To learn more about the requirements of each business activity and legal form, visit the following pages: A joint-stock company (zártkörűen működő részvénytársaság or Zrt.) is an autonomous and autonomous legal entity. Depending on the legal form of a company, a completed and signed statute (MoA) or a local service agent contract (LSA) of the company is required. The statutes are required for the following legal forms: Independent and independent legal entity. Managed by a board of directors responsible for important business decisions and overseeing the general affairs of the company, subject to the company`s articles of association and in accordance with the provisions of the Companies Act 2013. Directors are elected by the shareholders of the Corporation. Note: In addition to the above, there are other forms of legal entities that may be incorporated under New Zealand law, including a partnership, limited partnership and trust. However, these are less commonly used for commercial purposes in New Zealand and are not taken into account further. A limited liability company (korlátolt felelsségű társaság or Kft.) is a separate and autonomous legal entity. Separate and distinct legal entity. Managed by directors who are responsible for major decisions and oversee the general affairs of the company. Subject to the articles of the Corporation, shareholders and the board of directors generally have the power to appoint and remove directors.
A very popular way for foreign companies to benefit from 100% foreign ownership is to open a branch of the parent company. A branch is legally considered to be part of its parent company and does not have a legal personality separate from that of its parent company. Thus, the name of the branch will be the same as that of the parent company. Branches must have a UAE national as a local service agent. UAE nationals or companies 100% owned by UAE nationals may be appointed as local service agents. The local service agent handles permit applications and other government-related matters for your business for an annual fee. A branch in the United Arab Emirates may only carry out activities similar to those of the parent company. It is important to note that a branch is not authorized to conduct business activities in the UAE. A representative office of a foreign company is legally separate from the branch. A representative office of a foreign company can only promote the sale of its products and facilitate contracts with its parent company in the UAE.
A representative office cannot carry out a sale or production itself. In addition to the above restrictions, representative offices have other restrictions as they are not allowed to obtain credit facilities or make offers. As with a branch, it is necessary to appoint a local service agent when setting up a representative office. The legal forms of commercial companies under Federal Law No. 8 of 1984, as amended, are summarized below. For more information, you can refer to the said law, which is available at the Ministry`s library, in the offices of legal advisers and lawyers, as well as in the commercial libraries of the United Arab Emirates. A branch registered in the United Kingdom is a UK registration of a foreign company. It does not have a legal personality specific to the foreign company. The foreign company will continue to be managed by the directors and shareholders of the foreign company.
A sole proprietorship is a unit of 1 person, while a partnership is a business unit owned by at least 2 persons but not more than 20 persons. The sole proprietorship and the partnership are not separate legal entities, and business partners can sue and be sued on their own behalf. A contractor or partner is exposed to personal risks and liabilities. Civil society is demanding the appointment of a Local Service Officer (LSA) to set up the business. 100% of the ownership can be transferred to foreign investors. LSA is not involved in your business, as is the local sponsor in the LLC corporate structure. LSA will contact the ministries on your behalf and assist you in all legal procedures and assist you with the approval of the license for construction work, the processing of work permits and visa applications, etc. LSAs must receive an annual fee and do not share a percentage of the company`s profit. The most commonly adopted legal structures in the mainland UAE are limited liability companies (LLCs) and branches (branches). In addition, it is also possible to set up a representative office (also called liaison office), which is a legal structure identical to that of a branch, but its activities are limited to serving as an administrative and marketing center for the parent company (Rep Office).
In the event of death or permanent incapacity, the candidate remains a director only until the legal heirs of the individual partner have been legally designated and the 1st of them have determined or agreed that the estate will be the sole partner. This license authorizes the execution of various specified forms of service activities. Under French law, the branch is a direct form of establishment by a foreign company in France. A branch is not an independent legal entity and is therefore considered to be the same legal entity as the foreign company, which remains solely responsible for the operation of its branch in France.