Guide to Company Setup in Mainland Dubai
Dubai is a great place to begin a business venture. Due to the presence of so many facilities and opportunities, it would be an ideal place to start your own company. The most beneficial part of company formation is the fact that you would be exempted from paying corporate and personal taxes. For investors that are just starting out a business or planning to open a branch company, UAE is a promising destination.
Formation of a company can be a bit tricky. This is so because the new setup is a task that needs some prudent thinking and profound knowledge regarding the marketplace and the procedures involved. This is something that most businesses that are just starting out lack. This is where Goldman LLC comes into the picture. We are here to assist you in all the steps of your company formation. Whether it is choosing a suitable license for your industry or providing you a helping hand with all the queries regarding finances, commerce setup, registration and other technicalities, we are here to help.
Company Formation and Setup
Setting up a new agency in UAE is not something that can be rushed. Just knowing the basic trade procedures and getting the licenses is not enough. For a successful agency setup you must have a clear picture of your cost estimates and information regarding the registration procedures. If you can manoeuvre through these steps carefully then your industry would benefit more than the free zone companies. The main reason for the success of a company is the absolute freedom to conduct trade business in the local markets of UAE.
Insight into the Procedures of Company Setup
Unlike the setup of a free zone company, the formation of a company does require the assistance of a local sponsor of UAE nationality or a local service agent. Besides this, a mainland company also requires a trading license.
The local sponsor holds the maximum number of shares in your concern. This is normally equivalent to 51% of the total shares with the remaining 49% belonging to the expat. However, in the case of a local service agent for a professional concern setup, almost a 100% of the share can be held by the expat. The sponsorship of your mainland corporation would not interfere with your style of conducting business; neither would it be involved in the concern operations or profit sharing.
You would need a verified office address from the Dubai Municipality before you setup your business. You would need to ensure a valid tenancy contract for an office that is to make it available at the time of applying for the license. Remember that the office space requirement depends on the type of license you are authorized.
Process of Company Formation
There are basically six main steps to the business setup in UAE. Exceptions to these rules are the procedures that would require special approval.
- You would need to gain approval for Name and trade activity selection.
- You would need to find a reliable local partner or service agent.
- Then you would need to apply for the initial approval.
- You would have to prepare for the Court Notarization and MOA.
- You would have to get your office space and setup a tenancy contract for it.
- In order to receive your license, do the submission of all the documents properly.
Benefits of Business Formation
- You are allowed to rent the office anywhere.
- You are given a wide range choice for license types.
- Mainland company setup gives you the freedom to drive your business from anywhere in UAE.
- Getting license and registration is hassle-free.
- There is no limitation on employment visas.
- You are allowed to compete for government projects.
You can consult us for your business setup queries. Goldman LLC assures you assistance in terms of advice and support for a successful formation in UAE.