Ever since hints were dropped about foreign businesses not needing UAE local sponsors, a lot of foreign investors and entrepreneurs have been looking forward to the implementation of this new ruling.
To boost the country's competitive edge, the amended Commercial Companies Law allows company formation in Dubai by foreign nationals or companies and no longer required to have at least 51% UAE resident shareholders to register a branch and perform business activities in the emirates.
The move has been anticipated for a long time and is expected to have a major effect on UAE's global standing. Along with the change, business setup in Dubai has become easier, especially for foreign investors who are looking for ways to grow their business during these difficult times. However, there are still requirements and guidelines that foreign companies must follow to start doing business activities in Dubai.
Whether you're planning on establishing a new business or opening another branch to expand your business in the UAE, it is always recommended that you work with business setup consultants in Dubai to help you make guided decisions for the company. Just because it's easier to start a company now, this doesn't mean that you can throw caution to the wind when it comes to growing your business in the UEA. Be mindful of the guidelines and make sure you obtain all necessary paperwork and permits/licenses to legally operate in the country. While requirements may vary, you might be asked to submit the following:
● Completed application form
● Business plan
● Passport copies of shareholders/directors
● Specimen signatures of shareholders/directors
● Letter of intent
For licensing, you need to provide the following:
● Board resolution appointing a company manager/director
● Power of attorney given to manager/director
● Memorandum and articles of association
● Specimen signature of manager/director
● Photo of manager/director
● Share capital information
If you don't have enough time to familiarize yourself with the new guidelines and requirements, you may hire a legal consultant in Dubai to who can give you a walkthrough of the legalities in establishing a branch in the UAE, as well as help you determine problems that you may encounter in the future as the business grows.
If you're a foreign national who needs legal advice in establishing a new branch for your business in Dubai or you need advice for an ideal business setup in the city, Motei & Associates can provide you with excellent legal services to meet the requirements of your business.
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