Questions & Answers
The impact of individual owner's death on company operations
Hi,
I am starting an accounting and bookkeeping company in Dubai as a professional license.
I would like to understand the impact that will be on the company if I die as the individual owner of the company.
Alternatively, I could register the company to include a 10% partner with me. So please advise what will be the impact on the company in case I or my partner died.
Kindly note that my question is about the impact of my death on my company, not about my estate. I want to know if the company's operations will be impacted and if yes, then how can that be protected?
Dear client,
Good day!
Please note that it is not possible to have 100% ownership inside Dubai for an accounting company.
Since it is a professional license, it should be in 100% ownership of a local sponsor, or; you can have an LLC; 51% with a local sponsor, and 49% with you.
You can eventually have a side agreement that is upheld in the Court of Cassation in which you describe the rights and responsibilities of all the partners concerned.
For further assistance, please feel free to contact us via phone or email.
Thank you!
