What is a Share Purchase POA?
A Share Purchase Power of Attorney (POA) is a legal document that authorizes an agent (attorney-in-fact) to buy shares or company stakes on behalf of the principal. The document outlines the agent’s powers, the scope of authority, and the time and geographical limitations. To be legally recognized, the POA must be notarized by a licensed notary public in Dubai.
A Share Purchase POA in Dubai is a legally binding document that specifies the agent’s power to complete shares transactions efficiently. It includes the authority to sign contracts, transfer ownership, and liaise with regulatory bodies, whether the shares belong to a public joint-stock company, a private entity, or a limited liability company (LLC).
This document allows the principal to delegate key share purchase responsibilities, including:
- Signing contracts
- Transferring ownership
- Handling legal procedures with relevant authorities
How to Issue a Share Purchase POA Online in Dubai
With advancements in digital services, it is now possible to issue a Share Purchase POA online in Dubai without visiting a notary office. The process involves a virtual meeting with a notary via platforms like Zoom or Google Meet. Once notarized, the document gains full legal validity.
Required Documents
To issue a Share Purchase POA, the following documents are necessary:
- Draft of the POA (can be prepared by the notary if unavailable)
- Emirates ID or passport copies of involved parties
- Company trade license
- Memorandum of association notarized.
- Shareholder certificate.
- Additional documents requested by the notary or related to the shares being purchased
Steps to Obtain a Share Purchase POA in Dubai
Here is the step-by-step process to issue a Share Purchase Power of Attorney in Dubai:
- Prepare the Required Documents: Gather all necessary paperwork mentioned above.
- Draft the POA: Clearly outline the agent’s powers and responsibilities. A notary can assist with this process.
- Schedule a Notary Meeting: Contact a Private Notary in Dubai to arrange a virtual meeting for notarization.
- Legal Review: The notary ensures the POA complies with UAE corporate laws before notarization.
- Notarization: Request official notarization via email or WhatsApp.
- Sign the POA Electronically: The principal signs the document digitally.
- Receive the Final Document: The notarized POA is sent to the principal via email for immediate use.
Further read: How to Issue Company Power of Attorney in Dubai in 24 Hours?
Powers Granted Under a Share Purchase POA in Dubai
The principal can authorize the agent to perform various tasks, including:
- Share Purchase: Authorizing the agent to buy shares, transfer ownership, and complete all necessary paperwork.
- Share Subscription: Allowing the agent to subscribe to shares in public or private companies and manage payments.
- Opening Trading Accounts: Granting permission to open and manage stock trading accounts.
- Transaction Management: Handling all formalities, payments, and legal filings related to stock acquisition.
- General Assembly Representation: Attending and voting in corporate meetings related to stock ownership.
- Ownership Acknowledgment: Legally confirming stock transfers before regulatory bodies.
Frequently Asked Questions
1. Can an agent trade purchased shares on behalf of the principal?
Yes, if explicitly authorized in the POA, the agent can engage in stock trading within local and international markets in the UAE.
2. What is the geographical and time scope of a Share Purchase POA?
- Geographical scope: The POA can be valid within the UAE or internationally.
- Time scope: The document remains valid for the period specified in the POA, usually until the completion of the stock purchase.
Download Share Purchase POA Templates (Word | PDF)
For a ready-made Share Purchase POA template, download from the links below:
Get Your Share Purchase POA Online in 24 Hours
As a licensed private notary service in Dubai, we have helped hundreds of clients issue and notarize their Share Purchase POAs quickly and efficiently. Our services are available 24/7, including mobile notary services where we visit your location for document notarization.
If you require assistance in drafting or notarizing a Power of Attorney in Dubai, feel free to contact us for expert legal services across the UAE.
Sources:
Abdul Hamid is a legal consultant with extensive experience in providing legal advice in the United Arab Emirates. His expertise focuses on legal drafting, resolving commercial disputes, and drafting and reviewing corporate and employment contracts.