Starting a business in Dubai and UAE

MAX TYA BUSINESS CONSULTANCYwww.uae-consultants.com

HOW TO SET UP A CO. IN DUBAISTEPS%TO%TAKE%AND%THINGS%TO%CONSIDER

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PRESENT informationON%COMPANY%FORMATION%IN%THE%UAE













INTRODUCTION.LET’S%DISCUSS% IN%BRIEF%AVAILABLE%OPTIONS%IN%UAE!













WHAT ATTRACTS BUSINESSES TO DUBAIBUSINESS%OPPORTUNITIES%PRESENT%IN%DUBAI%AND%UNITED%ARAB%EMIRATES.

United Arab Emirates – a country offering 0% income tax, 0% corporatetax, an opportunity to own 100% in a company and many other benefits.But where do major business opportunities in Dubai and UAE lie? First ofall, the thriving food industry and trade in the UAE. EWcommerce providesmany opportunities for new players and may become the best business tostart in Dubai for some companies.

The UAE has a favorable climate for investing in solar technologies, andthe government readily supports the development of this sector. Theworld’s biggest concentrated solar power (CSP) plant will be built inDubai. Private aviation sector is currently growing with a fast pace.

And these are only a few sectors that you can look into.












THINGS YOU WILL NEED TO DO TO SET UP A CO. IN DUBAITo%be%able%to%start%your%business,%you%will%need%to%complete%the%steps,%outlined%below.

STEP%3Prepare relevant documentsto proceed with application;%legalize corporate documentsof mother company forbranch or subsidiary.

STEP%4Submit documents,%register%acompany,%open%a bank%account and comply withpostWregistrationrequirements.

STEP%2If%you aim to establish acompany in%a free zone,%

compare all available freezone options and choose the

most suitable one.%

STEP%1Determine type of companyyou require,%suitable business

activity and confirm,%ifadditional approvals would be

required.%












Step 1.CHOOSING%COMPANY%TYPE,%BUSINESS%ACTIVITY%AND%CHECKING%ON%ADDITIONAL%APPROVALS












Choosing Appropriate Company TypeDetermine,%if%you%require%a%local%company,%a%free%zone%company%or%an%offshore%company.

OFFSHORE CO.

FREE ZONE CO.

LOCAL CO.

OFFSHORE:1.%to%conduct%business%in%UAE,2.%to%rent%an%office%space%in%UAE,3.%to%apply%for%resident%visas%for%its%employees,4.%to%apply%for%Tax%Residency%Certificate,5.%to%receive%funds%from%UAE%companies%or%to%pay%UAE%firms.

FREE%ZONE%CO:1.%to%lease%an%office%outside%of%the%free%zone%where%company%is%registered,2.%to%work%with%and%provide%services%to%individuals%and%companies%from%other%free%zones%and%local%companies%if%business%activity%requires%onsite%presence%at%client’s%premises%outside%of%the%free%zone%where%company% is%registered%(e.g.%fitWout%services,%engineering%services,%repairing,%installations%etc.),3.%to%trade%and%distribute%products%and%goods%outside%of%the%free%zone%where%the%company%is%registered%(trade%is%allowed%only%inside%the%free%zone%or%outside%via%a%local%companyWdistributor),4.%to%take%part%in%governmental%tenders.

LOCAL%CO:1.%Not%applicable.%

OFFSHORE%CO:1.%to%conduct%business%activity%outside%UAE%only,2.%to%hold%bank%accounts%in%UAE%banks,3.%to%have%up%to%5%business% activities%on%business%license,4.%to%be%a%shareholder%in%other%companies%in%UAE.

FREE%ZONE%CO:1.%to%conduct%business%outside%of%the%country,%as%well%as%work%with%all%companies%within%the%free% zone,%where%company%is%registered,%and%with%other%UAE%companies,%as%long%as%services% are%provided%from%the%registered%office%only%(e.g.%consulting,%webWsites%development,%online%marketing,%branding%services%and%alike),2.%to%recruit%staff%and%apply%for%employees’%resident%visas,3.%to%rent%office%space%in%the%free% zone%where%company%is%registered,4.to%apply%for%UAE%Tax%Residency%Certificate.%

LOCAL%CO:1.%Everything%(N.B.%shall%be%in%line%with%company’s%business%license).%In%addition,%local%company%can%rent%an%office%in%any%part%of%the%emirate%and%participate%in%governmental%tenders.

ALLOWED NOT ALLOWED




Determine Business ActivityLearn%how%to%choose%business%activity%for%your%license

Free%zone%authorities%in%the%UAE%may%provide%their%lists%of%business% activities%available%for%registration.%Business% activities%for%local%company%setup%can%be%discovered%on%official%webWsite%of%Dubai%Department%of%Economic%Development.

CONTACT REGISTRATION

AUTHORITY and obtain a list of allowed

business activities

REVIEW THE LISTand identify relevant

businessactivities

CHOOSE THE MOST SUITABLE

ACTIVITY based on the clarifications

provided to each activity in the list

NOTE DOWN ACTIVITY CODE

from the list for future reference




ADDITIONAL APPROVALSIf%you%plan%to%conduct%one%of%the%following%activities,%additional%approvals%from%relevant%government%bodies%will%be%required

Training%Institutes%and%Educational%Establishments

Pharmaceutical%and%medical%products% trading

EDUCATION MEDICINE

Transportation%and%vehicle%rental%activities%

TRANSPORTATION

Travel%and%tourism%activities

Banks%and%financial%institutions%

TOURISM FINANCE

KNOWLEDGE%AND%HUMAN%DEVELOPMENT%AUTHORITY

MINISTRY%OF%HEALTH DTCMDepartment%of%Tourism%

and%Commerce%MarketingUAE%CENTRAL%BANK

ROAD%AND%TRANSPORT%AUTHORITY

Depending on activity type,%theremay be also approvals required from Dubai Police,%National%Media%Council,%Municipality,%Ministry%of%Finance%and%Industry,%Community%Development%Authority,%Dubai%Sports%Council,% Dubai%Maritime%City.




Step 2.WHEN%PLANNING%TO%ESTABLISH%A%COMPANY%IN%A%FREE%ZONE,%COMPARE%AVAILABLE%OPTIONS












OVER 40 FREE ZONES IN UAEAND%NO%NEED%TO%WORRY%HOW%TO%CHOOSE%THE%RIGHT%ONE%|%HELP%IS%COMING

Time for incorporation in%every free zone differs.

There are%slight differences in%documents required forcompany formation bydifferent free zone authorities.

Each%free%zone%has%different%requirements%with%respect%to%amount%of%company’s%share%capital,%depositing%of%share%capital%into%bank%account%and%annual%audit.%%

Each emirate in%the UAE%has%a number of freezones,%where you canestablish a company.




FACTORS TO COMPAREThere%are%certainly%several%aspects%that%you%should%factor%in,%when%determining%the%right%setWup%option%for%your%

business

INCORPORATION%COSTS

AUDIT%REQUIREMENT

SHARE%CAPITAL

SHARE%CAPITAL

Almost%all%free%zones%in%Dubai%require%depositing%of%share%capital%into%bank%

account.%You%may%choose%a%free%zone,%which%has%no%

requirement%for%depositing.

INCORPORATION%COSTS

If%you%are%looking%to%minimize%your%expenses,%you%should%be%looking%at%a%free%zone%outside%of%Dubai%

and%Abu%Dhabi.

AUDIT%REQUIREMENT

While%all%free%zones%in%Dubai,%Abu%Dhabi%and%Sharjah%require%annual%submission% of%audited%accounts,%you%may%opt%for%a%free%zone%in%other%emirates,%where%there%is%no%such%

requirement.%It%will%again%help%you%minimize%your%operational%costs%on%hiring%an%auditing%firm.

COMPARE%FREE%ZONES



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Step 3.PREPARE%RELEVANT%DOCUMENTS%FOR%SUBMISSION%AND%LEGALIZE%CORPORATE%DOCUMENTS%IF%REQUIRED












Documents Required for Company FormationList%of%documents% required%for%company% formation%may%vary%from%free%zone%to%free%zone%to%a%certain%extent

Personal/ Corporate Documents

Business Plan

Additional Approvals (NOC)

Office Lease Contract

If%you plan%to conduct any of activitiesrequiring external approvals,%you will needto obtain an NOC%from relevant localauthority in%the UAE.

Think through in%advance,%which leaseoption you will opt for:%a flexiWdeskor astandardoffice.%If%you plan%to rent astandardoffice,%you may start%looking fora suitable option in%advance.

For%all shareholders,%directors and a manager ofthe future company passport copies,%UAE%entry

stamps,%recent utility bill as%proof of addresswill be required.%For%branch or subsidiary:%legalizes certificate of registration,%MOA,%certificate of good standing,%certificate of

incumbency.

Investors will need to prepare a business plan%as%per%business plan%guidelines of the free

zone,%where future company will beregistered.%




STEP%1 DOCUMENTS%ARE%LEGALIZED

STEP%2 STEP%3

Submit%documents%to%Embassy%of%United%Arab%Emirates%in%the%country,%where%documents%were%issued,% for%stamping

If%your%plan%is%to%establish%a%branch%of%a%foreign%company%%or%a%subsidiary%in%Dubai%or%UAE

LEGALIZATION PROCEDURE

1. Translate%documents%into%English2. Notarize%translation3. Have%documents%stamped%by%all%

relevant%local%authorities%up%to%Ministry%of%Foreign%Affairs%in%the%country,%where%documents%were%issued

Submit%documents%for%legalization%to%Ministry%of%Foreign%Affairs%in%the%UAE




Step 4.PROCESS%OF%COMPANY%FORMATION%|%BANK%ACCOUNT%OPENING%|%POSTWREGISTRATION%REQUIREMENTS












COMPANY FORMATION PROCESSStepWbyWstep%guide%on%company%formation%procedure

Receive preWapproval fromrelevant registration authority toform your company

RECEIVE PRE-APPROVAL

Prepare and submitpersonal/corporate documents

and business plan%for initialregistration approval.%

SUBMIT DOCUMENTS

Execute flexiWdesk leaseagreement or rent a standard

office.

SIGN LEASE AGREEMENT

Visit registration authority toexecuteMOA%and finalizecompany formationprocedure.

SIGN MOA

Receive your license and othercorporate documents.%

RECEIVE LICENSE












Bank Account OpeningYou%are%ready%to%apply%for%bank%account%opening%as%soon%as%company% registration%process%is%completed

PREPARE DOCUMENTS

SIGN APPLICATION

DEPOSIT FUNDS ACTIVATE CARD AND ONLINE

BANKING

Once%funds are%deposited,%activate your debit%card andonline banking.

ACTIVATE CARD AND INTERNET BANKING

Once%the bank%account is open%and youreceive bank%details,%transfer%minimum%required balance and activation fee to theaccount (depends on the bank%chosen).

DEPOSIT FUNDS

Sign ban%account applicationform and submit prepareddocuments.

SIGN APPLICATION FORM

To%apply for bank%account opening,%prepareall corporate documents,% company profile,%CVs of shareholders,%and sometimes,%proof

of address and a bank%statement.

PREPARE DOCUMENTS












Post-Registration RequirementsAs%soon%as%company% formation%process%is%completed,%you%shall%comply%with%postWregistration%requirements

APPOINT AUDITORS

If%you%opted%for%a%local%company%or%a%free%zone,%requiring%annual%submission% of%audited%accounts,%you%will%need%to%appoint%an%auditing%firm,%once%your%company%is%registered.

SUBMIT%BANK%STATEMENT

If%you%opted%for%a%free%zone%with%share%capital%depositing%requirement,%you%will%need%to%provide%a%bank%statement,%showing%that%

required%share%capital%amount%was%deposited.

ANY%OTHER%REQUIREMENTS

This or that free zonemay have certainadditional requirements.

APPLY FOR COMPANY ESTABLISHMENT CARD

To%be%ably%to%employ%and%apply%for%resident%visas,%as%well%as%to%avail%from%other%services,%upon%completion%of%company%formation,%manager%needs%to%apply%for%company%establishment%card.

CREATE COMPANY LETTERHEAD DESIGN

Some%free%zones%in%Dubai%require%that%you%submit%a%copy%of%your%company’s% letterhead%design,%created%as%per%guidelines%of%the%authority.

ORDER%COMPANY%STAMP

Some%free%zones%have%a%requirement%to%submit%a%sample%of%company’s% stamp.%Therefore,%

manager%of%the%company%needs%to%order%a%company%stamp.




Still Have Questions?

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And Finally About UsAbout%your% trusted%partner%in%all%business%related%matters%in%the%United%Arab%Emirates

Clients are%our outmost priority.%You%can reachus any time of theday via%the phone,%skype,%messangers andothercommunication means.

We%have answers to all of yourquestions.%Our%team helps youto grow your business andsucceed.

Number 1%business assistance in%UnitedArab%Emirates.%We%wearmultiple hats,%that’s why wemanage to run your errandsefficiently andprofessionally.

24/7

25%100%

25%#1

Have you ever heard anything about mobilebusiness consultants? Highly unlikely, we guess. Weare the first ones who solved the problem of lack oftime of successful businessmen. Our concept issimple: businessmen should solve strategicproblems, and do not waste their time in trafficjams on the way to our office. If you are staying in ahotel, you will only need to go down to the lobby tohold a meeting with one of our representatives. So,who are we? We are UAEWconsultants.com (MAXTYA Business Consultancy), young energeticprofessionals with over 5 years of businessconsulting experience in the UAE. We do not just doUAE and Dubai company formation, we adjust andoptimize operational processes, solve complexproblems and find ways out of the most difficultsituations. We speak Russian, English, German andArabic, so with us you will definitely feel safe.




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Date post:	12-Apr-2017
Category:	Business
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