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New online will launched for shareholders in Dubai freezone companies

New online will launched for shareholders in Dubai freezone companies

The DIFC Wills and Probate Registry has launched a new service for freezone company shareholders in Dubai and RAK

A new online will has been launched for freezone company shareholders in both Dubai and Ras Al Khaimah by the DIFC Wills and Probate Registry.

Businessmen can directly protect up to five shareholdings with a single purpose DIFC will, a statement said.

They can apply for the will by filling out an online template on the DIFC Wills and Probate Registry website to specify who the chosen beneficiaries are for their shareholding.

As business owners change or increase shareholdings, registered wills can be amended and updated, the statement added.

Companies in which shares are held must be situated in freezones in Dubai, RAK or Ras Al Khaimah International Corporate Centre (RAK ICC), and established in the UAE in accordance with the local federal law.

The freezone company share will is aimed at helping business owners and shareholders plan the succession of their wealth for the long term.

Sean Hird, director of DIFC Wills and Probate Registry said: “We know from our client base that business succession ranks high on their list of worries, especially in the event of an untimely death.

“Our new online will enables shareholders to secure low-cost rapid protection, enabling peace of mind.”

The registry was established two years ago as a joint initiative of the Dubai government and the DIFC Courts for non-Muslims, including both residents and non-resident investors with assets in Dubai. It is the first common law will registration and probate initiative in the MENA region.

The registry said a total of 1,000 wills were registered in its first year, with UK nationals and Indian nationals accounting for over 50 per cent of the registrants.

Read more: Over 50% of DIFC wills registered by UK, Indian nationals

Points to note when registering a freezone company share will at the DIFC Wills and Probate Registry:

· Be aware of the number of shares you own in a company and have proof of ownership documents on hand

· Ensure that all relevant beneficiaries have been identified and substitute beneficiaries are known

· Identify your executors and include all of their personal details

· When completing the six sections of the online will, click on the ‘info’ button at the top of each section to ensure accuracy and understanding

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