Company Formation In Dubai
Due to the strategic location of Dubai and its business-friendly infrastructure and facilities, Dubai is the first choice of every international organization around the world. Company Formation in Dubai is a very daunting and lengthy process. We, Hallmark Auditors are proficient and provide best consultancy services for mainland company formation Dubai.
Department of Economic Development (DED) of UAE is consigned with the responsibility of driving the Dubai’s Economic agenda within the governance of United Arab Emirates. The official website says, “The DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.”
Mainland Business Setup Process
For setting up business in Dubai, you will need to appoint a Dubai national as local sponsor. However, the local sponsor or sleeping partner could have an agreement that it doesn’t have any role in business operations or company profits.
For Professional License, he investor can have 100% ownership, but a local service agent is still required. Thus for a professional company, the local service agent has no active part in the company business management, operations or profit sharing.
Steps of setting up business in Dubai
A valid office address is basic requirement to set up business in Dubai. It has to be acquired from Dubai Municipal Corporation. There are six basic steps:-
- Business Activity Selection and Name Approval
- Selection of Local Partner or Service Agent
- Apply for Initial Approval for Mainland company setup
- Preparation of Court Notarization and MOA
- Get Office Space and Tenancy Contact
- Final Submission for Mainland company formation
Types of Licenses issued in Dubai
Trade License: – These licenses are issued for engaging wholesale or retail trade enterprises, contractors, hotels, transport and storing establishments etc., it is issued for General Trading or Specific Trading. A specific trading license limits the scope of activities to trade in only closely related items. (One cannot make software’s if they have a transportation license)