Are you looking for a good destination to set up your company? Look no further than the UAE. The country has everything to help your business become successful: well-developed infrastructure, pro-business laws, numerous free economic zones where tax rates are low, helpful authorities that are really interested in attracting new entrepreneurs, and a straightforward company registration procedure. No matter what activity your company is engaged in, you can set it up here on the condition that you are not doing anything illegal. Welcome to the UAE!
If you want to discover the UAE in more detail, we invite you to our portal called International Wealth. You will find articles on how to incorporate in Dubai, the most popular emirate for business, as well as other useful information on different jurisdictions, international business and banking, investment, asset protection, citizenship-by-investment programs, and much more. You can also book a free initial consultation with our specialist to discuss the details of your business and find the best solution available in the market. And if you need help with company incorporation or opening a corporate account, we will help you at a reasonable fee.
LLC Registration in the UAE: Advantages
Limited Liability
This is a feature that makes LLCs popular across the globe, not just in the UAE: the company members are liable for the entity’s debts only to the extent of their contribution, and their personal property remains intact. This is an obvious thing – nonetheless, it makes LLCs highly recommendable.
Operation Outside the UAE
An LLC registered in the UAE can engage in business activities in the country and outside provided that it is stipulated in its Memorandum of Association.
Here are some other advantages of the LLC formation:
- Non-resident investors can receive investor visas for themselves and their family members.
- LLC operation is subject to just a few limitations: such entities cannot carry out insurance and banking activities or make investments in favor of a third party.
- It gives you unrestricted access to local/international banking.
- LLCs do not issue public shares, which means that investors or local partners have complete control over the entity’s business activities.
- As soon as your LLC has been formed, you can also register company branches.
- LLC incorporation will give you full access to the UAE and regional markets.
Sounds promising? You can get in touch with our expert if you have any questions at this stage.
LLC Operation in the UAE
Licenses and Permits
Each kind of activity is licensed in the UAE, so you are required to obtain a relevant permit/license before you can start operations.
Local Address
Each LLC is required to obtain an address in the UAE to receive correspondence.
Company Name
Here are the requirements for your LLC’s name:
- It should be unique (that is, not yet registered in the UAE)
- It must not violate any social norms.
- It should not be similar to other names to the point of confusion.
- It should be connected with the company’s operations or the name(s) of its partner(s).
- It has to contain a reference to the company type: “LLC” or “Limited Liability Company”.
- If you are an individual entrepreneur, the company name should include the phrase “sole proprietorship with limited liability”.
Management
An LLC incorporated in the UAE is required to have one to five managers appointed by the General Meeting of Shareholders or the Memorandum of Association. They have complete authority when it comes to company management. The LLC managers can be shareholders or hired employees.
Accounting
An LLC incorporated in the UAE is required to record its transactions so that it would be possible to identify the company’s financial standing. Reports need to be kept at the head office for no less than 5 years upon financial year termination.
Reports (balance sheet, income report, and so on) can be stored in the electronic form, and a UAE LLC is required to have its reports audited on an annual basis.
All the accounting documents should comply with international accounting standards and practices and present the company’s profits and losses in a concrete form.
LLC Registration in Dubai
Here are the steps you will have to take to register an LLC in Dubai:
- First of all, you will need to register the company name. Our specialists can help you choose a name and check its availability.
- Then you will have to apply for a license to the Department of Economic Development.
- Obtain preliminary approval for company incorporation.
- Elaborate the Memorandum of Association for the new company.
- Next, the Memorandum of Association should be notarized. If you have no experience, our experts will help you draft the document and have it notarized.
- Rent an office required for company registration and have it approved by the local authorities.
- Pay the license fees to the Department of Economic Development and receive your license.
Don’t worry if any step seems complicated as our specialists know how to deal with each issue that may arise. Simply delegate the whole process (or at least a part of it) to us!
Documents Required for Registration
Pre-Approval Stage
- Confirmation of company name reservation.
- Complete and submit an application for company registration.
- Applicant’s passport (copy).
- Manager’s (director’s) passport (copy).
- If the applicant is a legal entity, its Board of Directors should issue a resolution that states an intention to set up a Dubai LLC and have it certified by a UAE embassy in the country of residence.
Setup Stage
- Company registration pre-approval confirmation
- Company name reservation confirmation
- Registration application
- Applicant’s passport (copy).
- Manager’s (director’s) passport (copy).
- Memorandum of Association (copy).
- Office rental documents.
- A notarized copy of the registration certificate (for applicants that are legal entities).
We can help you with Dubai LLC registration on a turnkey basis, and also provide further support:
- Set up a corporate bank account
- Provide accounting/financial services
- Help with internal audit
- Prepare for the external audit
- Conduct financial planning
And more! We can save your time if you delegate some responsibilities to us.
Interested in LLC registration in the UAE? Follow the above link to read more details – or simply book a session with our expert to discuss your situation. Make your first step today!
