Our client, a foreign national, instructed us to incorporate a Limited Liability Company (LLC) with the Dubai Department of Economic Development (DED). As provided under the Commercial Companies Law, our client could hold no more than 49% of the shareholding in the LLC.
We first of all incorporated a British Virgin Island (BVI) company on behalf of our client, so that the BVI company could act as the 49% shareholder in the LLC. This allows our clients to introduced further shareholders into the BVI company at a later stage and will help facilitate funding in the future.
We then obtained initial approval to our clients required trade licence from the DED and reserved the required business name.
Then, we drafted the Memorandum of Association for the LLC, which sets out the legal basis under which the LLC will operate. This MoA was then completed by all shareholders before a Notary Public, which in turn allowed the trade licence to issue.
We also drafted a Power of Attorney from the 51% shareholder to facilitate the day-to-day management of the LLC by the General Manager.
We assist on an ongoing basis with the provision of all corporate governance requirements for the LLC, such as the calling of the AGM, passing of shareholder resolutions and compliance with the Commercial Companies Law.
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