If an offshore company wishes to perform trade or other business
in the Zone or somewhere else United Arab Emirates, it must obtain the right
license to conduct the trade or other business action from the competent
authorities such as by forming FEZ/FCC or limited responsibility company in
which the offshore company can be a depositor. A director of an offshore
company who has straight or indirectly, an interest in a transaction entered
into or planned to be entered into by the offshore company or by a ancillary of
the offshore company which to a material level conflicts or may conflict with
the benefit of the offshore company and of which he is aware, shall unveil to
the offshore company the nature and amount of his interest. This could be done
for each business or by way of general notice of revelation of interest It
shall not be lawful for an offshore company to make a credit to any director or
to enter into any assurance or provide any security in connection with a loan
made to a director without the approval of members holding not less than 90 per
cent in supposed value of the shares giving a right to attend and vote at any
assembling of members. Every offshore company shall in each year hold a broad
meeting in addition to any other meetings in that year but so extended as an offshore
company Adam Global holds its first general gathering within 18 months of its
incorporation, it need not grip it in the year of its incorporation or in the
following year. If a meeting is called by shorter observe it is deemed to have
been duly called if it so decided by a majority in number of the members having
a accurate to attend and vote at the meeting, being a bulk together holding not
less than 95 per cent in nominal price of the shares giving a right to attend
and vote at the meeting.
