Renewals & Amendments

Offshore & UAE Company Renewals And Amendments | Outsource And Focus On Your Business

Offshore and UAE company renewals and amendments: Outsource renewals, done annually, bank updating, ‘good standing’, amendments of legal documents

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Company renewals

Offshore and UAE company renewals and amendments: All the 7 Emirates of the United Arab Emirates [UAE] have their own company registration departments and their own free zones. Which means that they can set their own rules and the fees they collect go to their own coffers, not to the federal government.

As the UAE is a zero tax country. The budgets of Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah are financed by the fees and fines they charge.

Ras Al Khaimah and Fujairah also generate revenues from limestone deposits. But only Abu Dhabi has oil.

So, you should expect that your company will be required to be renewed annually at rates which are around 75% of your initial registration costs. There is no need to be alarmed. This may not be how things happen in your country, but this is how they are in the UAE.

Remember, the company renewal fee doesn’t depend on how much profit it makes, or how big it is. All the profits and benefits are yours. No one will question you on that.

Why not outsource your renewals? You will get renewal reminders before hand. And have more time to focus on your business.

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Why renew?

Banks, customers, suppliers, visa authorities and all will at some point ask you for your current trade license.

If it is expired your bank account may be frozen. Visas may not be renewed or cancelled. Contracts may become invalid.

To continue doing business in the UAE your company needs to be in good standing. Whether it’s an offshore one, a Dubai local company or one registered in a free zone.

Also if the renewal is done late, penalties will apply. On top of which, the documentation becomes more complicated and time consuming. And if the company’s shareholder is another corporate entity, then you will spend weeks getting this sorted out.

Offshore And UAE Company Renewals And Amendments | Outsource And Focus On Your Business

Varal Team Members & CEO

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Renewal process

  • From 90 days before your renewal falls due, you will receive reminders.
  • In order to act on your behalf, a letter authorizing Varal to complete the renewal will be required.
  • All renewal documentation will be completed for your company and documents submitted.
  • Any troubleshooting required will be done.
  • However if the renewal is initiated late and the company’s validity has lapsed, then the costs and time will increase.

After your company renewal at and additional cost of AED. 500, Varal Consultancy will submit the ‘Good Standing’ company documents to your bank so that your business continues without a hitch.

Varal fee for company renewals for free zones: US$ 1,360 or AED. 5,000  + jurisdiction actual renewal fees.

Varal fee for company renewals for offshore: US$ 2,000 including our fee as package for offshore renewal. US$ 3,500 for JAFZA Offshore renewal.

Varal fee for submitting renewed company documents to your bank: US$ 140 or AED. 500.

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Amendments

As your business changes and grows amendments may be required periodically.

Mostly, they consist of Power of Attorneys [POA], Board of Director [BOD] resolutions, changes in shareholders or directors, Memorandum and Articles of Association [MOA].

You may also have a UAE Will for your local assets which requires to be amended.

Every jurisdiction, whether for Dubai Local company or a free zone or an offshore one, requires documentation in a certain way. And they charge a fee for doing it.

You can have Varal do the following for you:

  • Prepare your legal paperwork for the required amendments.
  • Follow up with you if any new information is required.
  • Submit the necessary documents to the relevant jurisdiction.
  • Answer any queries.
  • Trouble shoot if necessary.

Varal fee for amendments and submitting them to authorities: US$ 1,360 for change in shareholder.  For others depends on the volume of work.

Offshore And UAE Company Renewals And Amendments | Outsource And Focus On Your Business

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Renewals & Amendments was last modified: March 2nd, 2016 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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