So, you have just incorporated your company and you’re rearing to go. You find out at the last minute that you can’t be based in Dubai anymore because you services are required elsewhere.
What do you do? How can you ensure that the first steps of your business are secured and carried out by those who you trust most? Do you need to just finish before you even start?
There is one very good option in this case, which will allow you to enable those you trust to carry out the first steps of the business. This option is doing this through a Legal Power of Attorney, which will enable you to delegate your authority to those you wish to, to the extent you wish to.
A Legal Power of Attorney enables an individual to ensure the smooth running of his company in his absence and it can be either restrictive or completely enabling. The powers which can be delegated including managing the operations of a company, opening, operating and closing bank accounts, signing in front of the competent authorities and so forth. The Power of Attorney must be drafted accurately in order to ensure that only the specific powers which should be delegated are delegated.
We are also able to draft the document so that the person granted the powers (donee) can further grant the powers in the event that it is necessary. This prevents business coming to a standstill at any point in time.
The next stage following on from this is related to the powers which are delegated and the responsibility which is placed upon the donee. The donee may require an Agreement of Understanding so that they are able to mitigate the risks associated with the powers which they have been granted. These Agreements of Understanding are vital and ensure the smooth transition of power and also a continuing strong relationship between those involved in running the business. We are able to assist with all of these legal documents and agreements.