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What is the procedure to conduct the resignation of one partner in an LLC company in Dubai?
What is the procedure to conduct the resignation of one partner in an LLC company in Dubai?
Both partners are Indian. Kindly provide online and offline procedures, duration, and relevant documents along with legal fees as well as professional fees.
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Partners meeting: The partners must hold a meeting to discuss the resignation decision and sign minutes of the meeting explaining the details of the agreement, such as:
- Date of resignation.
- How to divide the company's assets.
- How to settle company debts.
- Any other agreed terms.
Submitting a resignation request: The resigning partner submits a written request to the Ministry of Economy in Dubai, which includes:
- Partner resignation request form.
- A copy of the resigning partner’s passport.
- A copy of the company’s articles of incorporation.
- A copy of the minutes of the partners’ meeting.
- An administrative fee of AED 200.
Request review: The Ministry of Economy will review the application and ensure that all documents are correct.
Issuance of amendment certificate: If the application is accepted, the Ministry of Economy will issue a commercial register amendment certificate showing the name of the new partners
Duration: The partner resignation process usually takes one to two weeks.
Required Documents Online:
- Partner resignation request form.
- A copy of the resigning partner’s passport.
- A copy of the company’s articles of incorporation.
- A copy of the minutes of the partners’ meeting
Fees:
- An administrative fee of AED 200.
- Legal fees range between AED 1,000 and AED 5,000, depending on the complexity of the case.
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Dear Questioner,
Thanks for your inquiry!
Regarding the above, we would like to inform you that, the procedure for conducting the resignation of one partner in an LLC company in Dubai is as follows:
1. Review the company's Memorandum of Association (MOA) and Articles of Association (AOA) to understand the process and requirements for partner resignation.
2. The resigning partner must submit a written notice of resignation to the other partner(s) and the company's management.
3. The resigning partner must also submit a formal resignation letter to the Department of Economic Development (DED) in Dubai, along with a copy of their passport and Emirates ID.
4. The remaining partner(s) must then submit a request to the DED for the removal of the resigning partner's name from the company's trade license.
5. The DED will review the request and issue a new trade license without the resigning partner's name.
6. The resigning partner must also transfer their shares to the remaining partner(s) or a new partner, as per the company's MOA and AOA.
7. The company must update its records and documents, such as the MOA, AOA, and trade license, to reflect the changes in the partnership.
The duration and relevant documents required for the resignation of a partner may vary depending on the specific circumstances of the company.
It is recommended to consult with a legal professional for a more accurate estimate.
The legal and professional fees for the resignation of a partner may also vary depending on the complexity of the process and the services provided by the legal assistance.
Kindly feel free to contact us via phone [-------------] or email for any further enquiry.
Regards,
