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Since 2004, the UAE has been governed by Sheikh Khalifa – the older son of the state’s founder Zayed Bin Sultan Al Nahyan Full version

The role and the responsibilities of the registered agent

Article image: The role and the responsibilities of the registered agent

The jurisdiction of the United Arab Emirates remains very attractive for opening the international business and optimization of the existing tax level. The state economy of the United Arab Emirates is based on the oil sector, tourism industry, industry and financial services. The current legislative and corporate system of the UAE actively promotes comfortable development of all the business types.

 

The ways of attracting the investments into the UAE

The government of the United Arab Emirates has developed and puts into practice the most advanced ways of attracting the foreign investments and developing the industry and international trade relations. The so-called free trade zones are the vivid example of the government initiatives. Such free zones possess a special economic status and are created for the registration of international and local companies in the various economic sectors.

The legal entities, which are registered on the territory of such specialized areas, do not have the status of the offshore entity in its traditional sense. It, undoubtedly, eases the carrying on business and affects the status of the company. All the activity, which is carried out by companies in the free economic zone, is governed by the domestic law, and provides private business with a number of advantages.

Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:

The main advantages of the free economic zones:

  • stable and actively developing national economy;
  • flexible norms of the corporate law;
  • developed financial and banking sector;
  • bilateral international agreements on taxation;
  • possibility of acquiring the real estate and land lots into the ownership.

However, in order to enjoy all the opportunities that are offered, the company must meet the certain incorporation requirements.

Requirements for the registration of an offshore company in the UAE

The basic requirement for the establishment of an offshore entity / company in the UAE remains the obligatory availability of the company’s registered agent. The agent must possess the appropriate credentials, and be approved by the relevant registering authority of the economic zone. Such an agent must have the official office registered in the UAE or in the respective free economic zone. This particularly office will serve as a legal address for the newly established company.

The role and the functions of the registered agent

The functional responsibilities of the registered agent include the list of services on administration and registration of an offshore company / entity. Such a list includes the activities of the agent on renewals, introduction of changes and amendments to the documentation of an offshore company. It is also the payments of the governmental fees, filing the accounting and financial reports to the regulatory authorities and interaction with them.

Registration services for the offshore entities and companies, for the both ultimate consumers and professional market participants, can be considered as the main role of the registered agent in the UAE. Besides, the registered agent provides the legal expertise and the verification of the required documentation.

In fact, the agent acts as the professional and licensed intermediary between an offshore company and the state register of the offshore entities. When the public registry acts only as the affirming and the custodian of the submitted documents, the registration agent communicates directly with the customers, carries out the preparation of the corporate documents, makes amendments and additions to the company memorandum and etc. Moreover, an offshore company in the UAE may by definition not be registered without the direct involvement of a licensed registered agent as existence of such is obligatory for a company.

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