Why do Companies in Dubai Need Corporate Secretarial Services?
Every successful business around the world would agree that their progress and development have been the collective contribution of their employees. Added to this list is hiring a well-qualified and competent corporate secretary. Companies lay emphasis on hiring corporate secretarial services to look after their administrative activities and needs.
Corporate secretaries are also responsible for ensuring that the company follows its regulatory obligations. Hence, the significance of these important professionals has given rise to the corporate secretarial course in the UAE.
Many times companies may face issues in appointing an in-house corporate secretary. In such cases, it is advised that the companies outsource the best candidate, with the ability to work for the benefit of the organization’s goals, for the job of the corporate secretary.
UAE is an attraction for investors from all across the world. With more than 40+ free zone areas set up for general or industry-specific activities, starting a business in Dubai can prove very rewarding. However, as tempting as it may sound, establishing a business in the UAE can be a very challenging task. The specific set of laws and regulations of the UAE make it difficult for foreign investors/international enterprises to set up their businesses. They find it difficult to understand the task and processes related to regulatory compliance and inspections by the local authorities. This is where the role of corporate secretarial services attains prime importance. They help in getting rid of the roadblocks by looking after the administrative works, such as coordination of AGM, annual license renewal, and many more.
Advantages of Corporate Secretarial Services in UAE
Corporate secretaries are the heart of any organization’s administrative activities. Completing the corporate secretarial course promises a career that comes with benefits galore.
Appointing these professionals is beneficial as they can help with
- ➤ Corporate Governance
Corporate governance is essential for the smooth functioning of any organization. Corporate secretaries ensure that the director’s decisions are followed and the interests of the shareholders are taken care of.
- ➤ Director Substitution
The director of the company is responsible for ensuring that the firm meets and follows all the legal requirements imposed by the local authorities. Corporate secretaries can help the directors in filing an application with the UAE Ministry of Commerce to be submitted to the Ministry of Justice for approval. After it is approved, the director will have the authority to sign all the contracts on behalf of the company without having to deal with any court approvals.
- ➤ Power of Attorney Attestation
Getting the attestation of the power of attorney is one of the most important steps in the legalization process. This involves getting an attestation stamp from the UAE Embassy, which must be obtained from the country/nation where the certificate was granted. A Corporate Secretary usually looks after the legal proceedings involved in getting the POA, attaining which will permit you to appoint someone on your behalf to look after the company when you are away. Getting the Power of Attorney legalized can be a very time-consuming task - more so if you have not appointed a corporate secretary.
The attestation method followed in the United Arab Emirates are as follows:
1. The first step in getting your commercial documents legalized involves getting approval from the Chamber of Commerce, a local business organization.
2. The last stage of authorization from the home country is to receive an MEA (Ministry of External Affairs) stamp on the documents.
3. The final step in the certification process is getting embassy attestation, which is done by officials from the nation for which the documents are being validated.
- ➤ UAE Residency Visa
Inhabitants from other nations need to have a UAE residency visa to reside and function lawfully in Dubai and other emirates. This visa is necessary if you want to have a driver’s license, buy a home, start a bank account, etc. A Corporate Secretary guides you in obtaining the UAE residency visa by following the given steps:
1. The first step needs you to acquire an employment entry permit.
2. Once the entry permit is approved and issued, the candidate will be asked to undergo a medical examination after which he/she can request their Emirates ID.
3. The individual should then submit all their paperwork and original passport to the Immigration Department. Once all the documents are examined and approved, the individual will receive their resident visa.
- ➤ No Objection Certificate (NOC) UAE
Attaining the No Objection Certificate in the UAE is very essential to undertake any operation or activity in the country. Corporate secretaries make sure that you successfully receive your NOC. This certificate is needed for a number of purposes, such as getting a UAE driving license, launching a branch, purchasing a vehicle, adding a partner to your firm, shifting employment from one company to another, and many more.
- ➤ Changing a Manager
Corporate secretaries play a very vital role when the company decides to replace its manager. When deciding to substitute a manager for LLC, or Limited Liability Company, it is important to gather information in the MOA (Memorandum of Association). The MOA offers clear insights into the profile of the potential replacements and makes it easier to strategize the procedures involved in replacing a manager. In case the foreign partner in an LLC is a company, then it becomes important for the foreign shareholder to first pass a resolution that should include the documents implementing the new manager’s authority. Once this document is authorized for use in UAE, it becomes essential to update it on the authorities’ databases, Dubai municipality, and the company’s bank.
Corporate secretarial services can offer better value and can be relatively affordable if you’re choosing carefully. It has a very vital role in the development of any company. The corporate secretarial course is designed to train aspirants on all the essential topics. Completion of the course promises a sustainable and progressive career in corporate secretarial services.
Message from the Author
If you’re looking to enrol for any Corporate Training in Dubai, get in touch with Learners Point Academy. To learn more, visit the website: https://learnerspoint.org/, give a call at +971 (04) 403 8000, or simply drop a message on WhatsApp.
Learners Point Academy is a KHDA and ISO 9001:2015 accredited training institute in Dubai.
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