The UAE (United Arab Emirates) or Emirates is situated in the Middle East. As far as Dubai is concerned, it is among the seven emirates of the nation. The political as well as economic stability of this place makes it one of the most sought-after destinations for doing business. Infact, according to the 2017 Business Report generated, this place stands among 26th of the most business friendly destinations in the entire globe. The UAE has already been transformed into a big global trade center having global companies as well as the startups looking forward to setting up business in this place.

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Why investor should investors look for company formation in Dubai?

Dubai is quite a lucrative option owing to its booming business sector as well as robust competition existing in many different industries. Due to all this many investors today opt for the provision of company formation in Dubai. Since there is no restriction at all on foreign business ownership and so directors as well as shareholders having registered business in Dubai are liable to hold a cent percent ownership of their business. Since it is the best time for you to opt for company formation in Dubai, and if you intend to realize your dream of setting up a business abroad, then keep reading this blog to know more about the process of company formation in UAE.

Categories of Company Registration in Dubai, UAE

● Free Zone

The Free Zone status is located in the FTZ (Free Trade Zone), and there are specialized rules with regards to the customs, taxation, and other aspects that are distinctive from the Dubai region. Foreign business owners can attain 100% ownership rights when they set up their company in FTZ. Two categories of organization can be established within FTZ (Free Zone Establishment as well as free trade zone setup.

● LLC (Limited Liability Company)

There is a requirement of at least two of the shareholders to establish their LLC company. A maximum of 50 shareholders are actually allowed with regard to the LLC. The contribution of the shareholders is restricted to share capital only. The LLC can conduct business in almost any industry bank, insurance as well as monetary investment.

● Offshore Company

In this, the company is set as well as operated externally according to the jurisdiction of the nation. It is a fully foreign-owned organization with a base overseas.

● Onshore Company

The onshore company has its setup in the Dubai mainland. Under foreign ownership, there are only 49% of rights rendered. The setting up of such a business needs to be done with the help of a national sponsor/ agent.

● Branch Office

The branch office serves as the extended component of the parent company. The foreign company can set up its branch office in this area as well as FTZ all across the Dubai region.

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Why should investors look for Company Registration in UAE?

Here are some of the benefits to register company in Dubai, UAE

  • Facilitates cent percent repatriation of both capital as well as profits.
  • Leniency in labor laws makes it quite pocket friendly to hire labor on this land.
  • Several types of exemptions in both personal as well as corporate income taxation.
  • Outstanding physical structure.
  • Shared & virtual office setup provisions by some FTZs.
  • FTZs are exempted from Commercial Company law.
  • Exemption from import/ export duties.

What documentation is required for business setup in UAE?

  1. Filled Application Form
  2. Copy of passport
  3. Photographs with white background (two)
  4. NOC, in case of already holding residency Visa of UAE
  5. Copy of tenancy Agreement
  6. Location Map
  7. Attested Copy of designation Details (For higher designation, a copy of degrees & certifications is required)

How much charges to pay for registering Company in Dubai?

  • The price of company registration in the UAE depends upon the type of business. The Company Formation Dubai fee is simple and straightforward with no hidden cost involved.
  • The overall price is dependent upon many factors for example documentation, attestation, business licensing, processing of Visa as well as immigration.
  • For some of the specific business activities, there is a need for additional approval as well as documentation clearance by the respective authorities.
  • The business agents will be deducting free in terms of service charges for the execution of allied services about company registration as well as PRO.

Typically, the price to register a company in Dubai typically types in a range of Australian dollars 17000- 25000 & more for a Civil Company having a virtual office setup as well as trade licensing for 1 year.

Common Steps in Company Formation in UAE

Here is a few of the common steps in setting up company in Dubai, UAE:

  • Choose the most appropriate form of your business as per your unique needs
  • Reservation of the trade name of your business first needs to
  • be done before starting your business formation process
  • Draft as well as notarize the Memorandum as well as the articles of Association
  • The registration of your business needs to be done for the purpose of employment
  • Achieve VAT number, in confirmation with all latest legislative changes
  • Apply for licensing that will let you initiate operations of your company

Process to register Company in Dubai

● Name of Company & Approval of Business Activity

Choose the name of your company as well as the business activity. However, the approval of the trademark by the concerned authority is needed to start your procedure of company formation in UAE.

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● Submitting documentation as well as coordination

You are required to carry out the preparation of all requisite documentation, details of the shareholders, as well as the arrangement of the documentation submission to the concerned authority. In the United Arab Emirates, foreigners can open the company and there is no need for the existence of the shareholder.

● Residency Visa Application

Apply for the UAE Residence Visa for the investors soon after the company documents are approved and the trade license is available. Investors who intend to start a business in the UAE are eligible for a long-term residence visa. Once the documentation is approved and attainment of trade licensing is done, the investor can apply for the UAE residency Visa. So, all those investors who are looking forward to initiating their business in UAE hold eligibility for the long-term residency visa.

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● Assistance for opening a bank account

The shareholder needs to be present while opening their company’s as well as the personal bank account. This is the component of KYC Compliance. The investors can fly to UAE to achieve Emirates ID, medical as well as the corporate account setup, everything at once. Although the documentation for bank accounts can be done, there is a need for their presence during the time of the verification process.