Offshore Company Holds its First General

If an offshore company wishes to perform 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 movement from the competent authorities such as by forming FZE/FZC or limited Accountability Company in which the offshore company can be a depositor. A director of an offshore company who has straight or indirectly, an interest in a transaction entered into or future to be entered into by the offshore company or by a auxiliary of the offshore company which to a material amount conflicts or may conflict with the welfare of the offshore company and of which he is aware, shall reveal to the offshore company the nature and point of his interest. This could be done for each deal or by way of general notice of discovery of interest It shall not be lawful for an offshore company to make a advance to any director or to enter into any assurance or provide any security in connection with a loan made to a director without the assent 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 broad meeting in addition to any other meetings in that year but so elongated as an offshore company holds its first general gathering within 18 months of its incorporation, it need not grip it in the year of its Offshore Company Formation or in the following year. If a meeting is called by shorter perceive 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 popular together holding not less than 95 per cent in nominal worth of the shares giving a right to attend and vote at the meeting.

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