The United Arab Emirates (UAE) is a federation of 7 emirates namely, Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. Business setup in the UAE is a lucrative proposition since by doing so, one can legally claim international profits without paying any taxes on personal or corporate gains.
Company formation in the emirates as an investment company or a holding company is an excellent long-term international trading solution that is highly regulated and reputable.
Benefits of Business Setup in the UAE
- UAE is a developed economy that offers a favourable business environment, unmatched facilities, flexible government norms, and efficient quality services to all incoming businesses, irrespective of their country of origin.
- The UAE has a strategic location in one of the world’s most prosperous regions.
- The country has a world-class Infrastructure and a well-developed transportation system.
- The UAE houses top international venues for conferences and exhibitions.
- The residents of UAE enjoy a cosmopolitan lifestyle with top-notch hotels, schools, medical facilities and shopping complexes.
- The UAE is known for its free zones (or special economic zones) that allow 100% foreign ownership of a company, corporate tax exemption, and full repatriation of capital and profits.
- The country has a growing and diversified market with excessive global demand for imports and exports, and vast opportunities for suppliers.
Process of Company Formation in the UAE
- Find a local sponsor to take care of the formalities of the business for you.
- Determine the legal form and economic activity type of your business.
- Submit an application for company registration to the Department of Economic Development (DED) with a suggested company name.
- Obtain a trade license by submitting the company’s documents to the DED or the Chamber of Commerce and Industry.
- Get the company’s Memorandum of Association (MOA) notarized by a public notary.
- Register the trade name.
- Apply for an establishment card.
- Obtain initial and special approvals.
- Sign the (MOA) and lease agreement in front of a public notary.
- Obtain location and inspection approval from municipality
- Pay the license fee to get a trade license issued.
- Get approval from the Name Board and from the Ministry of Labour for employees.