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Memorandum Of Association For Sole Proprietorship

Memorandum Of Association For Sole Proprietorship Template for United Arab Emirates

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Memorandum Of Association For Sole Proprietorship

"I need a Memorandum of Association for Sole Proprietorship for my new local retail business in Dubai, UAE, planning to start operations in March 2025, with an initial capital of AED 100,000 and potential future branches in Abu Dhabi."

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Document background
The Memorandum of Association For Sole Proprietorship is a mandatory legal document required when establishing a sole proprietorship business in the United Arab Emirates. This document is essential for business registration with the Department of Economic Development (DED) and must comply with UAE Federal Decree-Law No. 32 of 2021 and relevant emirate-specific regulations. It contains crucial information about the business including ownership details, capital structure, business activities, management framework, and operational guidelines. The memorandum serves as proof of business establishment and is required for various business transactions, including bank account opening, license renewal, and contract execution. For foreign owners, additional provisions regarding local service agents and foreign ownership restrictions must be included in accordance with UAE foreign investment laws.
Suggested Sections

1. Parties: Details of the sole proprietor including full name, nationality, Emirates ID number, and address

2. Background: Context of the establishment of the sole proprietorship and purpose of the memorandum

3. Definitions: Definitions of key terms used throughout the memorandum

4. Establishment and Trade Name: Declaration of establishment and the registered trade name of the business

5. Legal Form: Confirmation of the business's legal form as a sole proprietorship

6. Business Activities: Detailed description of permitted business activities

7. Principal Place of Business: Address of the main office and any branches

8. Duration: Term of the business (typically unlimited)

9. Capital: Details of the initial capital investment and source of funds

10. Management and Administration: Management structure and appointment of managers if applicable

11. Signature Authority: Specification of who has authority to sign on behalf of the business

12. Financial Records: Requirements for maintaining financial records and accounts

13. Dissolution and Liquidation: Procedures for business dissolution and asset distribution

Optional Sections

1. Power of Attorney: Required if the sole proprietor wishes to delegate management authority to another person

2. Branch Provisions: Include when the business plans to operate multiple branches

3. Inheritance Provisions: Specific provisions regarding business succession in case of the proprietor's death

4. Shariah Compliance: Required if the business needs to operate in accordance with Islamic law principles

5. Foreign Ownership Declarations: Required if the sole proprietor is a foreign national

6. Agency Arrangements: Required if the business will operate through a local service agent

Suggested Schedules

1. Schedule 1 - Business Activities: Detailed list of licensed business activities as per DED classification

2. Schedule 2 - Initial Capital Statement: Breakdown of initial capital investment and assets

3. Schedule 3 - Authorized Signatories: List of authorized signatories and their signing powers if applicable

4. Appendix A - Trade License: Copy of the initial trade license

5. Appendix B - Proprietor's Identity Documents: Copies of proprietor's passport, Emirates ID, and other identity documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















Clauses

























Relevant Industries

Retail

Professional Services

Consulting

Trading

Real Estate

Food & Beverage

Technology

Healthcare

Education

Construction

Manufacturing

Tourism

Personal Services

E-commerce

Media & Entertainment

Relevant Teams

Legal

Compliance

Finance

Corporate Governance

Business Development

Operations

Administration

Risk Management

Corporate Affairs

Business Registration

Relevant Roles

Business Owner

Legal Counsel

Company Secretary

Compliance Officer

Business Development Manager

Finance Director

Managing Director

Operations Manager

Commercial Director

Legal Administrator

Corporate Governance Officer

Business License Coordinator

Administrative Manager

Risk Manager

Chief Executive Officer

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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