A Limited Liability Company or LLC is the most common form of business setup in Dubai and in the UAE as a whole. Thus, it is not difficult to see that the business you want to set up in Dubai right now would fall under the LLC category.
So, how can you form your own limited liability company in Dubai? That is exactly what you are going to learn through this blog.
What is an LLC?
Limited Liability Company or LLC in the UAE requires 2-50% shareholders. It is called limited liability in a sense that all shareholders’ liabilities are only limited to their shares of the paid in capital. This means that shareholders will not be liable for any debt or liability of their company.
LLCs are highly common in Dubai because of its hybrid nature of combining the benefits of both a corporation and a partnership or sole proprietorship form of business. Because of this, an LLC offers a great deal of flexibility when it comes to operating your business. You can even trade anywhere in the UAE.
To get a more in-depth understanding of an LLC, it is highly recommended that you speak to a qualified commercial lawyer in Dubai.
Things you need to know about LLC
If you are an expat and you want to establish an LLC, you would need to obtain a local agent or sponsor to do so. The UAE government has a strict law when it comes to owning a business. Thus, you can only own a maximum of 49% of your company while the rest should be owned by the local agent.
As this might be the case, local agents could simply for formality. They usually don’t get involved in running your business, but they do help in preparing legal documents and meeting government requirements.
Setting up an LLC in Dubai
There are various steps that you should take when it comes to starting your LLC company. If you are not sure, then don’t hesitate to seek the help of business setup consultants in Dubai.
The first stop you should make is the Department of Economic Development. You need to register your company with them. You can apply online or visit their office in person.
This is also a very good post which I really enjoyed reading. It is not every day that I have the possibility to see something like this .
ReplyDeletellc company formation in Dubai