Article 24 — Incorporation
24.1 For the purpose of Article 17(1) of the
Companies Regulations, an application filed with the CRO must include a written undertaking from the Incorporator to the QFC Authority that:
(a) sets out the purpose for which the
Special Company is being established; and
(b) Special Company shall only undertake either
Special Purpose Company Activities or Holding Company Activities.
QFC Authority may provide by way of Rules for the manner and circumstances in which the CRO may register a Company as a Special Company.
Special Company must comply with the QFC licensing requirements prescribed in the QFC Authority Regulations.
Special Company may only carry on activities that are provided for in the respective part of these Regulations and that are specified in its Licence.
24.5 The register maintained by the
CRO will expressly set out the status of the company as a Special Company.
24.6 An applicant seeking to establish a
Special Company as a body corporate in the QFC must comply with the formalities for formation, incorporation and registration set out in the Companies Regulations to the extent prescribed in the Rules.
24.7 A non-QFC Company may migrate to the QFC as a Special Company under Part 5 of the Companies Regulations and shall also be subject to these Regulations.
|Amended (as from 19th October 2017).|