Sale of Business

The Customer may transfer full ownership of the Company to a new owner.

Process Steps

• The Customer must make an appointment with the Jafza Lease & License team to submit a request for transferring the Company’s ownership
• The Lease & License team will evaluate the application and notify the Customer of additional documentation and charges applicable to proceed with the conversion
• Once all requirements are met, the Lease & License team will issue the amended registration and licensing documents to the Customer.

Documents Required

 Purchase and sale agreements between Existing Company (Transferor) and New Company (Transferee). Notarised and Attested.

A. Undertaking from both companies:

• Existing Company (Transferor) that they transferred Assets and Assumed Liabilities to the transferor and have no objection to transferring the Jafza branch to a new company (Transferee) (signed by Authorised person)
• The New Company (Transferee) confirms the opening/buying of the Branch in Jafza. It confirms that all such Assets and Assumed Liabilities are sold and Transferred to them and that they accept all previous liabilities related to the Jafza Branch. (Signed by an Authorised person)

B. Legal documents from the new Company (Transferee):

• Resolution regarding this particular transaction (buying of business and opening the branch in Jafza) and the resolution need to include the appointment of the new Manager of the Jafza Branch along with their passport copy
• Power of Attorney (POA)
• Memorandum & Article Of Association (MOM & AOA)
• Certificate of incorporation. All above legal documents are to be notarised and attested

Notes

 The Registrar reserves the right to call for any extra documents if necessary.