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Can my local partner take control of my business?
Yes, but only if you are not structured correctly. At Virtuzone we offer comprehensive advice on company structuring and can implement a few mechanisms to ensure you always remain in control of your business.
What happens if my local partner passes away?
If your local partner is a natural person, then an heir will inherit the 51% share in your business. It is then up to that person if he or she wishes to continue in the same manner as nominee shareholder or if they wish to negotiate new terms or be more involved in the business. At Virtuzone we offer a corporate nominee shareholder solution that can protect you in the event of the passing of a local partner.
Can foreigners now own Mainland companies 100%?
Yes, in some cases this is possible. If interested, please contact Virtuzone and we will see if we can do this for you. Check this - Looking for a local sponsor in Dubai?
What if I want to change my local partner?
Virtuzone offers a market leading 30-day notice period without penalty if you wish for us to transfer the shares to a new partner while under our sponsorship. However, if you have a natural person as your local partner it is your responsibility to negotiate exit terms at the time of exit.
Can my UAE mainland company buy property?
Yes, your mainland company can own both residential and commercial property in the UAE.
If I have a 51% local partner, can I still fully control my business?
Yes, if licensed via Virtuzone you will be given a full power of attorney and all management control of the company will rest with you. This includes but is not limited to: Finance, Labour and Immigration and Commercial Contracts.