A company is permitted to hold treasury shares. All rights and obligations attached to a treasury share will be suspended and shall not be exercised by or against the company while the company holds the shares as treasury shares.
The company applying for re-registration has to be active, hence the Regulations stipulates a company to be re-registered at the time of its annual renewal. In short, if the company is active it can apply for re-registration
After the 31 December 2017, any existing company which has not been re-registered will cease to exist as the former legal entity and will be automatically re-registered as a RAKICC company. Any company thus re-registered will be permitted to carry out business upon submission of the relevant documents pertaining to re-registration.
Renewal applications shall be submitted 30 days prior from the date of expiry, where 30 days from the date of expiry is the grace period for processing without penalty. If the renewal is applied in 180 days from the date of expiry, a penalty will be charged for each month after the grace period.
Agent resignations for struck off companies will not be accepted as the company can be restored within the stipulated time, and at the time of such restoration the company should have a registered agent.
An English language entity based inside the DIFC – the Dubai International Financial Centre – established to provide administrative support to the DIFC Registry and enabling the formal registration of wills.
Any assets physically located or registered in the United Arab Emirates or abroad. While Dubai based and formerly reserved to assets located in Dubai and Ras Al Khaimah (RAK), the DIFC Wills scope does extend to the other Emirates and overseas since 30 June 2019.
The DIFC is a Common Law jurisdiction. The Wills and Probate Registry’s Rules are based primarily on the principles contained in the UK Estates Act and Probate rules. Sharia principles do not form part of the DIFC Registry’s legal framework.
Yes. The guardianship of minor children habitually residents in Dubai or RAK may be addressed in a DIFC standard will, or alternatively, in a specific guardianship will, i.e a will executed specifically to address such particular purpose.
Yes. In certain circumstances, e.g. terminal illness, the DIFC Wills Service Centre may approve and send an Authorized Officer to assist in will registration outside the DIFC Wills Service Centre’s office to enable the testator to execute a will. Additional costs may apply.
An appointment is booked online with the DIFC Wills Service Centre. The execution of the will takes place at the time of registration in the presence of an officer of the centre and two (2) witnesses chosen by the testator. The DIFC Registry retains an electronic copy of the will which will be treated as the original. Testators have the option of taking the signed hard copy.
No. The DIFC Wills Service Centre is an administrative body primarily in charge of wills registration. Probate grants, court orders and guardianship orders are issued by the DIFC courts, which are also competent to adjudicate any contentious probate matters. Grants and orders are issued in English and Arabic.
USD 2,800 for a single standard will and USD 4,200 for two mirror standard wills; USD 1,400 for a single guardianship will and USD 2,100 for two mirror guardianship wills. Such costs do not include professional fees for assistance in drafting the DIFC will, registering it, acting as first witness, drafting the letter of wishes, being appointed and/or acting as executor.
A family member, a friend or a legal representative (attorney). It is possible to appoint co-executors – e.g. a family member together with an attorney. Being appointed as executor is not neutral and comes with its set of specific duties.