Limited Liability Company (LLC) is most common form of business in UAE with the fact that this is only the option which gives you maximum legal ownership i.e. 49% to expatriates for a local business. It is mandatory to have local sponsor or sleeping partner with 51%+ of share holding. Limited Liability Company can be formed by a minimum of 2 and a maximum of 50 shareholders whose liability is limited to their shares in the businesses capital.
The typical annual Sponsorship fee can run from US$ 4,200 per year for a small shop to several millions US Dollars for a large multinational company. Though local sponsor is sleeping partner who is enjoying 51% + still him is the individual responsible for left behinds by the absconded business owners.
These are the risks to the Sponsor:
- If you default, then the Sponsor is liable for any checks you have issued and for any employees on your visa, since technically he is the 51% partner!
- If you leave the country, he has to find a way to cancel the visas of your employees and send them home
- As well as close your company and bank accounts.
The features of our service in LLC set up
- Getting approvals and clearances from various departments.
- Drafting MoU of association and other necessary agreements.
- Help to bring local equity.
- Finding local Partners.
- Helping to open bank accounts.
- Assisting to find proper office location.
- Handle other document formalities.
The investor’s benefits on LLC trade license:
- The investor gets special visa privileges for his/her family.
- The investor can commence branches.
- The Investor can enjoy practicing business without interruption of sleeping partner or sponsor.
- The paper and assets would belong to company not local partner.
- The investor can avail credit cards and can open bank accounts.