UAE PRO Business Service Guide
UAE business law and regulations are stringent and can impose severe monetary penalties for contravention of some legal provisions. Therefore, it is advisable to seek the services of professionals who specialize in these matters. If you have the resources to do so, consider hiring an expert to work on your behalf. Other than being able to guide you through the legal requirements and benefits, they will also be able to handle all of your related issues and negotiations. If you decide to engage a business lawyer, you should keep in mind several things in mind. These may be discussed in this article.
The nature of the business in UAE may necessitate some special considerations. For instance, there may be some requirement for a UAE business license. As per the Small Business Administration (SBA), there are legal requirements for a UAE business license. Some of these requirements include a payment of a fee and an identity check. The SBA also requires that the applicant must disclose his or her business’ legal status.
Registration of a company is essential for conducting business. There are three types of registration: company, limited liability partnership (LLP) and ownership by foreigners. In addition, registration of a business in the corporate name is required. If you wish to incorporate a business, you have two options-manual, automatic, or electronic registrations. Company registration can be done by contacting the Cabinet Business Development Department or the Ministry of Economic Affairs and Trade. Alternatively, registration can be done online.
Corporate laws in UAE vary from country to country. Therefore, you should seek legal advice before registering a company in UAE. The services of a lawyer will ensure that your interests are protected and that you obtain the maximum tax benefits. He or she will also be able to guide you through the intricate legal requirements and benefits.
As mentioned earlier, businesses must be registered. In order to be registered, a company must have its articles of association duly approved by the government. This enables the government to keep a track of the company and keep tabs on its directors and shareholders. Companies have to follow all legal requirements including the filing of annual reports and financial statements.
A company formation kit is available from the Secretary of State which contains all the necessary papers and documents required to set up a business. These kits can be obtained directly from the Secretary of State, Federal Trade Commission, Cabinet Commercial Services, Dubai Solicitor, and Commercial Office. You can also request these kits from the Dubai Area Authority for companies that are not residents of the emirate. Companies can conduct business without any permission or license from the Federal Court.
Companies may choose to register with a Private International Limited Company (PILC). PILCs are offshore vehicles used by businesses to operate their trade without being registered in the UAE. Companies have the benefit of paying lower rates of tax and have unlimited offshore banking facilities. Private companies are also protected against double taxation. The only disadvantage is that the company may not enjoy the same benefits as a UAE-owned company.
The Arab Bank, Dubai Investment Authority (DAE), and Federal Arabian Bank (FD bank) are some of the other main financial institutions in the emirate. These banks are affiliated with several leading business companies in the region and offer various professional services. You can search their websites to obtain further details. They are more interested in the status of your business rather than in the volume of transactions completed.
You can contact the companies listed with them for further information. They will provide you with the names of experts available in the region. These experts will guide you about the legal requirements and guidelines for starting a business in the area. The companies will even help you obtain necessary permits. You can pay for the services online and can receive the account details once the process is completed.