Most of the people come to UAE with intention of starting a business. UAE investor visa is issued for investors who need to setup their own company or investing in real estate. Investors cannot simply return back to their home country without closing their company or deals in the UAE. Running away may attract legal complications if the person intends to come back to the country in future. Dubai is now attracting more business men to setup their business.
The following situation describes the procedure for closing a business share in Dubai. A shareholder in a company who is on an investor residence visa issued by General Directorate of Residency and Foreigners’ Affairs Dubai (GDRFA-D) had sold his 40% share of the company to another shareowner and provide him a consent waiver. He also received the money for the sold shares.
He now doesn’t have any stake in the company and the residence visa will expire in one month. Can he leave Dubai without the normal cancelling of the visa with the immigration department?
As per the legal view the investor may not leave the UAE without cancelling the visa at immigration department. The person should first make a sale agreement between him and the new purchaser of the shares, get the contract documents attested by the Notary Public in Dubai.
It should be done in the presence of all partners so they can sign the said contract (amendment to the memorandum of association), and then this contract shall be submitted, along with an application to cancel the visa, to GDRFA. The residence visa will then be cancelled. The procedure is easy and will not take much time, and it is in the benefit of the investor to keep away from any future liability or legal problems in case the company falls into any problems.