If an offshore company wishes to manner trade or other business
in the Zone or in another place United Arab Emirates, it must obtain the proper
license to conduct the trade or other business movement from the competent
authorities such as by forming FZE/FZC or limited Accountability Company in
which the offshore company can be a investor. A director of an offshore company
who has straight or indirectly an interest in a transaction entered into or
planned to be entered into by the offshore company or by a secondary of the
offshore company which to a material level conflicts or may conflict with the
benefit of the offshore company and of which he is aware, shall unveil to the
offshore company the nature and point of his interest. This could be done for
each business or by way of general notice of expose of interest It shall not be
lawful for an offshore company to make a credit to any director or to enter
into any assurance or provide any security in connection with a loan made to a
director without the assent of members holding not less than 90 per cent in
titular value of the shares giving a right to attend and vote at any assembling
of members.
Every offshore company shall in each year hold a broad meeting in
addition to any other meetings in that year but as extensive as an Offshore Company Formation in Dubai
holds its first general conference within 18 months of its incorporation, it
need not clasp it in the year of its incorporation or in the following year. If
a meeting is called by shorter observe it is deemed to have been duly called if
it so settled by a majority in number of the members having a correct to attend
and vote at the meeting, being a popular together holding not less than 95 per
cent in nominal cost of the shares giving a right to attend and vote at the
meeting.
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