The Founders Contract serves as the cornerstone document for establishing a new business venture in the UAE, whether in the mainland or free zones. This essential agreement is used when two or more parties come together to establish a company, requiring careful consideration of UAE commercial laws, ownership structures, and business regulations. The document typically includes detailed provisions about capital contributions, share allocations, management rights, profit distribution, and exit mechanisms, all aligned with UAE legal requirements. A well-drafted Founders Contract is crucial for protecting all parties' interests and ensuring smooth business operations while maintaining compliance with local regulations and business practices.
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1. Parties: Identification of all founding members with full legal names, addresses, and Emirates ID/passport numbers as required by UAE law
2. Background: Context of the agreement, including the business concept and founders' intention to establish the company
3. Definitions: Detailed definitions of key terms used throughout the agreement, including UAE-specific legal terminology
4. Company Formation: Details of the company structure, legal form, and registration requirements under UAE law
5. Capital Structure: Initial capital contribution, shareholding percentages, and types of shares in compliance with UAE Commercial Companies Law
6. Roles and Responsibilities: Detailed description of each founder's role, responsibilities, and commitment to the company
7. Decision Making: Governance structure, voting rights, and decision-making processes for both day-to-day and major decisions
8. Share Transfer Restrictions: Limitations on share transfers, right of first refusal, and tag-along/drag-along rights
9. Intellectual Property: Assignment and protection of IP rights, including pre-existing IP and newly developed IP
10. Confidentiality: Protection of company and founder confidential information
11. Non-Competition: Non-compete and non-solicitation provisions in accordance with UAE law
12. Exit Provisions: Procedures for founder exit, including voluntary departure, termination, death, or incapacity
13. Dispute Resolution: Mechanism for resolving disputes, including jurisdiction and governing law clauses specific to UAE
14. General Provisions: Standard legal clauses including notices, amendments, and severability
1. Vesting Schedule: Used when founders' shares are subject to vesting over time, particularly relevant for startups with external investment potential
2. External Investment: Include when anticipating future investment rounds, detailing procedures for capital raises and dilution
3. Founder Employment: Required when founders will be employed by the company, including terms of employment and compensation
4. Islamic Finance Compliance: Necessary for companies seeking to operate in accordance with Shariah principles
5. Multiple Classes of Shares: Include when creating different share classes with varying rights and privileges
6. Founder Loans: Required when founders are providing loans to the company alongside equity investment
7. Technical Services: Include when specific founders are providing technical expertise or services beyond standard duties
1. Schedule 1: Business Plan: Detailed business plan including market analysis, financial projections, and growth strategy
2. Schedule 2: Initial Capital Contributions: Detailed breakdown of each founder's capital contribution, whether monetary or in-kind
3. Schedule 3: Share Capital and Shareholding Structure: Detailed cap table and share class rights
4. Schedule 4: Intellectual Property Register: List of all IP assets being transferred to or developed by the company
5. Schedule 5: Reserved Matters: List of decisions requiring special majority or unanimous approval
6. Schedule 6: Key Performance Indicators: Metrics for evaluating founder performance and company progress
7. Appendix A: Company Registration Documents: Copies of trade license, commercial registration, and other regulatory documents
8. Appendix B: Founder CVs and Qualifications: Professional backgrounds and relevant qualifications of all founders
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