How to form an LLC or mainland company in Dubai UAE?
To establish an LLC or mainland company you need to reserve a trade name and obtain some approval related to your products. You also need to get a memorandum of Association of the company and submit the lease contract and other necessary documents in DED.
Is it possible to open a bank account for an Offshore Company in UAE?
Yes, you can open a corporate bank account in UAE or anywhere in the world in the name of an Offshore Company.
What are the advantages of a business setup in a UAE Free Zone?
- 100% foreign company ownership
- 100% repatriation of capital and profits
- Exemption from all import and export duties
- No corporate tax
- Abundant and inexpensive energy
- Competitive labor costs, skilled labor force and easy recruitment
- On-site customers inspection
- Companies registered in a Free Zone can operate 24 hours a day
What are the advantages of mainland company formation?
As a mainland or LLC company, you are free to trade globally.You can also have your own office space. Following are some pf the important advantages for setting up a mainland company in Dubai UAE
- 0% taxation
- 0% minimum capital requirement
- No restrictions on recruitment
- No currency limitation
- Low import duty
What are the limitations of registering a company within a Free Zones in UAE?
- A Free Zone Company is not allowed to trade directly with the UAE market
- The Free Zone Company can trade within the UAE only through the locally appointed distributors
- Customs Duty of 5% is applicable for local business
- Employees with visas from free zone companies are expected to work only from the company’s offices or other buildings within that free zone
What does a Free Zone Company mean?
Free Zone is a jurisdiction where a person of any nationality may own 100% of a Company. The company is also exempted from import and export duties and there is 100% repartition of capital and profits.
What is Offshore Company Setup UAE?
The term offshore refers to the different jurisdictions which offer financial confidentiality and are typically characterized having bank secrecy laws, no tax on profits, revenues, interest, inheritance, capital gains and income.
What is the cheapest set up for a small company?
Currently the cheapest set up option is E-Office or Flexi-Office with a Northern Emirates business license. Start-up cost are AED 20.000 – 25.000 p.a. Number of visa are usually limited to 1 or 2. Only one free zone currently offers E-Office with up to 5 visa.
What is the process of setting up a business in mainland Dubai UAE?
The licensing procedure happens in three stages. * Initial Approval – where you need to submit an application to get approval for the activities you intend to undertake in your business and provide a list of choices for your trade name. * Ensuring all legal requirements are met by the investor. The relevant authority (Economic Department for mainland and Free Zone Authority for free zones) will carry out the necessary steps to authenticate the investor's identification documents, educational qualifications and any financial statements provided. * Final stage involves verifying the business premises, issuing the license and processing the investor visa.
Which are the best Free Zones in UAE?
- Jebel Ali Free Zone Authority (JAFZA)
- Dubai Multi Commodities Centre (DMCC)
- Dubai Airport Free Zone Authority (DAFZA)
- Dubai World Central (DWC)
Which are the most commonly used banks for Free Zone Companies in the UAE?
Emirates NBD, Noor Bank, Mashreq and ADIB.