If an offshore company wishes to perform trade or other business
in the Zone or in another place United Arab Emirates, it must obtain the proper
license to conduct the trade or other business movement from the competent
authorities such as by forming FEZ/FZC or limited Responsibility Company in
which the offshore company can be a investor. A director of an offshore company
who has straight or indirectly, an interest in a transaction entered into or
planned to be entered into by the offshore company or by a ancillary of the
offshore company which to a material point conflicts or may conflict with the
happiness of the offshore company and of which he is aware, shall reveal to the
offshore company the nature and level of his interest. This could be done for
each contract or by way of general notice of expose of interest It shall not be
lawful for an offshore company to make a advance to any director or to enter
into any promise 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
ostensible value of the shares giving a right to attend and vote at any
gathering of members. Every offshore company shall in each year hold a broad
meeting in addition to any other meetings in that year but so extensive as an offshore
company holds its first general assembling within 18 months of its
incorporation, it need not clasp it in the year of its incorporation or in the
following year. If a meeting is called by shorter take in it is deemed to have
been duly called if it so decided by a majority in number of the members having
a accurate Adam Global to attend and vote at the meeting, being a mass together holding not
less than 95 per cent in nominal worth of the shares giving a right to attend
and vote at the meeting.
