Dubai has now turned into a huge hub for business people from all over the globe. Dubai is a land of diverse opportunities that is the reason why people choose for LLC company establishments in Dubai. So, if you are also interested and want to know what are ways for LLC company formation in Dubai, then we at Start Any Business will surely help you in this process. We make sure that we provide complete guidance and assistance on your company formation process and make it easy and efficient without any hassle. Below we have mentioned some important factors that you should know before starting the company formation process.
The trade license application procedure is affordable and fast and there are several huge advantages to doing business in Dubai. With a favorable tax atmosphere – on corporate and personal incomes – the UAE also boasts a strategic worldwide destination and a flourishing community of business-savvy businessmen. If that sounds tempting, here are certain things that you have to understand prior to beginning your business. For one, you should be aware of the various kinds of companies that can be established in Dubai. The very common, and the one we would cover in detail here is the Limited Liability Company.
What is an LLC Company?
An independent lawful unit owned by many stakeholders, set up on the mainland of the UAE. This has a low cost for startups ad complete access to the comprehensive market of the UAE. A Limited Liability Company can open an account in a bank, obtain a tax identification number, and conduct business that is in Dubai under its own name. LLCs are the most common business established on the mainland of Dubai. It is a very perfect business for new business people.
A Limited Liability Company needs hiring of a UAE local sponsor to possess 51% stakes in the company, while an overseas businessman can possess 49% stake to meet the legal framework. Danburite is a proficient business formation consultancy; we give end-to-end support for an LLC company established in Dubai. We also offer PRO services for an LLC company setup in Dubai. We at Start Any Business provide assistance to our customers in selecting the right and cost-effective spot for establishing an LLC company in Dubai.
The Process for LLC Company Formation in Dubai
1. Choose a Business Activity
A list of allowed business activities is available with the Department of Economic Development of Dubai. Simply select the one that is most suitable for your business; get the help of a specialist in company establishment to assist you to decide which one is a good fit for you.
2. Reserve Your Company Name
In this phase, you have to remember that it is forbidden to utilize offensive words, company names may not contain religious references, or if you are utilizing your personal name for your company – you should write your first name and last name, both need to be provided.
3. Apply for Initial Approval
After the approval of your company name, you will have to apply for initial approval from the DED of Dubai stating that the DED will be required to start your LLC company, there is no objection. After your approval, your company will get an entry from the Commercial Registry.
4. MOA & LSA Agreement Should Be Drawn Up
To formalize your LLC Dubai, you and your business partners will require to draft an MOA. This MOA must be formally translated and verified by a Notary Public. As specified, a professional license requires you to sign a Local Service Agent. An LSA will represent your business with respect to compliance and licensing but has no further ownership.
5. Collect Your Trade License
After meeting the above phases, you will have to present all the necessary documents to the DED. You have to ensure that you attach all the essential documents from the last phases. If you complete all the needs, you will receive a trade license, Memorandum of Association, Incorporation certificate, and your company’s share certificate.
Documents Required for LLC Company Formation in Dubai
The necessary documents that you will need to prepare for LLC company registration in Dubai are mentioned below –
- Copy of valid passport of the investor
- Copy of passport of the local sponsor and manager
- No objection Certificate from the manager or sponsor who has a residency visa
- Registration application form from the DED
- Reservation of trade name
- Tenancy agreement for the office
Advantages of LLC Company Formation in Dubai
You can take pleasure of different kinds of benefits of LLC company formation in Dubai are –
- LLC company in Dubai give unrivaled access to the comprehensive economy of the UAE.
- No requirement of minimum capital
- The businessman has an option to commence branches
- The businessman receives an investor visa
- Smooth facilities for bank account opening in Dubai