Questions & Answers
Foreign shareholder in struggling UAE business: Can I walk away?
Dear Sir/Madam,
I am a foreign minority shareholder in a business based in the UAE. The business is struggling, and its license is overdue.
Unfortunately, my partner is not responding to any communication, and we are accruing late fees from the expired license. What are my options here?
At this point, I would not mind relinquishing my shares and walking away if that were possible.
Dear Questioner,
Unfortunately, only a UAE national can approach the court to take action.
You cannot relinquish your shares without the other parties being present.
You can try getting a power of attorney from the runaway shareholders. I hope they have taken out any loans.
Dear Questioner,
You have this option if nothing contrary to this has been mentioned in your agreement with partners.
