Power of attorney plays a vital role in Dubai. It’s an essential document that grants the chosen individual the power to become your agent, i.e., you give them the power to sign and represent you in all the legal and business transaction processes in Dubai if you live away from the country. Like the other nations, various types of POAs exist in the Emirate that cater to different situations and requirements. A thorough knowledge of these POAs is necessary for anyone conducting business or living in Dubai to look after individual needs. This article revolves around the different types of POAs in Dubai and the importance of making informed decisions. Whether it’s a corporate POA or a vehicle POA, you need to be aware of the formalities and commitments involved in getting one.
Types Of Corporate Power Of Attorneys In Dubai
Let’s understand in detail the different types of business Power of Attorney granted in Dubai to make your business and other related processes seamless and hassle-free.
- Company Formation POA – A POA for the incorporation of a company enables you to appoint a couple or more agents to establish a company or enter into a partnership on your behalf. The authorized agent is empowered to sign documents like lease agreements, partnership deeds, articles of association, and other legal documents necessary for a company formation and obtaining the license. This particular type of POA is deployed to assign an agent who looks explicitly into the establishment of an organization on your behalf.
- Company Management POA – This POA allows the agent appointed on your behalf to look after the management of your company on your behalf. It’s done for the seamless execution of routine business operations. The responsible individual has the power to negotiate and sign the contracts that are essential for the sale of business products, termination and hiring of the workforce, dealing with courts and banks, and other such activities. You can utilize a POA for your company management if you want seamless and uninterrupted management of your business in your absence.
- Sale & Purchase Of Company Shares POA – When you get a Power of Attorney for your company shares, you give the authority to another individual to represent you and your interests in the company’s share-related matters. If you own the shares of one or more companies in Dubai but live outside the nation or travel too much, you can grant the Power of Attorney related to the company shares to your agent. They can attend shareholder meetings, sign resolutions, transfer shares, and represent your interests before the judicial authorities and other related areas.
- General Manager POA – This responsibility is infested in a broadly trusted individual. Under this grant of Power of Attorney, you delegate an agent with the powers to look after the day-to-day functioning of business operations. A general manager might also take personal responsibilities, including civil and criminal matters and other administrative subjects. They are expected to act with due care and perform only those actions that come under the powers granted by a POA, and their actions must comply with the overall objective of the country. Before signing any document or taking an impactful step, they must ensure approval from every concerned person.
- Company Vehicle POA – Under a vehicle POA, you grant powers to your agent to look after all the vehicle-related transactions. There is a constant requirement for different types of vehicles in your business, and this may include transportation trucks, employee vehicles, and other transportation vehicles you deploy in your organization. Your agent can look after the sale and purchase of these vehicles for organizational purposes on your behalf without any hassle. Besides, they look after the registration of vehicles and transfer of ownership.
- Partner POA – This particular power of attorney allows you to authorize the partner or local agent with Powers of Attorney for the management and execution of routine business activities without any interruption. You can assign complete control to the local partner, and these powers are similar to the powers of a general manager after getting a POA. The partner represents you wherever necessary and looks after a seamless execution of all business activities. They are responsible for various tasks, including the renewal of trade licenses, transfer of ownership from one partner to another, and more.
- Court Representation POA – A Power of Attorney for court representation enables you to assign another individual or a law firm to represent you before the courts, tribunals, public prosecution, police, and similar areas. The matters may include the settlement of any dispute in UAE or overseas and other related issues when you can’t register the case or summon before the court. It is generally advisable to appoint an individual who is well-versed in the local rules, regulations, and customs.
- Company Bank Account POA – This type of POA allows you to appoint an individual who looks after the opening or closing of a corporate bank account. There are numerous formalities involved in the opening of a bank account, and your legal representative looks after all the necessary signatures to be done and other related tasks to be performed for a hassle-free transaction and opening/closing of your corporate bank account.
There are numerous types of POAs involved in the corporate landscape of Dubai. You can look after an uninterrupted execution of all your routine business transactions for better productivity.
Conclusion
If you are looking for expert service to get a corporate POA in Dubai, My POA has you covered with professional solutions and a comprehensive chain of services for the creation of an accurate Power of Attorney. You can live outside Dubai and travel worry-free with the professionals so that you can focus on other commitments.