Acquiring an existing business in Dubai requires that both the current future owners agree on a set of terms and conditions. Since existing companies often contain a large number of assets and debts, the contract between seller and buyer usually warrants legal consultation.
Once the final contract has been agreed upon and a payment plan set into motion, the act of transferring ownership must be performed through an amendment in the trade licence at the Department of Economic Development. If the business was foreign-owned, a new Appointment of Local Services Agent contract must be signed with the local sponsor and notarised at the Dubai Courts. The fee for amending a trade licence for new ownership is Dhs.500, but other fees may be applicable depending on the circumstances.