Investors are always looking for the answer to the question, “How to start a business in Dubai”. The answer lies in consulting KWSME. A LLC provides them with just those opportunities as the local and international markets are within reach. The Dubai Mainland is home to many LLCs. The process of incorporating a LLC is long and tiring and that is why KWS-ME lets you sit back while it takes care of important business. To get a LLC registered, there is a need to get documents attested and approved from government departments and this is exactly what KWS-ME does for its clients.
The Advantages of Incorporating/Forming an LLC
It is not without a reason that LLC company formation in Dubai has become so popular. The incentives and advantages offered by this type of setup are unmatched. Let’s look at some of the advantages of LLC company formation in Dubai.
- Access to markets within and beyond the UAE.
- Involvement in International Trade and awareness about opportunities.
- A security deposit is not required to obtain a visa if the person owns a LLC in Dubai.
- World class infrastructure available for use to businesses in Dubai.
- No minimum capital requirement to form an LLC in Dubai.
- Branches of UAE-based LLC can be setup anywhere in the UAE.
- Local sponsor acts as a sleeping partner with no role in business decision making.
- Corporate bank account opening is easy
- Access to cheap loans is easy.
These are some of the advantages that leads investors to open LLC Company in Dubai. After all, Dubai is located such that markets all around the globe are accessible and how can businesses let go of such opportunities.
To open LLC company in Dubai, there is a need of at least two people, although the upper limit for company owners is 50. All of these partners are liable according to how much money they have invested in the company. An LLC can be formed easily with a minimum capital share requirement of AED 300,000.
For an LLC, it is required by law that a local sponsor owns 51% of the company that you setup. The remaining 49% shares are divided between the owners of the business and its investors. The local sponsor only charges an annual sponsorship fees and legal matters about profit and loss sharing can be decided and given a legal shape.
Serivces Offered by KWS-ME To Its Esteemed Clients for the Formation of LLC Include:
KWSME is very supportive when it comes to setting up a LLC or any other type of company for that matter. The consultancy provides following services for LLC:
- Approval and clearance of documents from government departments for the purpose of incorporating the LLC.
- Preparing all paper work and arranging documents.
- Link building for the clients with relevant government departments.
- Drafting of Memorandum of Association (MoA) or Articles of Association (AoA).
- Finding a Local sponsor for LLC as required by UAE laws.
- Provision of help and advice for corporate bank account opening.
- Management of client’s business documents.
- Help with finding suitable office location for clients.
- Visa approvals for the clients of KWSME.
Documentary Requirements for Getting Initial Approval or NO Objection Certificate:
To get the Initial approval, there is a need to provide the Department of Economic Development (DED) with relevant documents in the form that they require. This approval is the backbone of your business operation and type. All important information will be recorded with the DED as per the legal requirements.
Let’s look at the important documents required for the initial approval.
- Passport copies of all foreign nationals willing to incorporate the LLC.
- Document showing the name chosen for the LLC.
- Application for obtaining trade license and formation of company.
- The family book and passport copy of the local sponsor.
- If the applicant is a on a UAE resident visa, copy of NOC issued by local sponsor is required.
- Passport copies of the directors and the General Manager are required,
- The Emirates ID card’s copy is required for initial approval as well.
Documentary Requirements for Getting Final Formation:
These are the documents that are required for the final formation:
- Copy of lease documents of office space,
- Memorandum of Association duly notarized (MoA).
- Copy of all documents sent for initial approval by DED.
- Department of Economic Development provides NOC or initial approval.
The Rule of Minimum Capital Required for LLC:
Showing capital required in the bank is required so that an LLC can be set up. The number of managers that can exist in the LLC can be 5 who administer different aspects of the business.
Additional Information about LLCs
It is important that you know that some practices cannot be adopted by an LLC. These include those activities that are specific for the professional companies who have trade licensing.
The structure of the business makes it very flexible when it comes to the operations. It is important that the company adds “limited liability company” at the end of the name.
The shares of LLC are not for the public to buy and are transferred to next of kin when the owner dies.
This is the answer to “How to start a business in Dubai”.