FINDING A LOCAL SPONSOR FOR COMPANY SETUP IN DUBAI
Local Sponsors and Company Setup in Dubai
Finding the right local sponsor is very essential for company setup in Dubai, UAE. It can be difficult, but not impossible. With a trusted source like Marqueway, you can now start your business in the land of the business boom as we offer business sponsorship services in Dubai, UAE. Our team help your find sponsors for your company for a certain fee and hence completes a legal requirement specified under the government rules and regulations. We have interesting offers and prices if you wish to hire us as your inactive company setup partner in Dubai. Having extensive connections with numerous important government agencies, we help you slide through conveniently and efficiently.
Having a local sponsor is a great benefit when starting your business in Dubai, UAE. If you wish to set up a limited liability company, a local sponsor is compulsory. We help you choose an experienced sponsor, both for the mainland and free zone businesses. So, don’t start your journey with worries at all! Be it governmental permits, approvals, or anything of such sort that requires submissions to the Department of Economic Development, we are well-equipped to get them done for you.
Types of Local Sponsors for Company Setup in Dubai
Local sponsorship is a legal requirement for foreigners looking to establish a business presence in Dubai. Not all businesses require a local sponsor but the presence of a UAE national is mandatory for some types of business activities. Here are some of the types of local sponsors for your reference:
Individual Local Sponsor
You can associate with an individual local sponsor in Dubai to establish your business in Dubai. Usually entrepreneurs wishing to setup their business in the commercial sector looks to partner with an individual local sponsor. The individual local sponsor may not interfere in the day-to-day operation of your company. Individual local sponsor holds a minimum of 51% of your business in Dubai.
Local Service Agent (LSA)
Professional and service-oriented services normally choose this type of local sponsorship. The LSA mostly doesn’t have any ownership in your business but is appointed to represent your foreign business in dealing with government authorities.
Corporate Local Sponsor
This is mainly a government body or local body that agrees to partner with you for your company setup in Dubai. They hold a minimum of 51% equity shares in your organization. This model of sponsorship is preferred by businesses who desire a layer of separation between yourself and the sponsor.
Local Emirati Partner
Here the local Emirati partner will actively participate in the company operations and management. The profit and loss distribution are decided by the initial partnership agreement.
Local Sponsorship: Aspects beyond company shares
Local Sponsorship is not just about having 51% of your company shares. There are additional perks that come along with having a local Emirati sponsor on board. They are:
- Provide signatures as a representative of the foreign owner in various contracts and applications.
- Bank accounts closure procedures
- Employees’ labour status cancellation as well as employees work visa process
- Guidance and help during the license renewal process and translation to Arabic
- Put a good word about you to the law enforcement and other entities that could help grow your business
- If applicable, settle outstanding debts
Local Sponsorship is not just about having 51% of your company shares. There are additional perks that come along with having a local Emirati sponsor on board. They are:
- Provide signatures as a representative of the foreign owner in various contracts and applications.
- Bank accounts closure procedures
- Employees’ labour status cancellation as well as employees work visa process
- Guidance and help during the license renewal process and translation to Arabic
- Put a good word about you to the law enforcement and other entities that could help grow your business
- If applicable, settle outstanding debts
Contact Marqueway to get your Local Sponsor Today
Get your goals sorted without worrying about nothing much about your company setup in Dubai. Connect with our company setup consultants to learn more and get personalized insights.