Legal update: Protect your
Free Zone and RAKICC
Company Shares

The DIFC Free Zone Company Will

August 2017

The DIFC Wills and Probate Registry (the Registry) has launched an initiative available to non-Muslims with assets in Dubai and Ras Al Khaimah (RAK).

This initiative allows non-Muslims to register shares they hold in any free zone in RAK, including RAK International Corporate Center (RAKICC) registered companies, under a DIFC Free Zone Company Will (Free Zone Company Will).

The Free Zone Company Will can include up to five separate shareholdings in any free zone or RAKICC company situated in the Emirates of Dubai or RAK.

The free zone in which your shares are held must be established in the United Arab Emirates (UAE) in accordance with UAE Federal Law.

Banks Legal provides an online facility for eligible persons to complete and submit for registration a DIFC Will which is specific to their free zone and RAKICC registered companies. Due to the nature of this Free Zone Company Will, it can be amended and updated as and when necessary.

Banks Legal provides an online facility to draft your own will, including a Free Zone Company Will, can be accessed at the draft my will online platform. Before you access the Banks Legal online facility, you should consider these aspects in relation to the three key stages of the platform:

  1. Whether you require a single or mirror will, will depend on whether you are married.
  2. Whether you wish to seek legal advice from a draftsman on drafting your Will, which is not necessary but advisable due to importance of these Wills.
  3. What information you will need in order to draft your Free Zone Company Will, including:
    1. the number of shares held and have proof of ownership documents to hand;
    2. personal information for all beneficiaries and substitute beneficiaries, and make sure these are known and mentioned;
    3. personal information for executors and ensure their identification.

We also have experienced advisors available to assist and answer any queries you may have in relation to your Free Zone Company Will.

 

Key Contacts

Our team have a wealth of experience from leading international law firms and a number of in-house environments. More than just experts in their practice areas, our people are dedicated, engaged professionals who take the time to understand our clients' businesses.

Nathan Banks
Founder & Managing Partner
+971 50 189 3276

Andrew Morris
Partner
+971 50 653 8148

Key

Contacts

Our team have a wealth of experience from leading international law firms and a number of in-house environments. More than just experts in their practice areas, our people are dedicated, engaged professionals who take the time to understand our clients' businesses.

We deliver our services with a focus on quality and achieving impressive results

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