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Achieving Dubai company registration
Business owners that want to open up a business in Dubai have two main options at their disposal, choosing between offshore companies and resident companies. Dubai company registration varies significantly based on the type of business you plan on opening and you need to know everything in advance in order to take the right steps.
Assessing the characteristics of on-shore and offshore companies is important for deciding what suits your interests the most. Opening offshore companies in Dubai is very different from on-shore ones. There are no special requirements and no limitations when it comes to the shareholders of the offshore company. On the other hand, the onshore company requires someone locally to operate the business, as full foreign ownership is not allowed. This poses certain issues for business owners who don’t live in Dubai and who simply want to open a business there. If they don’t have a partner in the country or someone they can trust completely, they are unable to open an establishment and do business. This implies other factors as well and knowing every detail from the beginning is highly helpful. Decide who will be the “sponsor” for your business, especially what services you expect from him and how much you are willing to pay for fees. To avoid any problems and risks, make sure you have a good rapport with the “sponsor”.
The UAE offshore company does not pay any taxes, but the onshore one has tax obligations and requirements to fulfil, based on the current legislation. It is very profitable to start a business in Dubai if you want to benefit from the privacy and the tax regime, and if you are not interested in the market there, not having clients within the country. Dubai company registration implies doing a lot of research and knowing the legislation and implications. It is advisable to consider the services of professionals, especially lawyers that can represent business owners whenever it is necessary. Maybe corporates will not always be around to handle situations and prompt responses are often needed. In such cases, attorneys can interfere and make sure everything is in order and represent the company.
The foreign investor needs to have a local partner that owns the majority interest, according to the Dubai Company Act. Full foreign ownership is possible in free zones. Based on the type of company a person wants to establish in the country, requirements differ and there are several types available. Individuals are able to choose between branch offices, partnerships, limited liability businesses, public and private joint stock companies, subsidiaries, free zone limited liability companies and establishments. Setting up the business requires investors to pay attention to the shareholding structure, minimum share capital and licensing requests. Among other requirements, business people will have to open a corporate bank account, register native workers, draft and notarize the memorandum and any articles of association.
In case the future owner plans on opening an establishment in Dubai, several licenses can be issued, based on the nature of the activity. The commercial license is provided for those who are part of the trading activity; the industrial license for those who open a plant in any industrial activity and the professional license for craftsmen, service providers, and professionals of any kind. The approval process is more complex, because banks are involved, the Finance and Industry Ministry, Economy and Commerce Ministry and the Health Ministry, for medical and pharmaceutical products.
There is a lot to handle indeed and it might not be very easy, especially if you are unable to travel to the country often and manage all formalities. The good news is that you can rely on attorneys that specialize in this field and which will guide you from the very beginning. This way, you will know exactly the type of company that suits you the best and how to obtain permission and register the company you want. All procedures have to be followed accordingly, as there are strict guidelines that don’t have to be omitted. However, choosing the right law firm is crucial, as not all of them have the needed experience with company registration in different parts of the world. Pay close attention to experience in the field, level of specialization, skills, lawyers’ education, how responsive they are to your inquiries and what recommendations they make when you present your plans.
Do you require assistance with Dubai company registration? This law firm has the needed knowledge and resources to help you achieve your goal. One of the great benefits that offshore companies have is that they are tax-free.
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