• 2.3 2.3 Key Requirements

    • 2.3.1 Licence

      A Licence to conduct Special Purpose Company Activities may be granted by the QFC Authority. A Special Purpose Company is exempt from certain licensing requirements ordinarily applied to Companies by the QFC Authority, including the requirement to maintain physical office space in the QFC where a registered address in the QFC can be provided by its Support Services Provider. The Rules in 2.4 set out the process for seeking a Licence and the criteria that the QFC Authority will apply in determining whether to grant such a Licence.

    • 2.3.2 Registration

      A Company may be registered by the CRO as a Special Purpose Company if its Articles of Association conform to the requirements stated in Article 25 of the QFC Special Company Regulations and the QFC Authority has granted a Licence for it to conduct Special Purpose Company Activities. Rules as to the manner and circumstances in which the CRO may register a Company as a Special Purpose Company are set out at 4.2 below.

      Amended (as from 19th October 2017).

    • 2.3.3 Support Services Provider

      Subject to Article 27.2 of the QFC Special Company Regulations, a Special Purpose Company is required to appoint and retain at all times a Support Services Provider to provide it with one or more Corporate and Administrative Services, and such other services as may be prescribed or directed from time to time by the QFC Authority. A Support Services Provider may be a body corporate, a partnership or a limited liability partnership established either inside or outside the QFC but in either case must be approved by the QFC Authority. Rules as to the process by which the QFC Authority will approve Support Services Providers are set out at 2.5.2.

      Amended (as from 19th October 2017).