Owning plots of land or properties in Dubai by ADGM entities. Guidance
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- Aubrey Gregory
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2 Introduction Abu Dhabi Global Market ( ADGM ) is a broad based international financial centre, established pursuant to Federal Law no. 8 of 2004, Federal Decree No (15) of 2013 and Abu Dhabi Law No. 4 of 2013 as a financial free zone in the Emirate of Abu Dhabi, with its own civil and commercial laws based on the English common law. ADGM offers the local, regional and international business community a world class legal system and regulatory regime. This guidance ( ) has been prepared by the Registration Authority of Abu Dhabi Global Market ( RA ) to provide ADGM registered entities desiring to own plots of land or properties with information on the documents which should be provided in order to register their title to the properties at the Dubai Land Department ( DLD ) as well as to clarify the procedures that should be followed to achieve this. The Memorandum of Understanding On October 24 th, 2018 the RA and the DLD signed a Memorandum of Understanding (MoU) which contains provisions stipulating ownership of plots of land or properties (or any right related thereto) in the designated areas of Dubai by ADGM registered companies and partnerships. The MoU is a significant development in ADGM as it opens the door for existing and potential investors, whether local or international, to use an ADGM vehicle (such as real estate companies, investment companies or special purpose vehicles (SPV s) to own Dubai properties and structure their businesses in ADGM accordingly. However, it should be noted that ownership of Dubai plots of land or properties by ADGM registered entities would still be subject to the local rules governing the ownership of properties in Dubai. This means that non GCC national investors may only be able to purchase plots of land or properties (or any rights related thereto) located in the designated areas of Dubai. Registering a Dubai plot of land or property in the name of ADGM entity: Principles Below is a highlight of the principles which every ADGM entity interested in buying a plot of land or a property in Dubai should be familiar with: 1. The DLD will register plots of land or properties (or rights related thereto) in the name of the ADGM entities in accordance with its own rules, regulations and conditions (which may be subject to changes from time to time). 2
3 2. The DLD will rely on a Certificate of Incumbency issued by RA for the concerned ADGM entity to ensure that it is duly registered and licensed by RA as of the date of the Certificate of Incumbency and that it is subject to ADGM rules and regulations. 3. The shareholders in the ADGM entity must either be natural persons or companies whose shareholder can be verified by the DLD. The DLD may request to be provided by RA with additional information in order to ascertain that the ultimate shareholders of the ADGM entity are identifiable. 4. The DLD may approve the registration of plots of land or properties in Dubai in the name of ADGM entities which is owned by a combination of natural and corporate persons (subject to satisfaction of certain DLD conditions and submission of the requested documents as well as the request for the DLD s Non objection certificate (NOC) approving ownership of the Dubai properties). Please refer to Annex A of this Guide for more information on the required documents and to Annex B for the form of the application for the DLD s NOC. 5. The directors or all the shareholders of the ADGM entity intending to purchase a plot of land or a property in Dubai must sign and submit to the DLD an Acknowledgement and Undertaking Letter with respect to disclosure future transactions on any of its shareholder s shares. The form of such letter as specified by the DLD is enclosed to this as Annex C. 6. The full amount of registration, transfer and cancellation fees (as may be amended by the DLD from time to time) should be paid directly to the DLD. 7. ADGM branches of foreign companies and public companies that have their shares listed on an investment exchange are outside the scope of the MoU. Please refer to Annex E for the process map setting out the steps of registering plots of lands or properties in Dubai in the name of the ADGM entity. Transfer of shares in an ADGM entity owning a Dubai property: It was agreed in the MoU that the transfer of all or any portion of the ADGM entity s shares will be considered as a transfer of ownership of an interest in all plots of land and properties owned by such ADGM entity. Accordingly, the ADGM entity that undergoes a transfer of its shares will need to pay to the DLD the total amount of registration fees applied by the DLD at that time for each of its owned plot(s) of land and/or property(ies) and/or rights related thereto. Such fees will be calculated by the DLD based on the percentage of interests in the ADGM entity which are subject to the transfer. Principles Below is a highlight of the principles which governs the registration of a share transfer in the ADGM entity that owns a plot of land or a property in Dubai: 1. The DLD will rely on a Certificate of Incumbency issued by RA for the concerned ADGM entity to identify the existing shareholders of the concerned ADGM entity. 3
4 2. The RA will create a special register of ADGM entities owning a plot of land or a property in Dubai in accordance with its rules and regulations. 3. The ADGM entity must obtain a Non objection certificate (NOC) from the DLD approving the share transfer which will be granted in accordance with the DLD s own procedures and conditions. The form of the application for NOC on the shares transfer is specified by the DLD and enclosed to this as Annex D. 4. At the time of submitting the application for NOC and the required documents, the ADGM entity will be required to pay directly to the DLD the transfer fees, if any, for all the properties owned by the ADGM entity. 5. The RA will approve the share transfer only upon safe receipt of a copy of the DLD NOC confirming that all required fees have been paid by the ADGM entity to DLD. The registration of the share transfer will be in accordance with ADGM rules, regulations, procedures and conditions. Please refer to Annex F for the process map setting out the steps for effecting the transfer of shares of the ADGM entity which owns plots of lands or properties in Dubai. 4
5 Annex A Documentation The following documents must be submitted to the DLD by the ADGM entity to register their ownership title to the properties: In case the ADGM entity is owned by one or more natural person: 1. A valid Non objection certificate (NOC) from the developer valid for one month. 2. Non objection certificate (NOC) to own property, valid for one month, issued by RA (Original NOC for each property). 3. A valid certificate of incorporation and/or commercial license issued by RA. 4. A Certificate of Incumbency showing names of all shareholders and their shares (valid for one months). 5. A certificate of good standing issued by RA. 6. Articles of Association of the ADGM entity including all amendments, if any. 7. Original Acknowledgment and Undertaking letter signed by the directors or all the shareholders of the ADGM entity (in a form specified by the DLD in Annex C). 8. Copies of national ID (or passport copies for non UAE residents showing entry stamp to the country) for all shareholders and authorized person(s) to execute property transactions. In case of the ADGM entity s activities do not include purchasing or owning (immovable properties/real estate/fixed assets) then a shareholders resolution must be submitted that includes an authorization for the company to purchase properties in the UAE or in Dubai, or shareholders must be attended personally to complete the transaction. In case the ADGM entity is owned by one or more corporate person, an NOC is required from the DLD: The following documents must be submitted along with the documents mentioned above (except point 7): 1. A request letter submitted to the DLD and addressed to the Senior Director of Real Estate Registration Services Department (in a form specified by the DLD in Annex B). 2. A valid certificate of incorporation and/or commercial license issued by the competent authority in which the company/all companies (is/are) registered. 3. Certificate of incumbency issued by the competent authority in which these companies are registered showing names of all shareholders and their shares until the ultimate shareholders natural persons (valid for 5 months) except public companies that must provide an official certificate proving legal type of the company. 4. A certificate of good standing. 5. Memorandum of association and/or Articles of Association of the parent company/companies (should be submitted only in case there is a board resolution, power of attorney or legal authorisation issues by that company/companies). 5
6 In case of the applicant company s activities or directors powers do not include purchasing or owning real estate then a shareholders resolution or board of director s resolution of the parent company (if the directors are authorised to issue same resolution according to the Memorandum of association or the Articles of Association) must be submitted that includes an authorization for the applicant company to purchase properties in the UAE or in Dubai. In addition, names of the directors / legal representatives who (is/are) authorised to execute the transaction on behalf of the company applicant, or any other power of attorneys or authorisation letters stating so. Important Notes: A. Documents issued in any language other than Arabic should be legally translated by a certified translation office. B. Documents issued outside the UAE must be legally notarized by a notary public in the State of the issuance & certified by the UAE embassy and Ministry of Foreign Affairs. C. Original document should be submitted along with a copy. 6
7 Annex B Buying a property in Dubai by ADGM entity NOC application (Template) Date: Dubai Land Department Senior Director of Real Estate Registration Services التاريخ: السادة / داي رة الاراضي والا ملاك المحترمين السيد/ مدير ا ول ا دارة خدمات التسجيل العقاري المحترم Since the company registered as (legal form) at the free zone (free zone authority), Where the ultimate shareholders of the company are the following: desire to purchase the property mentioned bellow: حيث ا ن شركة... مسجلة كشركة (نوع الشركة) لدى المنطقة الحرة (اسم المنطقة الحرة) علما با ن المساهمين النهاي يين في الشركة هم التالية ا سماو هم: ترغب بتملك العقار ا دناه: المنطقة رقم الا رض اسم المبنى رقم الوحدة / الفيلا Unit / Villa No. Building Name Plot No. Community So we ask you to kindly give us NOC to purchase the property mentioned above لذا نرجو من سيادتكم التكرم بمنحنا شهادة عدم ممانعة بشراء العقار المذكور ا علاه Applicant: Name of authorized person... Capacity... Signature and stamp... مقدم الطلب: اسم الشخص المفوض... الصفة... الختم والتوقيع... رسالة رسمية من الشركة Official letter with company letterhead 7
8 Annex C Acknowledgment and Undertaking Letter (Template) Date: Dubai Land Department التاريخ: السادة / داي رة ا را وا م ك نحن كة... وبناء على رغبتنا في امت ك العقارات في إمارة دبي فا ننا نتعهد با ن نقوم با ع م داي رة ا را وا م ك وسداد الرسوم المقررة عند إجراء أي تعدي ت أو تغييرات في حصص ال كاء الحاليين و/ أو إضافة و/ أو انسحاب أي يك في ال كة و/ أو أي من ال كات المالكة لها داخل الدولة أو خارجها وذلك خ ل مدة أقصاها 60 يوم من تاريخ إجراء الت ف بالحصص لل كات المسجلة خارج الدولة وقبل اجراء الت ف بالحصص لل كات المسجلة داخل الدولة. وإن مخالفة ذلك يعد تهربا من سداد الرسوم الحكومية وستتحمل ال كة المسو ولية التامة عن أية تدابير أو غرامة مالية* تفرضها الداي رة بحقها حال عدم ا لتزام بهذا التعهد (والبالغة وفقا للت يع المعمول به حاليا ضعف الرسم المقرر*). كما نتعهد بان يشمل ذلك الت ف بالحصص ادخال أي كات وصاية أو ال كات التي يمكن ا فصاح عن م كها. We (Company name)... Based upon our intention to own real estates in Dubai, we undertake to notify Dubai Land Department and pay the prescribed fees upon making any amendments or changes to the shares of the current shareholders and/or addition and/or withdrawal of any shareholder in the Company and/or any of its parent companies in or abroad UAE. No later than 60 days from the date of disposition of the shares in respect of the companies registered abroad UAE and prior to the disposition of the shares of the companies registered in the UAE. Any violation of this undertaking shall be considered evasion from the payment of government fees and the Company shall be fully liable for any measures or fines* imposed by Land Department against it in the event of non-adherence to this undertaking (amounting of double the prescribed fees according to the applicable legislation*). We further undertake that this disposition of shares shall not include the admission of any trust companies or companies that its owners cannot be disclosed. Authorized Signatory Name:... Capacity:... Signature & Seal:... المفوض بالتوقيع عن ال كة: ا سم:... الصفة القانونية:... الختم والتوقيع:... Official letter with company letterhead رسالة رسمية من الشركة 8
9 Annex D Transfer of shares in ADGM entity NOC application (Template) Date: M/S: Dubai Land Department Senior Manager Department of Real Estate Registration Subject: Request for No Objection Letter Sale of Shares in Company Greetings, Whereas, being the shareholder/shareholders in, a Company registered as a in Abu Dhabi Global Market under registration number ******* and holding (%) of the company shares wishes to sell their shares in the aforementioned company. We would like to request for a no objection letter to amend the ownership of shares in the company as follows: holding (Percentage of shares %) holding (Percentage of shares %) holding (Percentage of shares %) holding (Percentage of shares %) Please take into consideration that the company holds the following real estates in the emirate of Dubai: Real Estate No. Building No. Plot No. Area Status of Real Estate (Land/Completed/off plan) Yours sincerely, Name Designation On behalf of the Company Signature and Stamp Note: Please type the form with the company letterhead 9
10 التاريخ: السادة السيد داي رة الاراضي والا ملاك المحترمين مدير ا ول ا دارة خدمات التسجيل العقاري المحترم الموضوع: طلب شهادة عدم ممانعة ببيع حصص الشركة تحية طيبة وبعد م حيث ا ن (الشريك / الشركاء) يرغب في بيع حصته البالغة ) %) من الا سهم في شركة... المسجلة كشركة (نوع الشركة) لدى (اسم جهة الترخيص). نرجو من سيادتكم التكرم بمنحنا شهادة عدم ممانعة لتقديمها ا لى (اسم جهة الترخيص) الشركاء في الشركة لتصبح على النحو التالي: وحصته ) (% ) (% وحصته ) (% وحصته ) (% وحصته لتعديل حصص علما با ن الشركة تمتلك العقارات المبينة ا دناه في ا مارة دبي (يرجى ذكر جميع العقارات ا ن وجدت): رقم العقار رقم المبنى رقم الا رض المنطقة مع وافر الاحترام... شركة... الختم والتوقيع حالة العقار (ا رض/ مكتمل/على الخارطة) ملاحظة : يتم طباعة النموذج على الورق الرسمي للشركة 10
11 Annex E Process Map Registration of plots of lands or properties in Dubai in the name of ADGM entity 11
12 Annex F Process Map Share transfers in ADGM entity owning plots of lands or properties in Dubai 12
13 Disclaimer This Guide a non binding indicative guide. Information in this Guide is not to be deemed, considered or relied upon as legal advice and should not be treated as a substitute for a specific advice concerning any individual situation. Any action taken upon the information provided in this Guide is strictly at your own risk and ADGM Registration Authority will not be liable for any losses and damages in connection with the use of or reliance on information provided in this Guide. The ADGM Registration Authority makes no representations as to the accuracy, completeness, correctness or suitability of any information provided in this Guide. 13
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