local sponsor in Dubai mainland business setup

 The role of a local sponsor in Dubai mainland business setup

In Dubai mainland, foreign investors are required to have a local sponsor or service agent to set up their business. Here are the key roles and responsibilities of a local sponsor:

Legal representation: A local sponsor serves as the legal representative of the foreign investor and is responsible for liaising with the government authorities on behalf of the foreign investor.

Local knowledge and expertise: A local sponsor has knowledge of the local laws, regulations, and business practices, which can be beneficial for a foreign investor in navigating the business environment in Dubai.

Sponsorship and support: A local sponsor provides sponsorship and support for the foreign investor in obtaining the necessary licenses and permits to operate the business in Dubai mainland.

Partnership and profit sharing: A local sponsor may also enter into a partnership agreement with the foreign investor and share in the profits of the business.

It's important to note that the role of a local sponsor may vary depending on the nature of the business and the terms of the sponsorship agreement. Therefore, it's crucial to carefully consider the selection of a local sponsor and consult with a business setup consultant or legal advisor to ensure that the terms of the sponsorship agreement are fair and favorable to both parties.