There is a Government entity in Dubai named as DIFC Wills Services Centre that allows eligible residents and business owners to pass on their Ras Al Khaimah and Dubai assets like free zone bank accounts and company shares. If you pass away, your specific blood relatives will get your DMCC company shares in accordance to the laws of the Government and they will receive a percentage of your company that is already determined unless you register a Will. You will have to register a Will at DIFC Wills Service Centre to ensure that your business will be distributed accordingly. Then you can relax by knowing that the common law DIFC Courts will give effect to your Will through the English language.

By an online step by step template, you can easily complete you Free Zone Company Will. As the shareholdings are increased or decreased various times by the shareholders and business owners so, you’re allowed to update and amend your registered Will as many times as you want.

A business succession plan that is well-thought must contain the following:

  1. For enabling the day to day operations, the objectives of the business should be clear.
  2. For facilitating the business, funds must be supplied.
  3. Shares distribution must be done in the event of the death of the shareholder.
  4. For the renewal of trade license and payments, a designation should be set for the authorized signatories.

Shareholders and owners are aided by the Free Zone Company Will to plan a better succession of their business that would benefit them in the long run. By a simple purpose Free Zone Company Will, there are almost 5 guarantee business and shareholdings that can be protected by the shareholders directly. A discount of around AED 375 can be enjoyed from the February 1st to the May 1st by the DMCC Member Companies.

When you register a Free Zone Company Will, there are a few tips that you should keep in mind:

  • Have copies of your executor’s identity documents and know who they are
  • There are six sections of the online Will; you can find a button named “info” at the top. Click it to get all the necessary instructions and clear any confusion you have
  • Have a record of the number of shares you have in your company and keep ownership documents on hand
  • Make sure that you have the identity of relevant beneficiaries and you know all the alternative beneficiaries

 

Guide to register your Free Zone Company Will

Step 1: Choose ‘Mirror’ or ‘Single’ Will:

‘Single’ option is for those who aren’t married but if you’re married and want to register a Will together you can choose the other option; ‘Mirror’.

Step 2: Take Legal Advice:

It is actually not a requirement to take a legal advice but Free Zone Company Will advises its customers to take legal advice.

Step 3:  Create The DIFC Free Zone Company, Will:

Our web portal gives you access to the explanatory notes and online template. There you can start making your Will.

Step 4: Register the DIFC Will:

For registering the Will you would need to visit the DIFC Wills Services Centre office, partner offices and if you live outside the United Arab Emirates then you can register your will by Virtual Registry.