Board Resolutions
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Board Resolutions
A board resolution is a legal drafting document that is signed by all members of the board of directors. It must be written and approved before it can be used. The purpose of a board resolution is to authorize a company’s officers to do something legally binding on behalf of the company. For example, if a company needs to borrow money from another company for business purposes, the board may authorize its officers to enter into a loan agreement with the other company. The board resolution will state how much money can be borrowed, what collateral will be provided as security for the loan, and what interest rate will be charged on the loan.
A verbal contract isn’t worth the paper it’s written on
COMMERCIAL CONTRACT
How to Get a Board Resolution in Dubai
We’re here to help you get your board resolution in Dubai. Let’s start with what a board resolution is, and why you need one. Board resolutions are required in Dubai when you want to start a new business. A board resolution is a document that states the decision of a company’s board of directors. It
can be used to approve or reject decisions made by management, or to make new rules for the company. If you want to make any major changes to your business, you will probably need a board resolution.
There are two ways to get board resolution:
1. The first way is by submitting documents that show that your company has been functioning for at least 2 years and that it has been continuously registered with the Dubai Chamber of Commerce & Industry (DCCI) during this period of time. You must also provide evidence that your company has paid all taxes due under any law applicable in Dubai.
2. Alternatively, if your company has not been operating for more than 2 years, but has been registered with DCCI during this period, then you can apply for approval from DCCI. However, it is important to note that approval will only be granted if there is no outstanding tax liability as well as no pending court action against your company’s activities such as bankruptcy or liquidation proceedings against it.
How we Help:
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I) Find out if your company needs one. The first thing you want to do is figure out if your company needs a board resolution. If so, then this is the best place for you to start because it will help set the tone for what your final document will look like.
2) Contact an attorney who specializes in corporate law. If your company does need a board resolution, then it’s time for you to contact an attorney who specializes in corporate law (like us!). We can help you create something simple and straightforward that will ensure everyone’s interests are protected while ensuring that everything goes according to plan.
3) Give us all of the information we need so we can get started right away! Once we’ve discussed what needs to happen with your company’s situation, we’ll give you instructions on what documents we need and how long it will take for us to finish them for
Documents required for board resolution are:
- Passport and Emirates ID
- Company’s memorandum of association (MOA)
- Company’s articles of association (AOA)
- Letter from your sponsor
- Commercial Invoice
- Power of Attorney
- A list of all shareholders, including their addresses, nationalities, and shareholding percentages
