Company Registration in the Media Zone "twofour54" Abu Dhabi, the UAE

The twofour54 media zone gets its name from the geographical coordinates of Abu Dhabi. Established in 2008, twoofour54 aims to develop Abu Dhabi's media industry. Its goal is to develop the media industry in Abu Dhabi and turn the UAE capital into a global media hub. a global media hub. Twofour54 is a fast-growing media zone, providing the infrastructure to attract international, regional and local media companies.

Twofour54 welcomes companies whose core business is whose main activity is the realization of media projects. Media Zone provides a wide range of licenses for content creators, advertising Media Zone provides a wide range of licenses to content creators, advertising agencies, media resellers, etc. Twofour54 actively licenses companies involved in the gaming industry, including cyber sports.

To register a company in Media Zone twofour54 needs:

1. Define a company name to check for uniqueness (at least 3 variants):

• must not be identical or similar to the name of an existing company;
• Latin alphabet characters are allowed;
• the company name must end in "Free Zone Limited Liability Company" or "FZ-LLC".

2. Determine the structure of the company (director, shareholders, manager).

3. Define the type of license.

In the twofour54 media area, there are two twofour54 media zone has two main types of licenses:

• General licence - allows the owner to operate in different fields of media activities.

Examples of general licences are: animation, Examples of general licenses are: animation, streaming service management, social network management, event management, etc. events, etc.

• Gaming license - allows the owner to conduct activities in the field of gaming.

Examples of gaming licenses: development content development in the gaming industry, the organization of cyber-sports events, the provision of cybersecurity services.

4. Pay for the services.

5. Submit the documents for the directors / shareholders / attorneys (either originals or notarized copies):

• Internal and foreign passports;
• a document confirming the address (if the registration is not stamped in the internal passport);
• CV (curriculum vitae).

For the shareholders it is additionally necessary to submit:

CV in the form of a letter:

• telephone number, e-mail address, residential address, country of residence, mother's name, marital status, religion, nationality;
• no legalised documents are required in relation to the founder/shareholder of the company.

7. Prepare and submit a set of documents for company registration, sign the documents with the officers and shareholders of the company.

The following documents are prepared for filing with the registration authority:

• Application for company registration (signed by shareholder);
• No Objection Letter (letter from sponsor) - if there is a valid UAE visa issued by another company;
• Charter and Memorandum of Association;
• Business plan for the next 3 years;
• Power of Attorney for representative (if registration is done remotely);
• Copies of passports and CV of director, manager, shareholder.

8. Receive the registration documents and stamp.

Upon registration, the Media Zone Administration will issue the following documents:

• Certificate of registration, indicating the number and date of registration, type of license, information about company's shareholder and shareholders' equity;
• Register of shareholders;
• License for company activity (license is valid for 1 year);
• Office rent agreement (valid for 1 year);
• Shares certificate;
• Charter and memorandum of incorporation.

A seal of the company is also issued.

The total term of the company registration in Media Zone “twofour54” is on the average 15 working days.

At the time of registration, an office rental agreement is drawn up between the company and The media zone administration shall draw up an office rental agreement. The address of this office is considered to be the official legal address of the company.

As office space twofour54 offers a variety of office space options from a hot desk (analog of a co-working space) up to a fully-fledged office. The choice of office space influences the number of visas and the types of licenses issued.

Companies are required to have a seal.

Redomiciliation of companies to and from the UAE is permitted.

Only a natural person may act as a director. There are no residency requirements for directors.

The minimum number of directors is 2.

Information on the directors is not publicly available publicly available.

There is a possibility to appoint one of the directors as the Chairman of the company of the directors as the Chairman of the company.

The company secretary can be a natural person.

The minimum number of secretaries is 1.

Information on the secretaries is not publicly available publicly available.

The manager can only act as natural person. There are no residency requirements for managers.

Minimum number of managers - 1.

May coincide with a director / shareholder.

Information about managers is not publicly available publicly available.

Individuals and legal entities are allowed, there are no residency requirements. The minimum age of a shareholder is 18 years old and the maximum age is 60.

Minimum number of shareholders - 1, the maximum number is 50.

In the twofour54 media area, there is no requirement for obligatory presence of a local shareholder in the company structure.

Information on shareholders is not publicly available publicly available.

Although many jurisdictions are discussing the creation of a public register of beneficial owners, the UAE does not yet have one. This means that there is no public access to beneficial owner information. It is held by the registration agent. Beneficiary information can only be disclosed to regulators (e.g. during inspections for its availability) or by court order.

There is no minimum share capital requirement.

A company may issue shares of different classes.

There is no requirement to provide proof of payment of share capital in order to register the company.