IT IS NECESSARY TO HAVE A UAE CITIZEN AS PARTNER OR AGENT
In order to open a company in the UAE, you have to find a local partner – a citizen of the United Arab Emirates, who will nominally be a co-owner of the business. Usually such partner is simply referred to as “local”.
Your relations with the “local” will be regulated by a Memorandum of Association that has to be signed and attested in the Court. Usually locals do not interfere into your business affairs. Their responsibility is to represent your company in sych governmental bodies as Ministry of Labour and General Directorate of Residency and Foreighers Affairs (simply knows as “Immigration”).
However, if you do not want your local to take even that responsibility, you may require a Power of Attorney from him, that will enable you to carry out all the relations with these Authorities.
Needless to say, you should be careful when choosing a local. For example, if he is sponsoring many companies, and some problems arise in one of them, all of the companies under his sponsorship may be blosked, causing delays and troubles in your business.
Saint Vincent & the Grenadines (SVG) is an island country in the eastern Caribbean Sea. It is a friendly and welcoming destination for investors around the world. Doing business in SVG can be rewarding as the country has many incentive tax policies and unexplored opportunities.
This October, One IBC will officially launch a mobile application One IBC App on iOS and Android platforms. This application promises to create a platform that connects customers with One IBC. Moreover, this will make tracking and managing your foreign company simpler and easier than ever.
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