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A partner wants to leave the company. What to do?

I had registered a company in Shams Sharjah free zone since almost one year and 3 months. I own 95% of company shares and another partner has 5%.

The company until now has no activities. I already got my visa & UAE ID and the situation now is my partner wants to step out and I would like to know the process & fees to do so.

Can you advise me, please?

Khaled Mahmoud Shibl

MIO Law Firm (Abu Baker Salem Advocates & Legal Consultants)

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8 Nov 2021, 13:21

Hello,

You and your partner need to make a board resolution for exit and transferring of the share. The 5% share sale and purchase should be done through the free zone.

After that, the amendment of the MOA should be done.

Kindly contact us via phone or email for further assistance.