A Limited Liability Company in Dubai is the most common form of business. It has less Start-up cost and Complete access to the UAE marketplace. They allowed to do Business in their Local emirate and also can export and import freely. Dubai, being a business hub in the Middle East is the favorite Location of investors all over the globe for the formation of companies. Most of them prefer to set up an LLC Company as it remains diverse in its policy and flexible for Business Activities. LLC Company setup in UAE requires a minimum of 2 and a maximum of 50 Shareholders, with the liability of a shareholder being limited to one’s share in the capital. Most companies with foreign partners opt for an LLC, because of the fact that this is the only option that gives maximum legal ownership, i.e49%, to an expatriate for a local business. 51% of the Business will be owned by the sponsor (UAE national).
In case one is interested in LLC setup in Dubai, KGRN Chartered Accountants provides all the necessary assistance from document registration to finding the investor-friendly zone.
Steps to be followed to set up LLC:
- Register with the Department of Economic Development by submitting the required Documents
- Draft & Notarize Memorandum of Association & Articles of association
- Select Appropriate Trade Name for the Company
- Choose Location for the Registered office
- Get approval from relevant government & regulatory authorities, if applicable
- Registering the Employees with the Ministry of Labour and General Authority
Documents required for LLC setup:
- Passport Copy of the investor
- Passport Copy of the UAE national Partner
- Passport Copy of the manager
- If the Shareholder or Manager is working with any of the UAE company, No Objection Certificate shall be obtained
- Copy of Emirates ID for UAE National
- Application form of registration from Dubai Economic Development
- Attested Tenancy Contract for the office or Warehouse or showroom by the Planning Department and Civil defense department of Dubai municipality with Location Plan
- Attested Memorandum of Association from public notary.
Benefits of LLC formation in LLC:
- An LLC can conduct any type of Business Activity excluding insurance, banking and investment
- There are no restrictions on the number of VISAs that can be obtained
- An LLC is exempted from paying the standard 5% Customs duty on imported goods.
- No specific minimum amount required for Capital
- Any number of offices can be setup by the Company in UAE
- Local partners will not interfere in the Daily Business Activities
- Convenient to open corporate bank accounts along with easy availability of credit facilities.
- No restrictions are imposed on Real Estate ownership
- The Liability of the Shareholders is limited to their shares in the Company’s Capital
Costs involved in Forming LLC:
- Commercial License fees
- General Trading Activity fees
- Non-Arabic Trade name fees
- Market, Name board & Service fees
- Partner accommodation fees
- Chamber of Commerce fees etc.
Company Incorporation that requires a special license:
- Tourism activities
- Health care activities
- Architectural and Engineering consultancy
- Shipping, freight forwarding and logistics activities
- Companies in Dubai world communities
- Educational services.
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