whatsapp

DIFC Wills Service Centre launches new Business Owners Will

The DIFC Wills Service Centre (DIFC WSC) has launched a new Business Owners Will to encompass both free zone and UAE onshore company shares (including RAKICC registered companies). The Business Owners Will replaces the DIFC WSC’s Free Zone Company Will, which was previously available to encompass only free zone company shares.

The new purpose Will can encompass up to five separate shareholdings in any free zone or UAE onshore company incorporated in the Emirates of Dubai and/or Ras Al Khaimah, and will enable non-Muslim testators over the age of 21 to designate which beneficiary(ies) they wish their company shares to be transferred to on their passing. There are many advantages to ensuring that there is a succession plan in place with regards to the ownership and management of any company, including business continuity, sustainability, and reassurance that the business will be left in capable hands.

The introduction of the Business Owners Will is intended to allow testators to take advantage of the proposed changes to the foreign ownership system of UAE based enterprises, announced by the Cabinet early this year. Once implemented, the new law will allow certain foreign investors to have 100% sole ownership of their enterprise, bringing the position of onshore LLC companies in line with existing free zone and offshore entities.

The Business Owner Will is available to both UAE residents and foreign investors, and can be registered in person or via the DIFC WSC’s online Virtual Registry.

For further information on the Business Owner Will or any of the DIFC WSC’s wills, please contact Victoria Smylie or Finlay Donaldson on +971 4 343 8897.

 

Spread The News

Related Experience

Key Contacts

Related Resources

5 Changes to the UAE Labour Law in 2024

In a significant move towards enhancing workers’ rights and improving the overall labor landscape in the United Arab Emirates (UAE), recent amendments to the UAE Labour Law in 2024 have been introduced. Enforced from 1st January 2024, these changes primarily focus on streamlining the labor complaint process, providing workers with

FIND OUT MORE
Enforcement of Uk Judgments in the Uae

In an effort to strengthen judicial continuity, on 13 September 2022, the United Arab Emirates (“UAE”) Ministry of Justice issued a letter to the Director General of the Dubai courts confirming the enforcement of judgments issued in the courts of the United Kingdom (“UK”) through the principle of reciprocity. The

FIND OUT MORE
Proposed Amendments to the Difc Employment Law

The DIFC Employment Law came into force on 14 January 2020 amending the DIFC Law No. 2 of 2019. The principal purpose of the amendment was to replace the concept of end of service gratuity with the DIFC Employee Workplace Savings Plan (DEWS) or an alternative qualifying scheme. The introduction

FIND OUT MORE

Our Awards

Stay Updated

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been
the industry’s standard dummy text ever since the 1500s, when an unknown printer took

    How Can We Help You?

      How Can We Help You?