4.3. Expiry of Venture Studio Company status

Upon expiry of the Start-up Period, and provided that it is not subject to an application or procedure pursuant  to subrule 4.2.4, a Venture Studio Company must be converted into a Private Company in the AIFC that falls outside the scope of section 143 of the AIFC Companies Regulations, at which point it must:

(a)                cease to be a Venture Studio Company;

(b)                no longer be entitled to the benefit of any exemption or concession (including as to fees) in these Rules; and

(c)                be required to adhere to all the requirements under the AIFC Companies Regulations.