC Special Purpose Company Rules, must be limited to “Exempt Activities”, which means any of the following, whether undertaken in an Islamic or conventional manner:
- The acquisition (by way of leasing, title transfer, risk transfer or otherwise), the holding & the disposal of any asset (tangible or intangible, including but not limited to receivables & shares) in connection with and for the purpose of a Transaction;
- The obtaining of any type of financing (banking or capital markets), the granting of any type of security interest over its assets, the providing of any indemnity or similar support for the benefit of its Shareholder(s) or any of its subsidiaries, or the entering into any type of hedging arrangements, in connection with and for the purpose of a Transaction;
- The financing of the Initiator or another Special Purpose Company;
- The acting as trustee or agent for any participant in the Transaction;
- Any other activity approved in writing by the Registrar
- Registration fee is 300 USD for online application and 500 USD for paper application. Apply now
Application forms:
Application Form for Obtaining a Business Identification Number
Companies Standard Articles of Association
Template Resolution on Incorporation by Board of Directors
Template Resolution on Incorporation by Shareholders
SPC Application to incorporate
Details on Beneficial Ownership
