How to Issue a dmcc power of attorney in the UAE

Are you looking to conduct business within the Dubai Multi Commodities Centre (DMCC) and want to benefit from its advantages, especially tax exemptions and free capital movement? If you need to manage these activities but are unable to do so personally, a dmcc power of attorney is the solution. This article will guide you through the process of issuing a DMCC power of attorney in the UAE and how our notary services can help.

What is a dmcc power of attorney?

The dmcc power of attorney allows you to delegate the management of business activities within the DMCC, a global hub that houses over 24,000 companies. The DMCC offers a range of tax benefits, including zero tax exemptions, and provides businesses with the ability to repatriate profits. If your company is registered within DMCC and you wish to delegate responsibilities to another individual or business, you can easily do so through the power of attorney. This tool enables a third party to manage your business activities in the center.

Benefits of Issuing a DMCC Power of Attorney

By issuing a DMCC power of attorney, the principal (the company) gains several benefits, such as:

• Delegation of tasks: The agent (individual or company) can perform essential business tasks in the DMCC, including completing electronic license applications.
• Time and effort savings: The agent handles all the necessary procedures on behalf of the principal company.
• Expertise utilization: The principal can benefit from the agent’s experience, whether it’s an individual or a corporate entity.
• Remote business management: The DMCC power of attorney allows the principal to manage their business remotely without the need to send administrative or technical staff to the DMCC.

Steps to Obtain a DMCC Power of Attorney

If you own a company in the DMCC and wish to issue a DMCC power of attorney to another company or individual for managing your operations, you can follow these steps:

1. Agreement: The principal company and the agent agree on the terms of the power of attorney.
2. Define Powers: Specify the powers and duties the agent will have in relation to the business activities within the DMCC.
3. Notary: Contact a notary public, such as our specialized notary services, to draft and witness the power of attorney.
4. Legal Drafting: Our team provides the best legal drafting of the DMCC power of attorney, ensuring all terms are legally sound.
5. Approval: Both parties review and approve the power of attorney.
6. Signatures: Both the principal and agent sign the document, either in person at our notary office or remotely.
7. Verification: The notary authenticates the signatures, and the document is then registered with the DMCC.

Types of DMCC Powers of Attorney

There are several types of DMCC power of attorney based on the powers granted by the principal:

• Company Formation: Delegation for establishing a new company within the DMCC.
• Amending Company Documents: Authorizing changes to the articles of association for an existing DMCC company.
• Business Management: Delegating management of an ongoing business in the DMCC.
• Share Transactions: Power of attorney for buying or selling shares in a DMCC-registered company.
• Trade Operations: Power of attorney for conducting business activities like import, export, distribution, or storage of products.

Common Uses of the DMCC Power of Attorney

The DMCC power of attorney is commonly used for the following activities:

• Sales and Transactions: Carrying out transactions related to the sale of shares or goods on behalf of the principal.
• Share Transfers: Facilitating the transfer or relinquishment of shares in DMCC companies.
• Securing Loans: Using the power of attorney to mortgage shares or release mortgages from financial institutions.
• Receiving Dividends: Collecting dividends, whether in cash or checks.
• Voting: Attending and voting at general meetings of companies registered in the DMCC.
• Contract Execution: Signing all necessary contracts related to the company’s operations in the DMCC.
• Legal Representation: Representing the principal in DMCC courts for legal matters.

Contact Us Now to Issue and Authenticate a Business Management Power of Attorney

We are a federally licensed office across the United Arab Emirates, offering specialized Private notary services in Dubai. With years of experience, we assist clients in drafting and authenticating legal powers of attorney.

If you’re looking for top-notch legal services for issuing a DMCC power of attorney or Power of Attorney Notarization, feel free to contact us using the details on our “Contact Us” page.

In this page, we discussed how to issue a DMCC power of attorney, its importance, and the powers granted through it. Our office is committed to drafting and authenticating these powers of attorney as one of the authorized notary public offices.

Sources:

• Dubai Multi Commodities Centre Website.