Questions & Answers
The status of company shares after the death of the only owner
What will happen to shares of a company after the only owner passes away?
It is a sole establishment.
Dear questioner,
The legal heirs of the owner can transfer the shares in their names.
If need be, kindly contact us via phone for a detailed discussion or write us an email for further assistance.
The shares will be transferred to Legal heirs.
Under the UAE laws, if anyone died, then first you need to make an inheritance certificate from the personal status court and for that, you need two witnesses.
In that proceeding, the court will decide the legal heirs of the deceased. Generally, wives, parents, and kids are the legal heirs and shares will be distributed among them.
After that, you file a petition for all his properties based in the UAE in which you include company shares, bank accounts, insurance, property, car, and any other property owned by the deceased to transfer in the name of the legal heirs.
After the examination and confirmation with authorities, the court will order the concerned authorities to transfer the assets or shares in name of the legal heirs.
For further assistance, you may contact me directly via phone or email.
