Registration of an offshore company in Ajman. In this review article, we will talk about how the process of registering an offshore company in the UAE – Ajman takes place from the point of view of this jurisdiction.
In this review, the key points of company registration will be analyzed, as well as the main documents of the company, which are the memorandum (articles of association) and articles of association.
Stages of registration of an offshore company in Ajman
To register a new company in Ajman, you need to contact the registrar with a statement about the need to register a limited liability company. The founder of a company can be either one person or several.
The task of establishing a company in Ajman is to conduct any kind of legal business activity, except for the one that is officially prohibited by law. The application for registration must be submitted in a specific sample together with the constituent documents of the company.
Several of the following points must be specified in the memorandum of association. First of all, this is the name of the company. The name must end with the word “Limited”. Also, the address of the company office to be rented must be indicated.
The contract must also indicate the type of business that is planned to be conducted.
The contract also states the full name and address of each founder and director. The amount of the authorized capital, which the company proposes to contribute, must be indicated, and the capital must be divided into shares with a fixed value.
What should the charter of an offshore company in Ajman include?
The charter must be provided to the registrar when applying for company registration. This document should spell out the basic rules of the company. The text should list the points that describe the transfer of shares, holding at least once a year a meeting of the company’s shareholders.
The charter must specify the procedure for conducting an audit of the company, which must be carried out at least once a year. The auditor must be a specialist with the appropriate qualifications, who will be selected at the collective meeting of the firm.
Also, the document must contain a mandatory postscript on what will be the storage of reports and the format for presenting financial statements at the general meeting of the offshore company. And the charter should also indicate the number of people that are needed to select a quorum at a collective organizational meeting.
Registration of an offshore company in ajman – if registration was refused, what to do?
The registrar does not always approve the registration of a new company in Ajman. If he considers that the grounds for refusing registration are sufficient, he can reject the application.
If the registrar does not agree to open a new company, then according to local law, he has the right not to explain the reason that prompted him to refuse registration. The decision cannot be subject to appeal or judicial review. This is a clear, unambiguous and non-negotiable solution.
If the registrar, on the contrary, agrees to register a new company in Ajman, he registers its charter with a memorandum.
What happens after the registration of an offshore company in Ajman?
When the registrar registered the charter and memorandum of the new firm in Ajman, he undertakes to issue a certificate that would confirm the fact that such an organization now exists in Ajman. The registrar also issues a special number to the company, which will now be the official number of the company.
From the date of registration of the company, which stands on the certification of incorporation, the founders, together with other members of the firm, establish a legal entity, which now has its own name, which is contained on the certificate of incorporation.
This legal entity can immediately carry out all the tasks of the company, while reserving the obligations of its members to contribute to organizational assets, in the amount established by the charter.
The certificate of incorporation officially confirms that the company was registered in Ajman and the requirements of the rules regarding the registration process were not violated.
Articles of Association and Memorandum of Incorporation of an Offshore Company in Ajman
If we proceed from the requirements, then the memorandum with the charter after registration obliges the company and its team – just as if these legal acts were signed by an offshore organization with its team and included the obligation of the company and each of its members to adhere to the rules of these legal documents.
The funds that the members of the firm must pay on the basis of the clauses of these documents will be considered debts to the company.
Statutory changes to the offshore company in Ajman
According to the requirements, the company can change the text of the charter and memorandum at the decision of its team.
If the change strengthens the shareholder’s promises to contribute his money to the capital of the company or establishes requirements to make a contribution in some other way, unless the person has agreed to such requirements in the form of a receipt that he personally signed.
How can a shareholder of a firm obtain copies of the memorandum or articles of association?
At the request of a shareholder who is a member of the company in Ajman, the company itself provides him with the necessary copies of documents. And the shareholder himself undertakes to pay for this service the price set by the company itself.
Change of company name in Ajman
By decision of the shareholders, the company can change its name. The new name must be approved by the official and comply with all official legal requirements. If the company has changed its name. Then the official is obliged to enter the new name in the register, replacing the previous one.
And the company must obtain a new certificate of incorporation. The name change will be valid from the date of issue of the new certificate. The change of the name of the company does not apply to the change of the charter and obligations, does not remove the force from court decisions.
Any court proceedings that may have been initiated or reopened against a firm under its previous name may continue or begin anew under its new name.
Forced change of company name
If the registration official considers that the name of the company may give an illusion, or for some other reason is undesirable. Then the official can give an order to forcefully rename the organization.
This kind of renaming must take place within thirty calendar days from the date of giving the appropriate order, or during the period that the official approves and approves.
A company that does not comply with the decision to change its name within the required timeframe will be considered a violator. It may be subject to special sanctions.
To register a company in Ajman, please contact our company. In addition, we will help you open an account with local banks in the United Arab Emirates.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.