UAE Local Partner / Local Sponsor Available
UAE, where expatriates planning to setup a LLC or a joint venture are required to work with an Local sponsor (Emirati Partner), who would own 51% of the business. The remaining 49% can be owned by the expatriate. In some cases, the local sponsor does not have any involvement in the business daily activities except for helping in obtaining permits such as trade license, visas & other official paper work.
Here partners sign a so-called “side agreement” along with the Memorandum. In the side agreement the local partner waives any right for the capital or profit of the company. This means that the local partner does not participate in the company’s management or activities, and claims only an annual fixed remuneration.
When the core of the business is rending specific professional services, based on a special educational or vocational background, such as consulting agencies, legal or medical services, engineering projects, the company may be registered with a professional license. In such case when a foreign investor may own 100% of the shares, but a local partner must be present as a service agent. A service agent does not own any share in the company’s capital, but represents the company in different government establishments such as Ministry of labor, Department of Immigration, etc
Flyingcolour providing reliable UAE National Partner / Local Sponsor for all type of company formation either for Economic Department or Freezone Company Registration.