sponsorships in dubai

All that you need to know about Sponsorships in Dubai! Dubai has always been a major place of attraction for foreign investors and entrepreneurs. The strategic location, formidable economic structure, sizeable global population, solid infrastructure and ample commercial opportunities are the major reasons why established as well as budding investors prefer it over other countries to kick-start a business. The background UAE has three main types of companies under which non-GCC citizens can register and operate their business – Mainland Companies, Free-Zone Companies and Off-shore Companies. Earlier if you were to start a commercial business in Mainland Dubai, you were required to obtain local sponsorships in Dubai. A local sponsorship could be a UAE national or a UAE-based company. So a local or corporate sponsorships in Dubai was mandatory for an entrepreneur willing to start a commercial business in Dubai though this was not mandatory in the case of a professional business set-up. It was also obligatory that a local sponsor holds a 51% stake in the company and an expat 49%. Establish your company in Dubai with 100% ownership According to the provisions of Federal Decree-Law No. 26 of 2020 and as per the revisions made to the provisions of Federal Law No. 2 of 2015 on Commercial Companies, foreigners are now allowed to set up a commercial company in Dubai with full ownership. An expat/non-GCC resident can now establish a commercial business in Mainland with 100% ownership! Yes, the law now grants the freedom to both expats and legal entities to establish companies without any prescribed nationality criteria. Apart from this, companies wishing to go for joint stock can sell up to 70 per cent of the stake post approval from regulatory authorities. Yes, the ceiling of 30 per cent cap has been increased to 70%. Moreover, existing companies may apply to amend their statuses of ownership according to the new law. The decree is deemed to be a continuation of the UAE’s on-going endeavours to enhance the readiness of its economy and gear up for the future by fostering commercial and investment prospects. This will also elevate the competitiveness of UAE’s business landscape, in tandem with the rapid economic transformations and advancements transpiring across the world. Despite the change in ownership law, expats do have the option of collaborating with the local sponsor. The benefits of having a local or corporate sponsorships in Dubai can prove beneficial in the sense they can act as a local agent making it easy for expats to deal with the local departments. How Corpin Consultants can help you? Business setup for Non GCC residents in Dubai can be difficult if they have little or no knowledge of the existing governmental norms, knowledge of the region, compliance regulations. If you are looking for setting up a business in Dubai with 100% ownership or require a local or corporate sponsorships in Dubai, we can help. We offer end-to-end business set-up services such as assisting clients with trade license applications, VAT and company administration, finding and accessing banking services, visa, relocation process, documentation etc. So leave all your worries to rest and get started on your next venture in Mainland Dubai. Contact us on email: info@corpinconsultants.com or call +971558432911 for your free consultation today!