Documentation requirement in Dubai

ATTACHMENT 1

INFORMATION AND REGULATIONS

Dubai has passed a law for incorporation of offshore companies in the Jebel Ali Free Zone in the Emirate of Dubai.  The laws have been framed in a manner such that the authority maintains a clean image of the companies vis a vis international financial authorities.

Some of the unique features of the companies are as follows:

1.                   No bearer shares will be allowed

2.                   The company shall file audited accounts each year

3.                   The company can open bank accounts with all banks operating in Dubai and also in other jurisdictions.

Enclosed in the attachment a short note on the features of such companies.

It is important to note that Dubai has double taxation agreements with the following countries.

Jordan, Sudan, Syria, Kuwait, Morocco, Malta, Yemen, Egypt, Finland, France, India, Pakistan, Poland, China, Germany, Indonesia, Italy, Malaysia, Romania, Singapore, Algeria and Turkey.

ATTACHMENT 2

            DOCUMENTATION AND INFORMATION REQUIRED FOR NON INDIVIDUAL APPLICANT

Proposed name of the company

Brief note on the proposed activity of the offshore company

Share capital of the company

Short profile of the corporate shareholder

Original Banker reference for the corporate shareholder (Attachment A)

Utility bill (e.g. electricity bill or telephone bill) of the directors of the proposed offshore company

Passport copy and address of the directors and secretary of the proposed offshore company

Certificate of Good Standing of the corporate shareholder

Certificate of Incorporation of the corporate shareholder

Memorandum & Articles of Association of the corporate shareholder

Board Resolution & Power of Attorney from the corporate shareholder for incorporating the offshore company (Attachment B)

Any other Incorporation documents of the corporate shareholder (optional)

Items 8 to 12 have to be:

1.         Certified as true copy by the Notary Public in the country of origin.

2.         Legalised by the Ministry of Foreign Affairs in the country of origin.

3.         Legalised by the United Arab Emirates Embassy I          n the country of origin.

ATTACHMENT A

BANKER REFERENCE

 

 

Jebel Ali Free Zone Authority

Dubai

United Arab Emirates

(Date)

Dear Sir,

Re:      A/C NO. (xxxxxxxxxxxx) in the name of (xxxxxxxxxxxx)

We confirm that (Name) is maintaining the above mentioned account with us since (Date).

The conduct of the account is satisfactory.

This certificate is given in confidence at the customer’s request, without any risk or responsibility whatsoever arising on the part of the Bank or any of its Officers.

Yours faithfully,

For (Bank Seal & Signature)

(Designation)

ATTACHMENT B

(Name of the Corporate Shareholder)

BOARD RESOLUTION IN WRITING PASSED PURSUANT TO THE ARTICLES OF ASSOCIATION OF THE COMPANY

 

INCORPORATION OF AN OFFSHORE COMPANY

It is hereby resolved that the company shall form an Offshore Company in the Jebel Ali Free Zone of the Emirate of Dubai, United Arab Emirates in the name of (Name of the Proposed Offshore Company) or as per the name approved by the Jebel Ali Free Zone Authority and guarantee full financial commitment to the Offshore Company, a Company to be registered in accordance with the laws of Jebel Ali Free Zone with its registered office situated at LOB 15 – 117, P.O. Box - 17870, Jebel Ali Free Zone, Dubai – U.A.E.

Further resolved that the shareholding of the company proposed to be incorporated in the Jebel Ali Free Zone would be as follows:

(Name of the Corporate Shareholder)                                               100%

Further resolved that the Company shall hereby appoint the following persons to act as Directors of the proposed company:

Name                                                                           Nationality                                          

(Name of the Director)                                               (xxxx)

(Name of the Director)                                               (xxxx)

                       

It is further resolved that (Authorised signatory for the proposed offshore company), holder of (xxxx) passport number (xxxx), to be the true and lawful attorney for the company and to do and execute any or all of the acts.

Further resolved that (Authorised signatory for the proposed offshore company), holder of (xxxx) Passport No. (xxxx), to be the true and lawful attorney for the company to open any bank account(s) with any bank in the name of the Offshore Company and sign and amend any bank mandate and resolutions without further authorization or approval from the Shareholders or the Board of Directors of the company and to designate or nominate any signatories to sign singly or jointly for such bank account being opened in the name of the Offshore Company.

The Company hereby ratifies and confirms whatsoever the Attorney shall or purport to do by virtue of this Resolution including in such confirmation whatsoever shall be done until this revocation of the Resolution.

 

 

Dated this (xx) day of (xxxx).

 

DIRECTORS

________________________________________________

(Name of the Director of the Corporate Shareholder)                                             

______________________________________________   

(Name of the Director of the Corporate Shareholder)