Sponsorship Agreement Uae

Corporate sponsorship: this is the preferred choice of local sponsorship within the United Arab Emirates. A national VAE (Local Sponsor) company holds 51% of an organization`s commitments, and the remaining 49% is held by an individual or group of foreign investors. In this type of sponsorship, the company is sponsored by a company and not by an individual. Individual sponsorship: Individual sponsorship is a more common type of local sponsorship in Dubai. A national VAE (local sponsor) in its individual quality becomes your sponsor and holds a 51% share and responsibility for the company. While the emirran sponsor is the main shareholder of the company, it can hand over the power of attorney (POA) to the foreign partner for a fixed annual fee. 5- Submit all documents with your office rental contract (ejari) to the Economic Development Department to obtain a license payment voucher to pay for the license and issue the license. In another case, the Dubai Court of Cassation upheld the judgments of the trial courts and the Court of Appeal. The court here recognized the secondary agreement. The court found in its judgment that: Yes, if the local sponsor did not sign the agreement of the association / service agent of the agreement and notarier that they have reimbursed the public notary the full payment . A literal interpretation of the provision renders most of the secondary restrictions illegally and not aeig of the initio.

Article 395 of the United Arab Emirates Civil Code states that if the contracting parties conceal a genuine contract with an apparent contract, the real treaty will be effective, as there has been strong criticism of the contractual institution which clearly affects the uae`s efforts to involve more domestic operators in its national economy. As a result of the NSA or the tacit agreement, the UAE national transforms into a tacit registered owner of shares or a “silent partner,” while the foreign investor insures all the economic interests of those shares. Having a “sleeping partner” means that the investment in the company that concerns the creation and operation of the company is entirely carried out by the foreign shareholder and that the national shareholder of the United Arab Emirates acts only as a local sponsor. The UAE national provides the company with only assistance, such as contact with the authorities and visa intermediation. Therefore, an annual sponsorship association is concluded between the party and is paid to the sleeping partner. While the Association Agreement Memorandum (MOA) and the commercial license of the company de jure ownership by the parties may reflect, the ancillary agreements help the foreign shareholder to protect their interests and ensure control of the business.