A Power of Attorney for Share Transfer is a legal document through which a shareholder (the principal) grants specific powers to another individual (the attorney) to execute the transfer of shares, whether by sale, donation, or assignment. This document enables the principal to manage their shares when unable to do so personally.
As a licensed office providing notary services, you can contact us to request and notarize your Power of Attorney for Share Transfer online efficiently.
Required Documents for Issuing a Power of Attorney for Share Transfer in Dubai
- Emirates ID and passport for both the principal and the attorney.
- The company’s trade license.
- A copy of the Memorandum of Association (MoA).
- Additional documents related to the shares being transferred.
- Details of the powers to be granted under the power of attorney (e.g., selling, assigning, representing before government authorities).
Steps to Obtain a Power of Attorney for Share Transfer in Dubai
- Contact a Notary
Initiate the process by requesting notarization of the document. - Arrange a Meeting
Schedule an appointment with a private notary, either in person or via virtual communication. - Provide Required Documents
Submit all necessary documents as listed above. - Legal Compliance
The notary ensures that all legal requirements are met and drafts the power of attorney in accordance with UAE laws. - Notarization
Once verified, the power of attorney is notarized, making it a legally recognized document.
Sample Power of Attorney for Share Transfer
Power of Attorney for Share Transfer
I, the undersigned:
- Full Name: _______________________
- Nationality: _______________________
- Passport Number: _______________________
- Emirates ID Number: _______________________
- Address: _______________________
- Phone Number: _______________________
As the legal owner of shares in the company _______________________ (licensed under no. _______________________ and registered in _______________________):
Hereby appoint:
- Attorney’s Full Name: _______________________
- Nationality: _______________________
- Passport Number: _______________________
- Emirates ID Number: _______________________
- Address: _______________________
- Phone Number: _______________________
Granted Powers Under This Power of Attorney:
- Managing the sale process, negotiating with interested buyers, and signing preliminary agreements and final contracts.
- Liaising with government entities, submitting official applications, and updating company data with authorities such as the Department of Economic Development and the Commercial Register.
- Signing documents and forms necessary to complete the sale.
- Collecting proceeds from the sale and issuing receipts or declarations as required.
- Transferring ownership, representing me before the Commercial Register, and submitting all necessary documents to finalize the transfer.
- Amending shareholding details if legal adjustments are required and executing related procedures after consulting me.
- Handling banking transactions, including opening accounts to facilitate the sale and transferring proceeds to my personal account per my instructions.
This power of attorney is valid for __________ months from the date of issuance or until the transaction is completed, whichever comes first.
I retain the right to revoke this power of attorney at any time, provided that the attorney is officially notified.
Principal’s Details
Name: _______________________
Signature: _______________________
Authorized Powers Under a Power of Attorney for Share Transfer
The attorney, through the Power of Attorney for Share Transfer, is authorized to perform the following:
- Selling shares, signing sales agreements, and completing related procedures.
- Purchasing shares, signing purchase agreements, and handling the necessary steps.
- Assigning shares without compensation, signing assignment contracts, and completing the procedures.
- Attending general meetings, founding assemblies, and ordinary company meetings, reviewing books and records, and voting.
- Handling legal disputes related to share ownership and transfer, including representing the principal in court.
- Signing contracts related to share transfers.
- Executing all legal measures required for transferring shares.
- Filing lawsuits related to share ownership, as per Article 166 of the UAE Companies Law, which grants shareholders the right to file claims against the company, its board of directors, or its executive management in cases of harm due to violations of the law.
Costs of Issuing a Power of Attorney for Share Transfer
The cost of issuing a Power of Attorney for Share Transfer in the UAE typically ranges from AED 1,200 to AED 1,500.
Notary fees in Dubai include:
- AED 300 for notarizing signatures on documents valued below AED 100,000.
- 0.5% of the document’s value (up to a maximum of AED 1,500) for documents valued above AED 100,000.
For precise legal drafting and competitive pricing, rely on our office for assistance with your Power of Attorney for Share Transfer.
Frequently Asked Questions
What is a Power of Attorney for Releasing Shares from a Mortgage?
A Power of Attorney for Releasing Shares from a Mortgage allows the shareholder to lift a mortgage placed on shares as collateral for a loan.
Can a Proxy Attend General Assembly Meetings?
According to Article 180 of the UAE Companies Law, every shareholder has the right to attend general assembly meetings and can appoint a proxy to represent them. The proxy must have written authorization, and a single proxy cannot represent shareholders owning more than 5% of the company’s capital.
Contact Us Now
We are a licensed office providing private notary services in Dubai. With years of experience, we assist clients in drafting and notarizing legal documents, including Powers of Attorney for Share Transfer. Our federal licensing allows us to serve clients across the UAE.
If you are looking for the best legal services for drafting a Power of Attorney for Share Transfer or any other commercial authorization, do not hesitate to contact us through the details on our Contact Us page.
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.