A minimum of one shareholder is required. Corporate shareholders are permitted. Shareholders will decide capital structure of the Company. No fiscal minimum capital requirements have been stipulated. Bearer shares are not permitted. Different classes of shares are not permitted and shares have to be fully paid when allotted. A shareholders meeting should be conducted periodically (at least once in a year).

Every company shall maintain minutes of all 3 proceedings at general meetings. The Register of Members shall be open for inspection by any member of the offshore company and any other person. If inspection is refused, the company commits an offence.

Minimum of two directors are required and corporate directors are not permitted. Details of Directors are not available for public inspection.

Every Company shall have a minimum of one secretary.

Every Company shall keep accounting records. Accounts shall be preserved for 10 years from the date on which they are prepared. An offshore company’s accounts shall be approved by the directors and signed by one of them. An offshore company will appoint an Auditor (from the approved list) for annual audit, who shall examine and report in accordance with these regulations upon the accounts prepared.

Registration of the company in free zone will take between 1 to 2 weeks.

Names must end with limited. Certain business sectors such as banking, insurance, re-insurance, insurance agency or insurance brokerages etc. are closed for offshore companies.

As a matter of local company law the company MUST maintain a registered office in the Free Zone and appoint an approved registered agent. A registered agent’s office in Dubai or in the free zone can also be used as the registered office.