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Selling Shares in a Limited Liability Company (LLC) or Sole Proprietor Company (SPC)
The Ministry of Commerce, Industry, & Investment Promotion (MoCI) has allowed the investors to complete the transfer of ownership of the commercial registry through service delivery offices.
Shareholders owning shares in a limited liability company (LLC) or sole proprietor company (SPC) may seek to sell or transfer the shares at some point during the life of the company. A share transfer is the process of transferring a partner's share percentage to another partner. This can be an internal transfer or even an external transfer. In such a case, there are specific legal requirements in the Commercial Companies Law of Oman pertaining to a sale or transfer.
In an SPC company, the shareholder wishing to sell his shares first must give notice of his intention to the proposed purchaser. The notice means it is a buying and selling agreement. The agreement must specify the number of shares, the name, nationality, and address of the proposed purchaser, as well as the terms of the sale.
In an LLC company, the shareholder wishing to sell his shares first must give notice of his intention to all shareholders in the LLC. Each shareholder in an LLC has a right of first refusal, meaning a right to purchase the shares on the same terms before they are offered to a non-member of the company. The seller of the shares must give written notice to all shareholders in the LLC of his intent to sell. The notice means it is a buying and selling agreement. The agreement must specify the number of shares, the name, nationality, and address of the proposed purchaser, as well as the terms of the sale.
Through service delivery offices, the investors can transfer the ownership of the commercial registration. We at Feamish Business Solutions can make the process easy and fast without making any mistakes. Once we receive the application from the investors, we submit the application to the Ministry of Commerce and Industry through the investeasy portal ( https://www.business.gov.om/ieasy/wp/en/ ) ( https://www.business.gov.om )
We will submit the required documents attached along with the payment of the application fees. The application will be transferred electronically to the ministry’s employee for review.
When the application is complete, the seller and buyer are required to visit the offices of the Ministry of Commerce and Industry to sign the buying and selling agreement as a final procedure.
The share transfer process might be a hassle; one or multiple visits to the Ministry of Commerce, Industry, & Investment Promotion for documentation work. In an SPC or LLC company, all the sellers and buyers should be present at the Ministry of Commerce for the signing of the buying and selling agreement. Once the signature from the ministry is complete, the company shareholders need to pay the ministry fees at the counter. After the payment is completed, the ministry staff will give the new company documents to the investors.
We at Feamish Business Solutions can make the process seamless; in just 3 to 4 working days, we can complete the entire process.
Points to Note
Documents required to do Selling Shares in a Limited Liability Company (LLC) or Sole Proprietor Company (SPC)
If you have any missing documents, Feamish Business Solution can help you to overcome that.
In the Sultanate of Oman, the process of transferring company shares plays a vital role in facilitating business transactions, attracting investments, and promoting economic growth. Ensuring smooth and secure share transfers is of paramount importance to maintain investor confidence and foster a thriving business environment. This article explores the significance of company share transfer services in Oman and highlights the key factors essential for efficient and secure transactions.
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