Setting Up Procedures - Thing to Consider Prior to Incorporating

Choice of Company name:

Choosing a Company name is the first area to consider. It is always best to choose three names in order of your preference, to ensure that the name has not been previously allocated.

Along with choosing a Company name it is essential to have the correct ‘suffix’ for your company.

Example :

1. FIRST Choice Ltd
2. FIRST Offshore Limited
3. FIRST Off LTD

The following choice is available for use:

• Ltd
• LTD
• Limited
• LIMITED

Shareholders, Directors and Secretaries.

Names, addresses and contact details are required.

The Regulations only require a minimum of one Shareholder, one Director and one secretary.

These can be either Individuals or Corporate Entities.

Shares and currency of shares.

All shares can be in any currency and are on a ‘non paid up’ basis. Under normal circumstances the share basis is out of 100 shares worth of Emirate Dirhams.

This can be allocated to shareholders in any denomination.

Setting Up – Simple steps to a Company Formation.

Private Individuals Incorporating - Documents Required

Individuals who wish to become 100% shareholder or a collection of individuals who wish to become co-owners need only provide the following documents.

1. Original Bank Reference Letter - Two original copies for each shareholder (no photocopies). One copy is required for incorporation of the company, the other copy is required for opening of the bank account. These can be from the same bank.
2. C.V. (Curriculm Vitae’s) of each shareholder.
3. Proof of Residence - Any utility bill such as: Electricity, Water, Telephone bill which has a residential address or perhaps a driving license.
4. Passport Photocopy - These should be notarized by a notary public unless the shareholder has been to the Emirates within the past 3 months, a copy of the passport entry stamp will be sufficient.

Corporate Entities Incorporating - Documents Required

Companies Corporate Entities that wish to become shareholders of a new incorporation need to produce the following documents.

1. Certificate of incorporation of the existing company - N&A
2. Certificate of good standing of the existing company - N&A
3. Memorandum and articles of association - N&A
4. Board Resolution - Calling for the establishment of an IBC or Offshore formation - N&A
5. Power of Attorney - N&A

* N = Notary Public - Specialized lawyers with powers to certify true copies of document.
* A = Attested - All ORIGINAL documents must be viewed by an Arab Embassy and the Ministry of Foreign Affairs in the country where the original documents were produced. Copies will be taken stamped and sealed as ORIGINAL COPIES . This process is also known as Legalization.