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Local Sponsor Agreement

8.2 If the force majeure event prevents the performance of the obligations of the party concerned for an uninterrupted duration of more than 365 days, the other party, which is not affected by the force majeure event, may terminate the contract by communicating it in writing to the party concerned at the end of that period, and that party is entitled to a full refund of the royalties that are paid to the party concerned in the context of this agreement. The sponsor of the company does not participate in the day-to-day management of the business, so the foreign owner may have full management control of employees, customers and product offerings. When it comes to LLC Company Formation, the most important aspect of this legal form is the participation of a local sponsor from the United Arab Emirates. The sponsor of an LLC Company could be either an individual or a company with UAE nationals as shareholders. However, with experienced business consultants like Aurion, it has become easier to find the perfect local sponsor of the United Arab Emirates. Aurion helps you with a local sponsor in the United Arab Emirates and a corporate sponsor depending on your specific needs and their type of activity. You should also take the time to get to know your sponsor before making some kind of agreement. This means getting to know them as well as possible in person and obtaining references and assurances from other members of the United Arab Emirates who have worked closely with them. A letter or ancillary agreement is an agreement that is not part of the primary contract or agreement, but is an agreement ancillary to the primary contract. An ancillary agreement is used by the parties to confirm additional details that were not known at the time of the primary contract. An ancillary exemption is mainly used for 2.1.2 a non-transferable, non-exclusive and free license for the use of logos and event marks (the “event marks”) that are made available to you in accordance with paragraph 4.3 to promote your sponsorship of the event. , while the foreign investor insures all the economic interests of these shares.

Having a “sleeping partner” means that the investment in the company that concerns the creation and operation of the company is entirely carried out by the foreign shareholder and that the national shareholder of the United Arab Emirates acts only as a local sponsor. ยป

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