Dubai carries numerous perks in the world of contemporary businesses than anywhere else in the world! You know Why? Not only for the fact, Dubai’s growing economy ranging from import-export trade, finance, real estate or any service-oriented ventures are paying huge back profits but also for the landmark of opportunities it put forward for the foreign investors. The advanced financial and budgetary quarters have won over the investors to establish their companies in the United Arab Emirates. 

According to the recent UAE cabinet statement, represented by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, 100 percent foreign ownership of companies will apply to some sectors of the UAE’s economy, especially investors and specialists in scientific, technical, medical and research fields.

Every country imposes certain limitations for foreigners who wish to start a company in their country However, Dubai is different! There are restrictions but more than that there are luxuriant blessings that overpower those cutbacks.

Companies incorporated in Dubai are not subject to corporate tax, withholding tax, VAT, import/export tax and capital gains tax which makes it an ideal place for investing and planning to start an LLC company. Forming a company in UAE can get a lot easier and fun when you have the major hang up’s of an LLC company. 

What is an LLC company?

A limited liability company (LLC) is a hybrid entity between a corporation and a partnership. It offers the limited liability of a corporation and flexibility of a partnership structure. Also, the personal assets of an individual are not subject to liquidation in case of any failure.

With a clear understanding of LLC requirements and knowing your rights, you can protect your assets while maintaining full control over your business.

So, if you are intending to start an LLC company in UAE, you need to think about some extremely significant strides to take.

Minimum Capital Requirement

The President of the UAE, His Highness Shaikh Khalifa bin Zayed Al Nahyan, in 2009, issued a decree abolishing the minimum capital requirement for setting up a limited liability company in the UAE. Thus making LLC company formation in Dubai an apt choice who wish to try their hands for at least a start-up business.

Dubai LLC Company Formation Procedure

What is your company all about? 

One of the primary facets for the company formation in Dubai is to decide the nature of your company that will define the basis of your legal operations. Choosing your company profile will determine the type of company you are permitted to carry out and the area best suitable in which you can set up. 

Choosing the right company  name

Giving your company name is the foremost step of the whole legal procedure and your first impression too. There are some strict conventions regarding company naming in the UAE, so before you commit to a company name, make sure you are well acquainted with the rules.

Proper Location Matters

While choosing the right place to set up your LLC company in Dubai, think about the nature of the industry. Choosing a more favorable place according to your company type might prove to be a wiser choice.

Draft the Company  Memorandum Of Association

Form a complete legal structure of your company with utmost sincerity. It is advisable to clearly mention the range of activities that could possibly be involved as and when the opportunities arise. 

Department of Economic Development

After finalizing all company paperwork, submit the documents to the   Department of Economic Development of the UAE along with the business license application form. 

Check for other business licenses.

In case you need to acquire licenses depending on the nature of some special activities involved in your business, you will need to directly contact the local government to learn more about your licensing requirements you might require. 

Receive your licenses and all documents back

Once your application has been processed, the Government of UAE will issue you with your company license, Certificate of Incorporation, Memorandum of Association (MOA), Share Certificate and Tenancy Agreement for your LLC company setup. 

Opening a bank account

When you get your hands on all your legal documents, it’s time to set up a bank account for the financial soundness of your company. The bank may also require identification requirements which may vary depending upon the size and activity of the business.

Good to go to apply for a visa 

This is the last step of company formation in Dubai. You need to fulfill all the visa document requirements as stated by the General Directorate of Residency and Foreign Affairs (GDRFA). To keep a track of your visa status visit the GDRFA website and submit the necessary details.

Congratulations!  With these simple steps, you’re ready to step forward towards LLC company formation in Dubai. Best of luck!