UAE is known for its strategic location, and it offers several tax advantages, which makes entrepreneurs around the world opt for this place. However, it is not only the location or the tax advantages that attract clients from all over the world; the process of opening a company is also smooth but needs heavy documentation.
Consulting.AE is one of the reputed companies that helps in making the process easier and less cumbersome. With detailed guidance from these experienced agencies, the company opening becomes hassle-free. In this post, we are going to see the steps and other details that Consulting.AE helps you with such needs.
Table of Contents
The Integrated e-Service Basher for Company Registration
Thanks to the UAE’s government, company registration is a simplified process, and it is conducted as follows:
● Choose a Favourable Business Location
The initial step to company registration is always choosing an appropriate location, which can be a Mainland, Free zone, or offshore. These are not just mere sites to operate; each has its own unique sets of advantages and reasons. The mainland helps the operator to take part in local and international trade, and foreign investors can own 100% of the business.
Free zone, on the other hand, also offers 100% foreign ownership with tax advantages of up to 100% tax-free if it is under the “qualified income” as per UAE’s legal regulations. However, the free zone companies cannot directly trade with UAE local markets and distributors. Offshore companies are known to operate outside the UAE; they are applicable for international trade only.
● Identifying Your Business Activity Properly
It is essential to understand the business activity and see how it might operate, whether it can trade in the mainland, free zone, or needs offshore accessibility. Depending on the type of business activity, there are six available licenses, which include industrial, commercial, crafts, tourism, agricultural, and professional licenses.
● Choose a Suitable Legal Structure
There are various legal ownerships, which include:
- Sole proprietorship, in which one person owns this case, Emirati ownership is annulled.
- Limited liability company or LLC, where the capital requirements are already limited based on the share of the property, the maximum partnership is up to 50 members.
- Public Joint Stock Company means that the capital is divided into tradable shares, the public subscribes to a portion of the share, and the remainder must be offered to the public.
Check for an appropriate ownership and then opt for registration.
● Apply for Initial Approval
You will need formal approval from the investors to make sure that you can opt for the license and then proceed to operate inside the UAE.
● Create an MOA or LSA
For the companies operating as limited partnerships, LLC, PJSC, or PrJSC, you will need a notarized MOA. On the other hand, an LSA is required for sole proprietorship; if non-GCC residents own the business, you must always appoint an LSA from the UAE.
Lastly, additional government approval is also required, and the documents for starting your business are submitted. Corporate bank account opening helps you conduct transactions seamlessly.
Final Words
At Consulting.AE, we provide the best support regarding the company registration procedure and help in opening your corporate bank account and smoothen the entire process. Additionally, our support starts from the consultation through registration and ongoing support as well.