Add/ Remove Partners (Share Selling) from Dubai Mainland Company?

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If you want to Remove / Add Partners in Dubai Mainland Company, here is the procedure



Steps:

1.         Type the DED application ( BR1) and get signature of the  Sponsor , Existing and New partners 

2.        Initial approval from DED

3.        Getting Initial approval from DED, following documents are required

§  LLC Agreement (Moa), Copy of Trade License, Partners List, Commercial Register, existing and new partners Passport, Residence visa / Visit Visa, Emirates copies are required.

§  NOC is required for new partner, if he has Residence visa.

§  Visit/Tourist Visa holder can attach his/her visa copy.

DED officer will write No Objection for adding partner / Removing Partner bottom of the BR1 Form.

4.       Type Addendum to LLC Agreement English and Arabic (Share Sale Agreement) from a legal translator and get attested from Dubai Notary Public.

5.        Legal translator's seal is not required if the agreement is only in Arabic.

6.       Existing and New partners need to be attending notary public with their Original Passport and Emirates ID to sign the Court Agreement.

7.        If any existing Partner is outside the country, he/she can send Power of Attorney authorizing other Partner to represent him/her at the Court. This Power of Attorney should be attested by UAE Embassy in home country and Ministry of Foreign Affairs in UAE. It should be translated into Arabic (legal) if it is made in other language.

8.       Submit all the Documents to the DED, The authority will issue Payment voucher, Pay the Payment and get the Amended License.

9.        If the Adding partner is Corporate Company or Free zone or Offshore Company, then following documents are required.

·         Type the Resolution for Buying Share and who is authorizing signature behalf of the company. The resolution must be notarized.

·         NOC letter is required from their Free zone or offshore authority.

·         Corporate company, Free zone or Offshore Company License, MOA, AOA, Share certificate and authorized signatory documents are required.

·         Authorized signatory person need to be attend the Dubai court for signing.

·          All documents submit to the DED and Pay the required payment, DED will Issue the Amended license.

 After getting License, then amend the company Immigration card and Labor file.

This Blog is written by Reddys Consultants

Mobile /Whatsapp: +971 587179890

Email : reddysconsultancy@gmail.com

Blog: reddysconsultancy.blogspot.com

Web site : http://reddysconsultants.com


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