The DIFC Wills Service Centre, a Dubai Government entity, provides certainty for eligible business owners and residents to pass on their Dubai and Ras Al Khaimah assets, including free zone company shares and bank accounts.
Unless you register a Will, your DMCC company shares will be distributed in accordance with local laws, with specific blood relatives receiving predetermined percentage of your company when you pass away, there is no discretion on the part of the company owner. To manage the succession of your business you need to register a Will at the DIFC Wills Service Centre – this ensures that your Will will be given effect through the English language, common law DIFC Courts.
The Free Zone Company Will can be completed online by following an easy step-by-step template. As business owners and shareholders change or increase shareholdings, registered Free Zone Company Wills can be amended and updated as many times as desired.
A well thought-out business succession plan should include the following:
- Distribution of shares in the event of a shareholder death.
- Clear business objectives to enable day-to-day operations to continue.
- Designation of authorised signatories for payments and trade licence renewals.
- Funding to facilitate business continuity.
The Free Zone Company Will helps owners and shareholders to plan the succession of their businesses for the long term in just a few clicks on https://difcwills.ae/free-zone-will/. Shareholders can directly protect up to five shareholdings and guarantee business continuity through a single purpose Free Zone Company Will. DMCC Member companies can also enjoy a discount of up to AED 375 from the 1st of February until the 1st of May for the Free Zone Company Will.
Top tips to keep in mind when registering a Free Zone Company Will:
- Be aware of the number of shares you own in a company and have proof of ownership documents on hand
- Identify your executors and ensure that you have copies of their identity documents
- Ensure that all relevant beneficiaries have been identified and alternative beneficiaries are known
- When completing the six sections of the online Will, click on the ‘info’ button at the top of each section for guidance, and to answer any questions you may have.
How to register your Company Free Zone Will:
Step 1. Choose ‘Single’ or ‘Mirror’ Will
If you are not married, you should select the Single Will option. Otherwise, if you and your husband/wife wish to register a Will at the same time, select the Mirror Will option.
Step 2. Consider Legal Advice
While not a requirement to complete the online Company Free Zone Will, the DIFC Wills Service Centre strongly advises you to consider taking legal advice for its preparation. A number of registered Will draftsmen are available in DMCC:
TWS Legal Consultants
HPL Yamalova & Plewka DMCC
Swiss ILC DMCC
The full list of registered Will draftsmen is available at: www.difcwills.ae/register-wills-draftsmen/
Step 3. Create your DIFC Free Zone Company Will
Start your Will in our web portal where you will gain access to our online template and comprehensive explanatory notes.
Step 4. Register your DIFC Will
A Free Zone Company Will can be registered by appointment at the DIFC Wills Service Centre office in the DIFC, partner offices, or through the Virtual Registry if you reside outside of the UAE.
Visit www.difcwills.ae to start your Will today.