Joint Venture In Sharjah
For setting up a joint venture in Sharjah, a contractual agreement between a foreign party and a local party must be done and licensed to engage in a desired activity. A joint venture is done among two or more partners agreeing by contract to share the profits or losses of one or more commercial enterprises. The l equity participation from the local side in the joint venture must be at least 51%, but the profit and loss distribution can be prescribed. The foreign partner deals with third parties under the name of the local partner will bear the liabilities. In practice, joint ventures are seen as offering a suitable structure for companies working together on specific projects.
Documents required for Initial Approval
- Registration and licensing application, as well as proof of reserved trade name.
- Photocopy of applicant’s passport
- Photocopy of applicant’s naturalization identification.
- Permission from the court to practice business, for applicants under 21 years.
- Approval issued by other Government authorities according to the type of activity.
Documents required after getting the Initial Approval
- Initial Approval Receipt from official from Sharjah
- All documents submitted before in order to get the Initial Approval.
- Photocopy of office lease including the plot number.
- Original photocopy of the Memorandum of Association duly authenticated by the Notary Public.