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Founders Contract

Founders Contract Template for United Arab Emirates

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Key Requirements PROMPT example:

Founders Contract

I need a Founders Contract for a technology startup in Dubai with three co-founders, where we're planning to raise venture capital funding by March 2025 and need provisions for future equity dilution and vesting schedules.

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Technology

E-commerce

Financial Services

Healthcare

Real Estate

Manufacturing

Professional Services

Retail

Education

Media and Entertainment

Logistics

Food and Beverage

Consulting

Renewable Energy

Tourism and Hospitality

Relevant Teams

Legal

Corporate Affairs

Executive Leadership

Finance

Compliance

Business Development

Corporate Governance

Strategy

Administrative

Risk Management

Relevant Roles

Chief Executive Officer

Managing Director

Founder

Co-founder

Chief Financial Officer

Chief Legal Officer

Corporate Lawyer

Business Development Director

Company Secretary

Board Member

General Counsel

Startup Advisor

Investment Manager

Legal Consultant

Business Owner

Executive Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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