While referring to free zones in Dubai, a company can be formed with 100% ownership by the expat(s). Depending on the numbers of owners for the free zone company, the company will be Free Zone Establishment (FZE) when it is having only one owner and Free Zone Company (FZC) when it has more than one owner.
In some free zones in Dubai, the license package itself defines the minimum and the maximum number of owners it can have. If a company has selected a package of single ownership and then they want to add some other owners, first the package needs to be upgraded to multiple shareholders package by submitting required documents and sufficient amount for the amendment in the license.
There is no mandatory sharing of any percentages in between the shareholders and they can select the shares as per their decision. However, if an owner wants to get an investor visa then it is better to have at least 50% or majority shareholding in his or her name.
1. Apply to the relevant Free Zone by completing and submitting an application form.
2. In case of Subsidiary, attested resolution approving the transfer will be required.
3. Both the transferor and the transferee must be present in person or by a duly authorized power of attorney holder to sign the sale and purchase forms.
4. Payment of share transfer fees as applicable.
5. Change of Company name in case it changes from single to multiple owners.
6. Signing of new Memorandum of Association or addendum to the old Memorandum depending on the requirements of the free zone.
7. Old share certificate(s) to be canceled and issuance of new share certificate(s).