How to find Local Partner in Dubai
LOCAL PARTNER. In a Dubai start, a business or company setup main thing is that to find the best local sponsor and the local partner. in a local partner means - trustworthy, available, and responsible Local Business Partner or Local Service Agent is all that a company needs to meet its daily targets and grow smoothly with style. Every citizen of the United Arab Emirates above a certain age is authorized by law to be a Local Partner or a Local Service Agent in a company. This person has to handle all the Government related authorization for the company as for example approval of some activities or employing staff.
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HOW TO FIND A LOCAL PARTNER? we defined the following selection process for select a Business local partner: 1. Make a long-list of potential entrepreneurs worldwide and send them limited product and project information and goals 2. Upon interest from entrepreneurs, get into direct contact to address questions to be answered in a follow-up 2-page product flyer 3. Create a short-list of the most relevant interested entrepreneurs Have entrepreneurs fill in our partnership criteria document 4. Send a Non-Disclosure Agreement to be signed 5. Analyse the responses on the partnership criteria document 6. Choose top partner and identify potential risks 7. Get into negotiations with 1st ranked partner, if fails, start discussion 2nd ranked
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PROCESS OF CHOOSING A LOCAL PARTNER how to find a local partner in Dubai - in this processing stages will described to find a local partner in Dubai. Find a Local Partner - That Can Bring Skills and Experience to The Business Find a Local Partner - That Shares Your Values, Entrepreneurial Spirit, and Vision Look For a Local Partner Without A Lot of Personal Baggage Find a Local Partner - That Can Offer Resources and Credibility to Your Business Choose a Local Partner - That is Financially Stable Choose a Local Partner - That Practices Good Personal and Business Ethics Respect - A Necessary Element to Forming a Successful Partnership
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ROLE OF LOCAL PARTNER IN DUBAI, UAE The word “Local Partner” is neither a title or position nor a job description of the involved Emirate. However, it can be considered a status that a Local Partner or Local Service Agent gains after establishing a company or after being appointed as a Service Agent for a certain entity. In Dubai, business or company setup, industrial activities require a Local Partner (who has to hold 51% of the company shares) and are usually structured as a Limited Liability Company (LLC). a professional license can be a Sole establishment, civil company or LLC company .
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ROLE OF LOCAL PARTNER IN DUBAI, UAE In an Professional companies may be 100% foreign owned. However, it is not necessary to appoint a local Emirate. According to Dubai rules any licensing professional in order to establish a business which business setup activities, the business will be formed as a “Sole Establishment or Civil Company”. Most of the services related to professional activities require a professional license.
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ADVANTAGES OF A LOCAL PARTNERSHIP two heads (or more) are better than one your business is easy to establish and start-up costs are low more capital is available for the business you’ll have greater borrowing capacity high-calibre employees can be made partners there is opportunity for income splitting, an advantage of particular importance due to resultant tax savings Local partners’ business affairs are private there is limited external regulation
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DISADVANTAGES OF A LOCAL PARTNERSHIP liability of the Local partners for the debts of the business is unlimited In an each partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debts there is a risk of disagreements and friction among partners and management each partner is an agent of the partnership and is liable for actions by other partners if partners join or leave, you will probably have to value all the partnership assets and this can be costly.
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H M C INVESTMENTS GROUP LLC website: http://www.hmcinvestuae.com/ Address: The Prism Tower - Dubai - United Arab Emirates
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