Change of share holder required license to be amended as the name on the license will change.
Please find the procedure below.
Getting all the necessary documents on the new shareholder/shareholders
Preparing the shares transfer forms and resolutions
Signing the transfer forms and resolutions registering the new shareholder/shareholders
Receiving the new set of the documents from the registry
On the documents required from new shareholder – if this is physical person –these documents would include passport copy and other personal identification elements. If the shareholder is another company – corporate documents on such company wool be required along with the documents of such company’s directors and shareholders.
The share transfer form depends on the requirements of each specific authority where the company is registered. In general it has the following info – the data of the company, the percentage of shares which are to be transferred to the new shareholders, details of existing and new shareholder and signatures.
The obligatory prerequisite for the shareholder change is the absence of any payments due for the UAE company license and other government fees as well as validity of its license and other corporate documents. Another important prerequisite is the successful check by the authority of the new shareholders under the KYC procedure.
Once all the documents are ready and forms are prepared and signed, the documents for shareholders change can be filed to the respective registry along with the applicable payment. The time to finalize the change itself in the registry takes on average around 1 week. Once the shares transfer is completed, the registry issues the new corporate documents with the new shareholder / shareholders.
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