Investors Buying Companies Must Check History

Khalil Khoury, Director of Work Permit Department at the MoL,warned the investors wanting to buy firms from other sponsorsafter an Egyptian investor complained at the MoL Open House on Monday.

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The Egyptian investor found that several months after buying a company, the previous sponsor of the company had to pay fines of Dh192,000, which will now have to be 
paid by him.

“I advise everyone who wants to start business by buying an established company to check with the MoL, the municipality, and the civil departments,” said Khoury.

“This investor is responsible to pay the finesafter completing six months from the date of buying the firm. However, the responsibility will beshared bythe previous owner and the new investor during the period of six months,” explained Khoury

Theofficials met more than 50 Public Relations Officers (PRO), workers and firms’ owners to find solutions to their complaints.

Khoury stressedthe firms’ owner to comply with the labour law to arrange for suitable accommodationfor the workers before bringing them to the country. 


ahmed@khaleejtimes.com