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SETTING UP A LIMITED LIABILITY COMPANY IN DUBAI

Publish Date: 14-01-2018 00:54:47 | Contact name: MSZ corporate service provider | Location: UNITED ARAB EMRIATES | Place: OFFICE NO:1407,14TH FLOOR,MAITOWER.ALNAHDA. dubai | 10 times displayed |

In UAE Limited Liability Company (LLC) is a famous type of company and it
rncan be started with minimum 2 shareholders and maximum 50 shareholders.


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In order to start a Limited Liability
rncompany in UAE investor must get a local partner or local sponsor which by law
rnshould hold 51% of shareholding and the investor hold 49% of shares.


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The rules for an outsider to hold
rnmaximum legal ownership. You must have a sponsor in order to form an LLC which is normally a UAE citizen.


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Licensing Authority:


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There are different licensing
rnauthorities in different Emirates for Limited Liability Company.


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In Dubai and Abu Dhabi:


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·
rnDepartment of Economic Development (DED) is the
rnlicensing authority.


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In Sharjah:


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·
rnDepartment of Economic Development (DED) is the
rnlicensing authority.


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In the Other Emirates:


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·
rnMunicipality or Chamber of Commerce is the licensing authority.


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Minimum capital law for
rnLLC was abolishedin 2009. Presently
rnthe rule has been abolished an LLC can be
rnformed without bank deposit and once in a while without auditor's certificate in Dubai,


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However,in Abu Dhabi,
rnyou still have to deposit 150,000AED
rnas minimum capital. LLC has a huge
rnlines of options, a large number of business activities
rnare permitted under LLC.


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While registering LLC you have to fill out avarious form with
rnexperts. A considerable lot of the documents are in English yet at somepoint, it is required by thevarious department that
rnyou should present that document in
rnArabic
so for that you require a
rntypist
who can do as such in Arabic.


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Needs to draw Memorandum of Association
rn(MOA) which should include:


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·
rnTrade name (company name),


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rnOffice timing,


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rnObjective of company,


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rnHead office if you have any sub-office,


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·
rnName of shareholders,


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·
rnNumber of shareholders and
rntheir shares,


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·
rnTotal capital,


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·
rnDistribution of profit and
rnloss,


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·
rnName of the manager of the
rncompany with nationalities,


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A sponsor
rnin UAE is essential and could be any UAE National women, men or any UAE owned
rncompany.


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The obligation of thesponsor is to get you into the country as an
rnemployer, as a traveler.


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In case of LLC, a sponsor gets the 51% of theshare of the organization. Despite the fact
rnthat support gets thegreatest
rnshareholding in the company, however, he/she have not said in the company matter, sponsor act as a silent partner and
rnmost of the time only get the yearly
rnexpenses.


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Steps to form an LLC:


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1. Choose the company name and it will be used to get approval
rnfrom the authorities for your company.


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2. To charter a Memorandum of Association (MOA) which should be
rnnotarized by anotary public.


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3. Get approval from theauthority.


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4. You can get the license issued by the authority.


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5. The last step is Company registration with commerce
rndepartment and industry your company is affiliated with.


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Required documentsby the authorities to
rnregister your LLC in UAE:


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·
rnPassport copy of the foreign
rninvestors,


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rnPassport copy of the manager
rnof the company,


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·
rnPassport copy of the local
rnsponsor,


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·
rnRegistration form from
rngoverning authority,


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·
rnTrade name certificate,


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·
rnNo objection letter from the
rnsponsor if your partner or manager is on residence visa in the UAE,


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·
rnYou may also ask the registration authority from the Initial
rnapproval from the Economic or commerce ministry of UAE,


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·
rnAttested MOA from the public
rnnotary,


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·
rnIf your company is engaged
rnin manufacturing business then you have to provide the tenancy agreement of warehouse facility which should be attested by the planning department and
rncivil defense department alongside with a location plan.


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For more
rndetails you can contact MSZ Consultancy for advice and assistance, we can help
rnyou to set up LLC company in UAE.


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contact
rnnumber: 00971589827842 or visit: http://www.mszconsultancy.com


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Contact MSZ corporate service provider: SETTING UP A LIMITED LIABILITY COMPANY IN DUBAI

Phone: 0589827842

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