Over the past few years, Sharjah has grown into a centre for arts and culture as well as a foremost industrial hub. The Emirate takes an all-inclusive and balanced approach to economic and social development by creating human-centric experiences in conjunction with the development of physical assets and infrastructure. The Emirate of Sharjah allows seven primary types of company formation, and General Partnership is one of them.
A partnership company is a company formed by two (2) or more partners who are jointly accountable to the extent of all their shares in the business. All partners must be U.A.E. Nationals. The partners in the partnership are legally responsible for its debts and legal action – either personally, proof of existence, created by agreement, and estoppels. The partnership agreement must be created with the outline in detail the profit-sharing arrangement between the partners. In the case of death, bankruptcy, insanity, or withdrawal of any partner, the partnership must be dissolved. A new partnership agreement must be created among the remaining partners who would like to continue and any new partner(s) who are added now.
Characteristics of a General Partnership Formation in Sharjah
- The shares of the company may not be represented in negotiable certificates
- Partners are individually accountable in all their money for the company's duties, and any agreement to the contrary might not be made against third parties
- All partners shall undertake the company administration unless the company contract or an independent contract assigns the administration to a partner or a non-partner party
- Each legal partner may own any share of the business. There is no minimum or maximum level of ownership for any shareholder
- A partnership business can appoint one manager as per the Sharjah Economic Development Department (SEDD). business regulations
- A general partnership company in Sharjah can have more than one branch. Each may commence one or all of the activities involved in the primary business license
Procedure to Register your General Partnership in Sharjah
- Register a trade name with the SEDD
- Contact the Licenses Section after completing the procedures of trade names, legal affairs, and inspection to complete the transaction
- The employee at the SEDD will review the necessary license data and endorse it or makes the essential amendments to the existing data and add any if required
- Payment permission and auditing will be issued
- After payment, the dues license and registration certificates will be provided
Documents Required to Set Up a General Partnership in Sharjah
- License form
- Brand certificate
- Copy of the passport, civil register applicant, and visa or residence and identity card of the expatriate
- Official approvals, if any
- Report of Technical assessment
- Partnership contract (Memorandum certified by a Notary Public)
- Ministry of Economy approval
- Approval of legal affairs
- Certified copy of the lease contract
- Map image or property certificate
How can we help?
Company formation in Sharjah is a lucrative proposition, and one must select the most appropriate legal entity to represent one's business. Commitbiz offers a wide range of highly consistent business management services that can help you in the realization of your business initiatives in Sharjah. Our team of professionals specializes in company incorporation, registration, accounting, tax advisory, and bookkeeping services. If you are looking to set up a company in Sharjah or anywhere in the UAE, do contact us. We'll be glad to assist you.