There are nine stages, from proposal to post-incorporation steps for a DIFC Prescribed Company (DIFC PC):
How long does the incorporation take?
The overall timeline to get from proposal to final registration largely depends on how quickly Clara can complete the Compliance Review. The review timeline is impacted by:
complex corporate structures (involving funds, trusts or multi-layered corporate structures) need each layer worked through to identify compliance requirements and ultimate ownership,
when compliance documents arrive incomplete or incorrect, this can trigger multiple rounds of compliance requests, and
some nationalities or individual circumstances (such as PEP status) can trigger enhanced due diligence.
If speed is the priority, we always recommend incorporating with the simplest structure possible and making structure changes following incorporation (noting that additional fees will apply to make the post-incorporation changes).
From submission of the initial application to DIFC, the incorporation timeline is typically 7 - 10 Business Days. The timeline leading up to submission is hugely varied and depends on complexity of the structure and the readiness of full compliance information and documents for Clara's Compliance Review.
What do you receive once the DIFC PC is incorporated?
Following final registration, the DIFC PC will receive:
Certificate of incorporation
Commercial licence
Certified copy of the articles of association
Certificate of incumbency, valid for one month
Compliance calendar
Share certificates and statutory registers prepared by Clara