Question about doing business in the UAE?
We are based in a Free Zone in the UAE and are thinking about venturing out into the world of retail. Which I think means that now we have to get a local sponsor.
My question is this, is it possible to get a local sponsor as a silent partner, with us having the power of attorney, and not needing any signatures from him? If it is possible, what sort of document do we need to sign with him to make things official?
Your advise would be greatly appreciated.
Written by admin under UAE Business Discussions.
Mahesh N
February 25, 2010 at 1:26 pm
After you have identified a suitable “sleeping partner” please ensure you do the following
1. Set up the Company as an LLC with the managing partners’ names listed in the Trade License Copy
2. Obtain a General Power of Attorney (there are standard contracts available) to operate the business, including bank accounts, labour, immigration etc.
3. Attest these documents in the Courts (Notarise)
Pay the sponsor regularly what he/she is due
All the best