Document background
The Transfer Of Company Ownership Agreement is a crucial document used in the United Arab Emirates when transferring partial or complete ownership of a company between parties. This document has gained increased significance following recent changes in UAE company law, particularly with the introduction of Federal Law No. 32 of 2021 and amendments allowing increased foreign ownership. The agreement is essential for various transaction types, from small business transfers to large corporate acquisitions, and must comply with specific UAE regulatory requirements. It typically includes detailed provisions covering purchase price, warranties, representations, regulatory approvals, and completion mechanics. The document must be prepared in both English and Arabic, with the Arabic version being the legally binding version for UAE government authorities. Its importance has grown with the UAE's expanding economy and increasing number of business transfers between local and international parties.
