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Host SavoieSwitzerlandRepurchase 10% a year, 2 yrsEdinburgh Supplies LTDSouth KoreaRepurchase 10% a year, 5 yrsSnow BrokerJapanRepurchase 10% a year, 3 yrsLyfeindex LimitedBelgiumRepurchase 5% a year, 10 yrsBullion RumTanzaniaRepurchase 5% a year, 10 yrsMUTEJapanRepurchase 10% a year, 5 yrsBenito'sJapanRepurchase 5% a year, 10 yrsAnnard LtdUnited StatesRepurchase 5% a year, 5 yrsKEMA Storköksförsäljning ABChinaRepurchase 10% a year, 5 yrsTruth Treatment SystemsBrazilRepurchase 5% a year, 10 yrsRicher EducationKuwaitRepurchase 50% a year, 2 yrsBelle CoachworksAustraliaRepurchase 5% a year, 7 yrsArconoQatarRepurchase 8% a year, 5 yrsK-FabQatarRepurchase 10% a year, 5 yrsNoordungQatarRepurchase 15% a year, 3 yrsMobo EatsNetherlandsRepurchase 10% a year, 3 yrsEngingNepalRepurchase 10% a year, 3 yrsRabosaUnited Kingdom, EnglandRepurchase 10% a year, 3 yrsShocklogicBahrainRepurchase 50% a year, 2 yrsStagefrights Murder MysteriesChinaRepurchase 15% a year, 3 yrsThe Mortgage Advice ClubQatarNo repurchase optionAdventura GlobalBrazilRepurchase 5% a year, 5 yrsShapeaccelerator BVChinaRepurchase 10% a year, 3 yrsIndoor Vertical.FarmQatarRepurchase 10% a year, 3 yrsCrowd CookwareBahrainRepurchase 10% a year, 3 yrsLandskapetGermanyRepurchase 10% a year, 3 yrsGreenolaOmanRepurchase 10% a year, 3 yrsCaravans In The SunGermanyRepurchase 10% a year, 3 yrs

EdenMountainWhat is an ENOR

What is an ENOR?

ENOR stands for Enterprise Non-Operating Right. It is a brand's licensed and transferable right to one territory where it does not operate. Brands create and sell ENORs on the exchange, and verified investors buy them and can sell them on.

The definition

Every business holds non-operating rights to its brand in every country, and few know it. Fewer use them. Those rights are real, but until ENORs they had never been recognized as an asset or sold. An ENOR packages one territory's rights so they can change hands without touching how the business is owned or run.

“An ENOR or Enterprise Non-Operating Right means a transferable, licensed non-operating right to Enterprise IP in a specific territory, as identified on the Platform.” Enterprise IP means the brand's trademarks, copyrights, technical expertise, goodwill and related rights. From the Platform Terms and Conditions, which govern together with the Transfer Agreement between Seller and Buyer.

From a brand's rights to one ENOR

A brand operates in a handful of places and holds rights everywhere else. Listing an ENOR takes one of those other places and turns it into a recorded, transferable asset. The brand keeps every territory it has not sold.

Badiani1932 on the exchangeTerritories by status
Badiani1932: territories by statusGBFRUSDEAEQAKWBHESITNLJPEGTROMSACNINCHSEHRJOMAPTSGZAAUNZIDGRPLNOMXBRARCANGKEDKKRENOR Holder CertificateOriginatorBadiani1932TerritorySaudi ArabiaRepurchase10% a year, 3 yrsOperatingSeeking partnersOperates (4)ENOR listed (17)Rights held, not listed

Swipe sideways to see the whole diagram.

Badiani1932 began in Florence in 1932 and brings its gelato to London, Brighton, Barcelona, Malaga and Paris. It has listed ENORs for 17 territories, each with a repurchase option of 10% a year for three years. Saudi Arabia is shown lifted out and recorded on its certificate.

What an ENOR covers, and what it leaves with the brand

An ENOR is deliberately narrow. The buyer receives a right and nothing more, which is why a brand can sell one without giving up control.

The holder receives

  • A non-operating right to the brand's intellectual property in one territory, licensed and transferable
  • An ENOR Holder Certificate in the holder's name, updated on every transfer
  • The ability to resell the ENOR on the exchange at any time
  • A claim on that market: after a sale, the brand can operate there only by buying the ENOR back or agreeing terms with the holder

The holder does not receive

  • Ownership of all or any part of the brand's intellectual property
  • The right to open or operate a business using the brand in the territory, by franchise or otherwise, or to offer similar brands, products or services there
  • Commercial use of the brand's intellectual property for any revenue-generating purpose in the territory
  • Shares in the company or a role in how it is run

Who can do what after a sale

A sale changes who holds the territory. Neither side can open there alone afterward, which is what gives the holder a defined position and gives the brand a reason to set a repurchase option.

Saudi Arabia, before and after a saleBadiani1932's ENOR, 10% a year for three years

Before the saleBadiani1932 holds the territory

Badiani1932 can open in Saudi ArabiaYes
Badiani1932 can sell the ENORYes
An investor holds a right thereNo

After the saleAn investor holds the ENOR

Badiani1932 can open there on its ownNo
The holder can open there on its ownNo
Badiani1932 can buy it back within three yearsYes
The two can agree to operate togetherYes
The holder can resell on the exchangeYes
Badiani1932's Saudi Arabia ENOR has not been sold; the right-hand column shows what a sale would change. The same rule applies to every ENOR.

The ENOR Holder Certificate

Every ENOR is registered on the exchange the moment it is created, through a digital record called the ENOR Holder Certificate. When an ENOR is bought, the certificate updates automatically to show the new holder.

ENOR Holder CertificateSpecimen
Originator
Badiani1932
Current holder
Badiani1932 (unsold)
ENOR
Non-operating right to Enterprise IP
Territory
Saudi Arabia
Created by the originator
June 19, 2025
Last purchase
None yet
Record updates automatically on every transferListed

The certificate records the originator and current holder, the ENOR, its creation date, the date of the last purchase and the territory.

Lifecycle and statuses

An ENOR moves through a short set of stages on the exchange. After a sale it can return to the market, go back to the brand, or settle on terms the two sides agree.

The life of an ENOREach stage lights in turn
back to the marketCreatedListedUnder offerReservedSoldHeldRelistedRepurchasedAgreed terms

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Relisting returns an ENOR to the market, where it can take offers again. A repurchase or agreed terms close the position.
  • ListedOpen for purchase at the listed price or by offer.
  • Under offerA buyer has made an offer. The ENOR stays available and can receive other offers.
  • ReservedHeld for a buyer while the transaction is finalized.
  • SoldPurchased and no longer available, unless the holder relists it.
  • RelistedBought on the exchange and offered again by its holder.

Territories

A territory is a country, or a region of a country where the exchange lists regions separately. The exchange keeps the list, and a brand or investor can request a territory that is not on it yet. As of October 27, 2026, ENORs are listed for 101 territories across 91 countries.

Country or regionSaudi Arabia on the exchange today
One ENOR for the countryOr one ENOR per regionSaudi Arabiathe whole countryRiyadhMakkahEastern ProvinceMadinahQassimAsirHailTabukNorthern Borders

Swipe sideways to see the whole diagram.

Saudi Arabia is listed both as a whole and as nine regions. The United Kingdom is listed as England and Scotland.

The originator's repurchase option

When a brand lists an ENOR it can attach a repurchase option: an annual rate and a validity period, both set by the brand. At any point in that period the brand may buy the ENOR back. The price grows at the listed rate, compounded yearly, and the exchange adds a 10% fee.

Repurchase price = price paid × (1 + annual rate)years + 10% fee

85% of ENORs on the exchange carry a repurchase option. Rates run from 2.5% to 50% a year and validity periods from 1 to 15 years; the most common is 10% a year for 3 years. The option belongs to the brand. A holder cannot require the brand to use it.

The brand pays to repurchase $0
Price grown at the listed rate$0
Growth over the price paid$0
Exchange fee (10%)$0

The starting figures follow the worked example in the exchange's own FAQ: $10,000 at 5% a year, repurchased after three years. Years since the sale cannot exceed the validity period.

How ENORs are priced

The brand sets the price of every ENOR it lists. Buyers can pay that price or make an offer. Value tends to follow two sets of factors: the business behind the ENOR and the territory it covers.

The business

  1. 01Brand strength. Recognition and reputation.
  2. 02Operating history. Years in business and track record.
  3. 03Market position. Standing against competitors and what sets it apart.
  4. 04Customer loyalty. Retention, churn and repeat customers.
  5. 05Footprint. Number of locations and markets served.
  6. 06Financial health and growth plans. Stability today and room to expand.

The territory

  1. 01Size. Geographic scope of the territory.
  2. 02Demographics. Who lives there and how that is changing.
  3. 03Economy. Conditions for a business to succeed.
  4. 04Fit. How well the territory suits this kind of business.
  5. 05Local trends. What could shape future demand there.

Operating partners

An ENOR never obliges a brand to grant operating rights. Some brands, though, sell ENORs to find future operating partners, and some buyers hope to turn an ENOR into a business. Each side states its position so the exchange can match them.

Originator's preference

  • Seeking operating opportunities. 287 listings
  • Neutral toward operating opportunities. 288 listings
  • Not open to operating opportunities. 16 listings

Buyer's intent

  • Set by the buyer with each offer: interested in future operating opportunities, or holding the ENOR as an asset.
  • A buyer's profile stays private unless the buyer shares it, offers below the listed price, completes a purchase or relists the ENOR.

Glossary

ENOR
Enterprise Non-Operating Right. A licensed, transferable right covering a single territory in which the brand has no operations.
Originator
The business that creates an ENOR from its own brand and first lists it.
Seller
The member selling an ENOR: the originator on a first sale, or a holder on a resale.
Buyer and holder
The verified member who buys an ENOR and is named on its certificate.
Territory
The country, or region of a country, an ENOR covers.
Repurchase option
The originator's option to buy an ENOR back at a rate and within a validity period set at listing.
Validity period
The number of years during which a repurchase option can be used.
Verified
A member whose identity has been checked by a third-party provider and screened against sanctions and anti-money-laundering lists.
Transfer Agreement
The standard-form agreement under English law between seller and buyer that every sale runs on.

Join the EdenMountain exchange

Registration is free. Choose the side of the exchange you are on and verification starts from there.

Invest in ENORsFor accredited investors
List your ENORsFor brands with territories they do not operate in