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:
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 http://difcwillse.ae/free-zone-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:
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.
While not a requirement to complete the online Company Business Owners 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/
Start your Will in our web portal where you will gain access to our online template and comprehensive explanatory notes.
A Business Owners 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.