Yes legally you can. but i think if you start a competing company with your present employer you can be in trouble also check in your labour contract if there is any particular clauses that objects it. normally it wont be there.
You need a local sponsor to start a company, you can be max upto 49% shareholder, but as your sponsorship is not under this company you cannot have the manager's position in CR so you cant have your name in computer card.