Our client portfolio ranges from high calibre corporations and individuals to start-up businesses. We offer a wide spectrum of local and international services around the globe.
FREEZONE COMPANY SETUP
The UAE has seen a dramatic rise in foreign investment across many industries. Investors’ first choice for registering an entity for offering services trading locally or internationally is to incorporate a company in one of the Freezones. There are more than thirty different Freezone authorities in the UAE. It is important to select the right freezone in the right location and offering the appropriate support and services to the activities the investors want to develop. Different freezones have a focus on certain industries.
For Example, the Dubai Multi Commodities Centre (DMCC) has a focus on offering a central location in Dubai focusing on commodities trading and support services. The Freezone is known for its high rice buildings and is able to offer high end office space for virtually an size offices required.
The main advantages of setting up in one of the freezone areas in the UAE are:
- 100% foreign ownership
- Guarantee for 15-50 years against future imposition of corporation tax
- No exchange controls
- No import duty free if the goods are not supplied to the local market
- Streamlined procedures
Many Freezone Authorities focus on particular industries and services. For example, Jebel Ali free trade zone focuses on manufacturing, heavy industry and distribution. It also encompasses Dubai Cars and Automotive City, and Dubai Gold and Diamond Park. There are more than 30 Free trade zones in the UAE. A full list of Dubai free trade zones is available upon request.
To operate in a Freezone, all businesses need a licence. The type of licence depends primarily on the nature of the activity undertaken. Generally, in most Freezones a combination of the following types of licences are available to the foreign investor:
- Trading Licence
- Industrial Licence
- Services Licence
As Freezones have their own laws and regulations, accounting and audit requirements can differ between Freezones. As an example, Jebel Ali Freezone and Dubai Airport Freezone require limited liability entities to fine annual financial statements with an audit report within 3 months of the end of the entity’s financial year. However, limited liability entities in the Dubai Technology and Media Freezone are not subject to the same requirements.
OFFSHORE COMPANY SETUP
Going offshore is the most modern popular way of managing the business as they offer an excellent and tax-efficient strategy for entrepreneurs. Paramount prima facie benefits are the liberation of operations, confidentiality, and facilitate of running a business.
As “tax-free” business territory, UAE is one of the best jurisdictions in the world for incorporating an offshore company.
As UAE offshore company setup incorporation requires an agent, you will require to optate one in order to register your company. The offshore package offered by any accommodation provider stipulates that the agent representing the accommodation provider would act as a link between the incipiently composed offshore enterprise and the local regime.
OFFSHORE COMPANY SETUP ADVANTAGE
UAE Offshoring internalization helps to runnel your business or asset possession in the middle orient in the most profitable way. Especially because you avoid the cumbersome appendage of having the off shore incorporation company documents attested by various embassy and ministries of foreign affairs.
- 100% foreign ownership is allowed
- No necessity for finding a UAE national a shareholder or sponsor.
- There is no public register of company officers.
- Complete anonymity and privacy
- Company can own real estate properties on approved areas by the Authority
- Hold multi-currency bank accounts
- The offshore company is exempted from all corporate and income taxes.
- There are no foreign currency restrictions.
- Full repatriation of the profits and capital is allowed.
- The setting-up costs are comparatively less.
- There is no onshore office and accordingly, there are no employees and related costs.
- Only minimum capital is required to set-up an offshore company.
- Minimum of 1 Director / Shareholder
- Registered Office with PO Box
- Registered agent
- Preparation of Memorandum and Articles of Association
- Preparation of registration forms
- Preparation of Incorporation certificate
- Assisting in opening a multi-currency bank account
- Filing with the the registrar of companies
We are registered agents for RAK ICC (Ras Al Khaimah International Corporate Centre) and the Jebel Ali Offshore Authorities.
The RAK International Corporate Centre is the newly merged offshore authority in Ras Al Khmaimah. Until 2016 two separate offshore authorities operated in RAK, RAK Offshore under RAKIA and RAK FTZ offshore authorities. The two authorities have now merged to form a new constitution which has gathered strength to compete with other jurisdictions.
accepts transfers in of foreign companies
RAK ICC offered a fast registration service as well a strong corporate governance. It is the only authority in the UAE that openly accepts transfers in of foreign companies
It is also possible to transfer out a RAK company to virtually any jurisdiction in the world.
The benefits of redomiciling a company from another jurisdiction is that it ensures continuity of the entity and maintenance of bank accounts and any existing contracts.
JEBEL ALI OFFSHORE
A Jebel Ali offshore company is the only company which is able to own a real estate in Dubai. This is in itself the strongest reason to establish an offshore company in Jebel Ali, as it allows investors to own an entity and not hold real estate directly in Dubai.
Jebel Ali Offshore was the first offshore Jurisdiction in the UAE and is very popular with international as well as local enterpreneurs.
DUBAI LLC COMPANY
Over the past decade, Dubai has emerged as one of the top business destinations in the world and magnetizes millions in LLC Company Formation in Dubai. Dubai has perpetuated to be a favorite location for investors around the world for Company Formation- LLC as it remains tax free and diverse in its policy. Most of the investors prefer to setup Constrained Liability Company or LLC Company formation in Dubai.
The Dubai LLC Company can be formed with minimum of 2 and a maximum of 50 shareholders and the liability of shareholders are limited to their own share in the company capital. The Dubai LLC Companies are restricted to perform some kind of business activities like banking, insurance or money investment.
LLC COMPANY SETUP PROCEDURES
- Choose appropriate legal structure of the business
- Select the name and the activities involved in your application.
- Choose proper location for your llc company formation.
- Compile & Submit the required document to get the license from Deportment of Economic Development of UAE
- For some special business activities, get approvals from relevant regulatory & Government authorities.
- Get office / Virtual Office/ Warehouse / Land for the company formation operations
- Obtaining Trade License, Certificate of Incorporation, Memorandum of Association, Share Certificates, Tenancy Agreement for your LLC Company Setup
- Processing visas, labour cards and other legal documents
REQUIRED DOCUMENTS FOR LLC COMPANY FORMATION IN DUBAI
- Investor’s passport copy
- Local Sponsor’s passport copy
- Manager’s Passport copy
- NOC letter from the sponsor if the partner or the Manger has a residence visa in the UAE
- Registration application form from Dubai Economic Department
- Trade name reservation
- Initial approval from Dubai Economic Department
- Tenancy contract for the Office/warehouse attested by planning department and civil defense department of Dubai municipality along with location plan
- Memorandum of Association duly attested from public notary
LOCAL LIMITED LIABILITY COMPANY
A LLC is incorporated outside a freezone. LLCs can be formed with a minimum of 2 and a maximum of 50 persons whose liability is limited to their shares in the company’s capital. The capital requirement is AED300,000.
Characteristics for Commercial or Trade licenses:
- 51% local partner (known as sponsor) – A side agreement is put into place in order to protect the foreign owners of the company. Side agreements between local partners and foreign owners have recently been accepted and ratified by the UAE courts stating that the local partner was offering a service in exchange of an agreed annual fixed fee.
- No requirement to file annual accounts
- No audit requirements (unless the business is sold or liquated).
PROFESSIONAL SERVICES OFFERED THROUGH LOCAL LIMITED LIABILITY COMPANY
For certain activities falling under professional services such as Management Consultning, Business Services and other professional services it is possible
to incorporate a company with 100% foreign ownership. A local agent is required to act on behalf of the company but he is not a shareholder of the company.
Foreign companies as well as freezone companies can establish a branch office in the UAE through which they can service the local market after paying an import duty. A local service agent is required. In this instance a UAE national has to act as the local agent of the company. The agent has no involvement in the shareholding or management of the company
This facilitates a company to keep 100% ownership of the entity in the UAE, however a local UAE agent is still required in order to set up the branch. A branch of a foreign company is possible only for professional activities. Commercial activity companies cannot form a branch in Dubai.
If the scope of the activities in the UAE is limited a representative office can be considered. Such representative offices undertake marketing and promotional activities only and are not permitted to trade. A local service agent is also required.
WHICH ENTITY TO CHOOSE?
With our professional experience in the field for over 10 years and the positive feedback from our clients worldwide, we consider ourselves specialists on corporate and tax planning. We can assist you on every step of the way to set up your new business or expand in Dubai and the UAE.
BANK ACCOUNT OPENING
Opening of bank accounts is considered to an essential feature in the structuring of your business and tax planning. Our Firm has close links with the banking sector in the region and will make all the necessary steps to assist you in opening accounts in the UAE. You may contact us for further details.
Our immigration department together with our associates in Cyprus will undertake for our Client the procedure from advice and gathering all documentation to submission and supervision for the following services:
- Application for work/residence permits and renewals in Dubai and Europe
- Cyprus Citizenship
- Cyprus Permanent Residency