Many businessman starts their own company or expand their business investments by purchasing an existing business establishments in a new country. Legal processing expertise and experience is usually demanded when one decides to purchase a currently operating company. Whether the buyer will purchase a share from a company or purchase the organization itself, an experienced service provider related to this field will be required.
Owners of companies and local citizens have the right to apply for a service that will allow them to have a better view and understanding of the laws that governs the selling and purchasing of commercial establishments in Dubai. These sales and purchases are subject to meet the requirements determined by the Land Department and Government of Dubai.
Attestation/ Request for Registration of Sale Contracts is conducted through the legal capacity of contacting parties and the actual presence of the applicant or his representative with their attested Power of Attorney and duly attested legal documents are all demanded to sign before the notary public.
Things to Consider in Selling and Purchasing Sales in UAE
Both the seller and the buyer should make sure that their assets are governed and secured by the UAE Commercial Law and all requirements should be done and completed during and after the deal respectively.
The risk of purchasing of a share or an organization is bigger on the buyer’s part. Therefore, being meticulous on the procedure of collecting information and investigating about the business’ actual value is highly encouraged.
Hiring a Professional Adviser
The seller and the buyer are should also consider having a lawyer or advisor to assist them in drawing, reviewing and amending sale and purchase agreement. The advisor is also to serve the purpose of educating both the buyer and seller with respect to business acquisition and negotiation process.
Safeguarding Your Purchase
In order to protect the buyer’s business purchase, a non competition and non solicitation clauses are necessary to put into document and signed by the seller.These will ensure that the seller will not be able to establish a similar company to what has been sold.
We welcome your enquiries and concerns. Our friendly business consultants look forward to assist you.