Advantages of setting up a sole proprietorship business
- Foreign professionals can easily retain complete foreign ownership of the business;
- There are no restrictions on choice of locations where a company can buy or rent office premises;
- A company can carry out legal practice of professional services in any part of UAE, including the Free Zones;
- The government of UAE has permanently waived all requirements of paid up capital in relation of sole proprietorship.
Important documents required for opening a sole proprietorship business in Dubai
A sole trader first needs to register with Dubai Economic Department like any other business firm or company. Since there are hardly any articles of association or memorandum needed to be prepared for this form of company, the procedure is much less expensive compared to other types of company formation. Here is a list of all the documents needed to be filed with Dubai Trade Register for setting up a sole establishment UAE company.
- The application form;
- Business name of sole trader;
- Licensing application form;
- Information about local agent while dealing with foreign citizens;
- A copy of the passport of the business owner;
- Proof of registered address;
- The residence permit;
- A no-objection letter obtained from the sponsor
There can also be additional documents needed based on activities carried out by a sole proprietorship.
Plenty of professionals living in UAE such as medical, engineering, management and IT consultants prefer to set up their sole proprietorship businesses and achieve the career success that they are looking for. So if you are looking to set up your very own sole establishment in UAE, you can count on us at All Time Business Setup Services for the best support. We are a leading experts for mainland dubai company formation and we have been serving clients in this part of the world for many years, offering them the best support that money can buy.