Who is a local sponsor in UAE?
A local sponsor is an Emirati or a UAE national with a family membership card (Gincia), who acts as your service agent for your business in the UAE.
As per the UAE Companies Law and UAE Civil Law, to form a limited liability company (LLC) in the mainland a minimum of 51% local share is a must. A foreign share in such kind of company should not exceed 49% however, distribution in the profits shared can be mutually agreed between the parties.
How will Emirates Chartered Accountants Group help you get a local sponsor?
Emirates Chartered Accountants Group (demo5.alwafaagroup.com/emiratesca)assures 100% assistance in obtaining an authentic, genuine, well-grounded and reliable UAE national or an Emirati in order to act as your local sponsor.
The side agreement made between the investor and the local sponsor shall be registered in the court by the notary public where it shall be mentioned on the amount you should be liable to pay him on a yearly basis or as it has been agreed between both the parties. The local sponsor then shall be representing will all the dealing in front of Dubai government.
What is the role of a local sponsor?
Local sponsor is not only responsible to share the shares in the company. But instead he is also responsible for some important dealings as mentioned below:
- Cancellation of employees work visa
- Cancellation of the labour status for employees
- Closing the bank accounts
- To settle any outstanding debt if there is any
Why should you choose Local Sponsor Service?
- 100% reliable assistance
- Support and guidance on registration, licensing and office set-up
- Saves time and money
- Proper work progress
- No suspensions and extra cost
Investors and company formation in the UAE are a thriving business in this country. Business magnates from all over the universe choose UAE for investment and forming a company in the UAE. ‘Local sponsor is a general term used in the UAE to refer to local service agents when you form a company in the mainland with foreign investment.
For Local Sponsor Services in the UAE