If an offshore company wishes to demeanor trade or other
business in the Zone or in different place United Arab Emirates, it must obtain
the suitable license to conduct the trade or other business action from the
competent authorities such as by forming FZE/FZC or limited Responsibility
Company in which the offshore company can be an investor. A director of an
offshore company who has directly or indirectly, an interest in a transaction
entered into or future to be entered into by the offshore company or by a
ancillary of the offshore company which to a material level conflicts or may
conflict with the happiness 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 revelation of
interest It shall noted lawful for an offshore company to make a credit to any
director or to enter into any pledge or provide any security in connection with
a loan made to a director without the approval of members holding not less than
90 per cent in supposed 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
common meeting in addition to any other meetings in that year but so extensive
as an offshore company holds its first general assembling within 18 months of
its incorporation, it need not grasp it in the year of its incorporation or Company Formation in Dubai the following year. If a meeting is called by shorter take in it is deemed to
have been duly called if it so decided by a majority in number of the members
having a correct to attend and vote at the meeting, being a bulk together
holding not less than 95 per cent in nominal cost of the shares giving a right
to attend and vote at the meeting.
