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Setting up New Company in Dubai
24APlus Consultants is a professional business consultancy providing a host of services to business enterprises
24APlus Consultants offer complete solutions for 
those wanting to set up a new business in Dubai or any other emirate in the UAE. the company has several years of experience in the field and its consultants can guide you through each step of the process for estblishing your business presence in the UAE. 24APlus business set up services include:
Setting up a Limited Liability Company
Setting up branch / representive office
Free zone establishment / company / branch
Offshore companies / trusts
Background
Foreign enterprises wishing to conduct business in the U.A.E. may do so either by establishing a formal, permanent presence in the U.A.E., or by using a commercial agent. There are several methods pursuant to which a foreign entity may be licensed on a permanent basis in the U.A.E, including:
Incorporating a Limited Liability Company ("L.L.C.")
Establishing a Branch office or Representative office;
Establishing a wholly owned entity in one of the U.A.E. Free Trade Zones.
By establishing a presence under one of these methods, a foreign entity is permitted to engage in all activities as licensed in the U.A.E. While the scope of activities that may be conducted through these vehicles can include contracting, providing services and possibly manufacturing, foreign entities operating pursuant to these alternatives may engage only in those activities licensed by the relevant U.A.E. authorities. Such foreign entities also will remain subject to the relevant restrictions that reserve certain activities, such as commercial agency activities, for wholly U.A.E. owned enterprises.
LIMITED LIABILITY COMPANY
Legal Status
As per the provisions of UAE Commercial Companies Law No. 8 of 1984, a Limited Liability Company (LLC) can be formed to carry out commercial activities in UAE.LLC is a partnership entity in which minimum 51% shares are held by UAE National.This company will have separate legal status independent of its partners.The Memorandum of Association (MOA) signed by its partners works like Partnership Deed and the company is managed by its Director, who gets all the executive powers to run the company.The company will have minimum capital of Dhs 300,000 A typical scenario would be:
Salient features
The company will be a separate entity different than its partners.
The liability of the partners will be limited to their capital contribution.
The company can carry out the business activities in its own name.
Documentation
Passport copy of the partners.
Jinsea (ID) copy of UAE National selected as Local Partner.
Copy of Tenancy contract.
Application form duly signed by all partners.
Bank certificate for deposit of Dhs 300,000
Auditor's certificate.
Copy of your existing company trade licence.
Residence address (physical address), P.O. Box number, telephone number of all the partners.
For non individual shareholder, the following documents duly notarized, attested by UAE consulate in the home country and Ministry of foreign affairs in UAE and Arabic translation thereof is required:
Certificate of incorporation
Memorandum of association
Board resolution
Power of attorney
Branches & Representative Offices of Foreign Companies
The Companies Law covers the regulation of branches and representative offices of foreign companies conducting commercial activities in the UAE.
Foreign companies registering a branch or a representative office in U.A.E. may be 100 per cent foreign owned, but are required to appoint a national service agent who must be a UAE national or a company 100 per cent owned by UAE nationals. The service agent's obligations are restricted to the provision of certain services necessary for the company to become licensed, and he bears no responsibility, financial or otherwise. In return for providing services such as the obtaining of visas, labour cards etc., the national agent can expect to receive either a fixed annual sum and/or a percentage of the profits or turnover of the company.
Representative offices are not permitted to carry on trading activities as their principal purpose is to represent the interests of the overseas company. Branch offices are technically capable of trading and importing goods although such licences are usually issued with an endorsement not entitling them to trade which effectively makes them the same as a representative office. Accordingly, the company's trading activities in the UAE must usually be conducted through the appointment of a local distributor / commercial agent.
Documentation
Contract agreement with a services agent holding the UAE nationality. The agreement must be duly authenticated by the Notary Public.
Submission of a duly attested "Undertaking" issued by the mother country pledging to bear any financial liabilities on behalf of its branches in the UAE.
Duly attested decision taken by the concerned administrative body at the mother Company confirming willingness to open a branch in Dubai.
Duly attested official certificate issued by the competent authority at the country in which the foreign company is registered. The certificate must state for the company registration; legal status; capital; names; capacities and powers of its representatives.
Duly attested facsimiles of the mother company's letter of incorporation and articles of association.
Latest duly attested balance sheets of at least two financial years accredited by the mother company, along with auditor report: profit/loss accounts and other balance sheet-related explanations.
Statement, showing main operations and activities practiced by the foreign company outside the UAE, and accounting for its previously accumulated experiences.
Duly attested power of attorney in favour of the Company's representative in Dubai, along with his passport photocopy and personal photograph.
Passport photocopy and personal photograph of the national services agent if he is a natural person. In case he is a legal entity, an official certificate confirming that all partners are UAE nationality holders should be attached along with copies of issued licenses.
Statement showing the number of employees expected to be recruited in the company branch in Abu Dhabi.
Bank guarantee in favour of the Ministry of Economy of AED 50,000.
All documents should be translated into Arabic by an authorized legal translator and duly attested by the UAE Ministry of Justice. All the documents should be submitted in two sets in separate files with a divider between two documents.
SETTING UP A COMPANY IN A FREE ZONE
Documents required:
Suggested names of the Company
Names of the shareholders, directors and manager
Clear passport copies (if not in English, official translation in English )
Names of the shareholder as it should appear in the share certificate
Type of business to be pursued by the company
Capital (Minimum capital is AED 100,000)
Estimated annual turnover
If one of the shareholders is a company, following documents are required to translated in English and attested by UAE embassy in home country and Ministry of foreign affairs, UAE.
1) Registration certificate
2) Memorandum of association
3) Board resolution
4) Power of attorney
A copy of the bank statement in the name of the shareholders stating the balance of AED 100,000 or equivalent amount in any currency in any country.
Name of the bank in which the company account shall be opened.
SETTING UP AN OFFSHORE COMPANY
24APlus also offers assistance in formation of compnaies in offshore destinations worldwide.
Setting up offshore companies in Jebel Ali Free Zone and Ras Al Khaimah Free Zone.
Accounting and secretarial services for offshore entities.
Advise on international tax issues.
VIRTUAL
OFFICES
24APlus Consultants also
help you to find and locate a prestigious location for
your business in Dubai! You can take advantage of the company's flexible 
service
plans and save up to 90 per cent of rental expenses by opening a Virtual
Office rather than a full time office! 24APlus
offers a wide range of services, including live telephone operators,
full mail service with forwarding. It
also provides Virtual Office signature services as well as serviced
offices and conference rooms available for rent on an hourly, daily
or monthly basis. In addition, you can also use the company's personal
telephone service with a live operator answering and directing your
calls; voicemail with worldwide access; full mail service with forwarding
along with a prestigious Dubai street address; equipped offices and
conference rooms; full secretarial and concierge services, etc. So
if you're planning to start operations in the UAE, let 24APlus
take care of the rest. Whatever your business needs, large or small,
24APlus can help you get ahead in business.
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For
further information contact: 24APlus Consultants P.O. Box 233256, Dubai United Arab Emirates |
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