Questions & Answers
How to cancel a property purchased by a foreign company as the law doesn't allow it?
I have a foreign company registered in South Africa that has signed a SPA with a developer in Dubai.
However, the unit that we bought has not been registered with Dubai land affairs as apparently, foreign companies cannot own property in Dubai.
We have paid 51% of the money and the developer is refusing to cancel the Agreement as according to our understanding the contract is invalid as it has been signed with a foreign company.
And legally, the company can't own the property that the foreign company has signed the Sales & Purchase Agreement for.
Can you advise, please?
Hello,
You can form a subsidiary company in DMCC, JAFZA, or ADGM and then have the ownership.
There is no minimum capital required, only the license cost, and sometimes a lease is required.
