All the best for your new venture. Please note, i had heard of many sponsors taking over the control of the company once it is established, here maximum percentage that a foreigner can hold is only 49% and balance 51% the sponsor can claim any moment. Here it is more common than in Dubai, so be very careful in selecting the sponsor as there is no foolproof way to avoid it, legally you can reduce the risks so consult a good legal consultant before making the WLL agreement. One more thing you has to note is there is no legal standing for the parallel agreement with the sponsor regarding his rights and ownership claims other than the official WLL agreements as normally you do in Dubai.
Sponsor's family name is important here to do business as everybody checks that 1st so find a good sponsor from a reputed family.
1. Make the study on the market wheter the type of business you want.
2. Set a target for your business - sales turnover, gross profit marigin, net profit marigin
3. Make a projected budgets for the business
4. Looking for a good sponsor. There are two types. 1 is fixed amoount of sponsor fee; 2 is according to the project contract value.
5. With the sponsor and your planning, you can go to Ministry of Economic and Commerce to do the registration. It will take you about 6 to 10 days to finish if you are familiar with the procedure and the laws.
6. Getting the CR and Municipal approval, remember to go to take 4 to 5 copies of CR again as most of the government offices will need the original of CR.
7. you will go to the Immigration Department to get the Company Card to let your staff under your company's sponsor - a Original CR is needed.
7. Go to Customs to get your Customs import number. A Original CR is needed.
If there is any problem, you can ask here or PM me. I and QL friends can help you a lot.
Hi, going back to your question, "how to star a company", I guess I have to refer you to basics of management, which means FEASIBILITY Study. You have to do market research and conduct feasibility study.
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All the best for your new venture. Please note, i had heard of many sponsors taking over the control of the company once it is established, here maximum percentage that a foreigner can hold is only 49% and balance 51% the sponsor can claim any moment. Here it is more common than in Dubai, so be very careful in selecting the sponsor as there is no foolproof way to avoid it, legally you can reduce the risks so consult a good legal consultant before making the WLL agreement. One more thing you has to note is there is no legal standing for the parallel agreement with the sponsor regarding his rights and ownership claims other than the official WLL agreements as normally you do in Dubai.
Sponsor's family name is important here to do business as everybody checks that 1st so find a good sponsor from a reputed family.
Hi again,
Thank you for your descriptive response.
Some more info I need.
1. How to find a sponsor?
2. Is there any company that can assist me in getting around with the governmnet departments, finding sponsor etc?
I am in Dubai, here usually we hand over to a company setting up agent, he will handle all these work.
1. Make the study on the market wheter the type of business you want.
2. Set a target for your business - sales turnover, gross profit marigin, net profit marigin
3. Make a projected budgets for the business
4. Looking for a good sponsor. There are two types. 1 is fixed amoount of sponsor fee; 2 is according to the project contract value.
5. With the sponsor and your planning, you can go to Ministry of Economic and Commerce to do the registration. It will take you about 6 to 10 days to finish if you are familiar with the procedure and the laws.
6. Getting the CR and Municipal approval, remember to go to take 4 to 5 copies of CR again as most of the government offices will need the original of CR.
7. you will go to the Immigration Department to get the Company Card to let your staff under your company's sponsor - a Original CR is needed.
7. Go to Customs to get your Customs import number. A Original CR is needed.
If there is any problem, you can ask here or PM me. I and QL friends can help you a lot.
Good Luck.
Gulf4life
Thank you for the responses.
Yes, I will need a sponsor, its part of the setup process.
The Bis plan etc are in place, I looking for help on the legal process, finding sponsor etc
Hi, going back to your question, "how to star a company", I guess I have to refer you to basics of management, which means FEASIBILITY Study. You have to do market research and conduct feasibility study.
First need a sponser.