• 4.2 4.2 Registration by the CRO as a Special Company

    • 4.2.1 Meaning of registration

      A Company is registered as a Special Purpose Company or a Holding Company where the public register maintained by the CRO states that the business activities of the Company are "Special Purpose Company Activities" or "Holding Company Activities" respectively.

      Amended (as from 19th October 2017).

    • 4.2.2 Conditions for registration

      (1) The CRO may not register a Company as a Special Company unless:
      (A) the Articles of Association of the Company comply with the conditions stated in Article 25 of the QFC Special Company Regulations; and
      (B) the QFC Authority has granted a Licence to the Company to conduct Special Purpose Company Activities or Holding Company Activities as applicable.
      Amended (as from 19th October 2017).

    • 4.2.3 Articles of Association

      For the purposes of Article 49 of the Companies Regulations and Article 25 of the QFC Special Company Regulations, the articles of association set out in Appendix 3 and Appendix 4 of these Rules are prescribed as the standard articles of association for Special Purpose Companies and Holding Companies respectively.

      Inserted (as from 19th October 2017).

    • 4.2.4 Annual fee

      1) A Special Company must pay the annual fee prescribed in Appendix 2 to the QFC Authority.
      2) If a Special Company fails to pay the annual fee prescribed in Rule 4.2.4 (1) of these Rules the QFC Authority may apply to the CRO to revoke the status of the Special Company under Rule 4.2.5 of these Rules.
      Amended (as from 19th October 2017).

    • 4.2.5 Revocation of status by the CRO

      (1) The CRO may revoke the status of a Special Company:
      (A) on the application of the Special Company itself if the condition in 4.2.5 (3) is met; or
      (B) on the QFC Authority's own initiative.
      (2) The CRO shall revoke the status of a Company as a Special Purpose Company or a Holding Company by amending the public register so as to remove the words "Special Purpose Company Activities" or "Holding Company Activities", as appropriate, from the section indicating the business activities of the Company.
      (3) A Special Company may not apply to the CRO for the revocation of its status as a Special Company until it has complied with the relevant requirements of Article 29.2 of the QFC Special Company Regulations and it has been issued with an amended Licence by the QFC Authority and, where applicable, an authorisation by the QFC Regulatory Authority.
      (4) A Special Company applying to the CRO for the revocation of its status as a Special Company must:
      (A) complete the form prescribed in Appendix 1 and file it with the CRO;
      (B) provide such additional material as may be required by the CRO; and
      (C) pay the fee prescribed in Appendix 2 to the CRO.
      (5) The CRO may not revoke the status of a Special Company on the application of the Special Company itself unless it has received written notice from the QFC Authority confirming that the Special Company is no longer performing Special Purpose Company Activities or Holding Company Activities as appropriate.
      Amended (as from 19th October 2017).