Are you planning to start a business in Dubai? Whether it is a UAE mainland business or offshore company formation, you need to first prepare essential legal documents to lay a strong foundation for your business. Failure to do so may lead to big problems in the future. When you have the right legal requirements and documents, you can better protect your business interest and assets.
With this in mind, here are the following important legal documents you should have as you start your business in Dubai.
Trade licence is like a birth certificate, it certifies the birth of a new business. In the UAE, a trade licence is issued by the Department of Economic Development Authority (DEDA). If your business falls in certain categories, you would need further approval from the concerned ministries and relevant authorities.
For example, if you are putting up a banking and financial business, you need to seek the approval of the Central Bank of the UAE. If you are going to start a health-related business, you would need the approval of the Ministry of Health.
This is where bylaws come in. Bylaws establish the rules of the company such as how it should settle disputes, determine the powers of shareholders, select leaders, and even how the same bylaws can be amended in the future. When preparing the bylaws of your company, it is good to have corporate lawyers in Dubai who can give you legal advice.
In the UAE, particularly in Dubai, bylaws would include memorandum of association (MOA) for UAE mainland commercial companies (LLC), local service agent agreement (LSA) for individual professionals, and article of association (AOA) for free zone businesses.
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With this in mind, here are the following important legal documents you should have as you start your business in Dubai.
Trade licence
For example, if you are putting up a banking and financial business, you need to seek the approval of the Central Bank of the UAE. If you are going to start a health-related business, you would need the approval of the Ministry of Health.
Bylaws
In a business setup, it is crucial to accurately define the specific ways how it should operate.This is where bylaws come in. Bylaws establish the rules of the company such as how it should settle disputes, determine the powers of shareholders, select leaders, and even how the same bylaws can be amended in the future. When preparing the bylaws of your company, it is good to have corporate lawyers in Dubai who can give you legal advice.
In the UAE, particularly in Dubai, bylaws would include memorandum of association (MOA) for UAE mainland commercial companies (LLC), local service agent agreement (LSA) for individual professionals, and article of association (AOA) for free zone businesses.
[...continue reading]
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