• Any request for change of partners in a Trade License / Initial Approval tied to a Lease Agreement requires formal approval from Wasl. It is the Tenant’s responsibility to apply for approval before making any changes to the ownership in a Trade License.
• Both existing and proposed new partners must visit the WASL Experience Center (WEC) office with the required documents to request for approval.

• Once all the required documents are submitted at the Wasl Experience Center (WEC), the application is reviewed by Wasl.
• If the change of partners is approved, then notification of the approval will be sent to the Tenant. The Tenant will be informed about the new rent applicable for a new Lease Agreement due to change of ownership. Other standard terms such as Commission and Security deposit will also apply.
• An inspection will be conducted for the leased premises, and the old tenant must settle all dues before initiating the new contract and paying fit out related charges.
• New lease process
• No maintenance will be provided.

Existing Tenant Documents

• Transfer Form (to be filled and given in office -Signed and Stamped).
• Copy of Wasl lease agreement.
• Trade License Copy with Partners Page.
• All Partners Passport + Visa + EID Copies.
• NOC letter from the Company to Approve the Transfer to New Party.

New Tenant Documents

• Tenant Information Form (Corporate) (to be filled and given in office -Signed and Stamped).
• Memorandum of Association Copy.
• Information on proposed changes to the Partners.
• All Partners Passport + Visa + EID Copies.
• NOC Letter from the Company to Accept the Transfer in Same Condition without Maintenance.

• Commission: 5% of annual rent.
• Rent - Current Market rate or existing lease rent whichever is higher.
• Security deposit: As applicable.
• VAT: 5% on commission and rent.

• Approval time: 3-5 working days.
• Office timing: 8 AM to 11 AM Monday to Friday.