Business Owners Will

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 Business Owners Will can​​​​​​​ be completed online by following an easy step-by-step template. As business owners and shareholders change or increase shareholdings, registered Business Owners Wills can be amended and updated as many times as desired.

A well thought-out business succession plan should include the following:

1. Distribution of shares in the event of a shareholder death
2. Clear business objectives to enable day-to-day operations to continue
3. Designation of authorised signatories for payments and trade licence renewals
4. Funding to facilitate business continuity.

The Business Owners 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/business-owners-will/. Shareholders can directly protect up to five shareholdings and guarantee business continuity through a single purpose Business Owners Will. 

The Business Owners Will can be completed online by following an easy step-by-step process. As business owners and shareholders change or increase shareholdings, registered Business Owners Wills can be amended and updated as many times as desired.

Top tips to keep in mind when registering a Business Owners 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.