Situation
Client Profile1:
Antony A. and Ben B. — Co-founders of a startup company registered in a high-profile UAE jurisdiction.
Antony and Ben approached our firm to register a joint business in the UAE. The company, referred to as XXX, was successfully incorporated in a premium jurisdiction requiring paid-up capital in a corporate bank account.
However, shortly after registration, co-founder Ben abruptly left the UAE without completing KYC procedures. It was later discovered that he was on a sanctions list in another jurisdiction. As a result, banks refused to open a corporate account for XXX, effectively freezing the business.
Objectives
- Reactivate the company without the involvement of Ben
- Open a corporate bank account
- Avoid loss of time and invested funds
- Ensure Antony retains full business control
Solution
- Our team initiated the redomiciliation of Company XXX into a Free Zone that does not require immediate capital deposit.
- We assisted Antony in removing Ben from the shareholder structure and recommended obtaining an alternative citizenship
to improve compliance standing. This was arranged and completed swiftly.
- We successfully opened a corporate account in a reputable local bank, with Antony passing all compliance checks.
The company was relaunched in a suitable jurisdiction. Antony received full control of the business, and operations resumed promptly. Losses were minimized, and the business was saved.
