Dubai Development Authority (DDA), previously known as Dubai Creative Cluster Authority, is an authority that was established Law No. 1 of 2000 and its amendments. The authority is responsible for managing and supervising the advancement, regulation, municipal services, economic operations, and immigration matters within specific free zones.

DDA oversees 9 different free zone clusters which are:

• Dubai Internet City
• Dubai Media City
• Dubai Design District
• Dubai Knowledge Park
• Dubai International Academic City
• Dubai Outsource City
• Dubai Studio City
• Dubai Science Park
• Dubai Production City

Unlock the secrets of successful share transfer in DDA or the free zone clusters regulated by DDA, with this informative and simple guide.

What is share transfer?

Share transfer is the process of changing ownership of shares or stocks in a company from one shareholder to another. Share transfers occur for various reasons. These include selling shares to secure profits, liquidating their investment, or exiting the company altogether. Additionally, shares may be transferred as gifts or inheritances within families. Individuals and entities often engage in share transfers to gain ownership in a company.

Types of share transfers in Dubai Development Authority:

There are two (2) types of Share transfers in DDA, which are:

• Share Transfer to an Existing Member (Individual or Corporate)
• Adding New Member(s)/ Shareholder(s) (Individual or Corporate)

Share Transfer to an Existing Member (Individual or Corporate):

This type typically refers to the process of when a current shareholder of the company transfers shares to another existing shareholder or member. This existing member can be an individual or a corporate.

To be able to transfer shares in DDA to an existing Member, you’ll need to request an amended article of association and a register of members. This request needs to be submitted by the General Manager or the Appointed Legal Representative of the company.

The service fees are at a total of 3570 AED distributed as follows:

• 3000 AED per transaction “each transfer is considered a transaction.”
• 500 AED for the Article of Association Amendment
• 10 AED as “Knowledge Dirham”
• 10 AED as “Innovation Dirham”

Requirements for share transfer in Dubai Development Authority -to an Existing Member (Individual or Corporate)-:

• Valid Passport Copy
• Members’ Resolution
• Acquisition Resolution -Corporate Member- (needs to be Notarized by Notary Public & Attested by UAE Embassy)
• Acquisition Resolution – Individual Member-
• Share Transfer Form
• UBO (Ultimate Beneficial Owner) Declaration Form
• Copy of recent Audited Financial Statement or Letter from the Bank

Adding New Member(s)/ Shareholder(s):

This type of share transfer refers to the process of when the company wants to add a new member (individual\ corporate). It is the process of transferring the ownership of shares to a newly introduced shareholder or member (individual\ company).

To be able to transfer shares in Dubai Development Authority by adding a new member, the General Manager, or the Appointed Legal Representative of the company also needs to request an amended article of association and a register of members.

The service fees are at a total of 3570 AED distributed as follows:

• 3000 AED per transaction “each transfer is considered a transaction.”
• 500 AED for the Article of Association Amendment
• 10 AED as “Knowledge Dirham”
• 10 AED as “Innovation Dirham”

Requirements for share transfer in Dubai Development Authority – by Adding New Member(s)/ Shareholder(s)-:

• Valid Passport Copy – New Individual Member(s)
• Certificate of Incorporation / Commercial License – New Corporate Member(s)
• Members’ Special Resolution
• Acquisition Resolution – New Individual Member(s)
• Acquisition Resolution – New Corporate Member(s) ((needs to be Notarized by Notary Public & Attested by UAE Embassy)
• UBO (Ultimate Beneficial Owner) Declaration Form
• RICC Form (Registry Identification Code Form for new corporate member)
• RIC Form (Registry Identification Code Form for new Individual member)
• Memorandum and Articles of Association – New Corporate Member(s)
• Proof of Paid-up Share Capital (Letter from the Bank)

At Corplex, your peace of mind is our priority, and we’re here to help you achieve a seamless and hassle-free transfer of shares. We have the knowledge and experience to streamline the process, ensure compliance with all legal requirements, and provide you with the guidance you need for a smooth and successful share transfer. Trust us to be your reliable partner in simplifying and facilitating your share transfer journey.