Owning a business in the UAE has been the dream of many. However, it is now possible as residents can now possess 100% ownership in Dubai mainland.
The government of UAE has announced that more than thousands of commercial business activities licenses can be held 100% by the ex-pats without any involvement of UAE nationals. Earlier entrepreneurs needed a UAE national individual or local UAE entity to hold 51% shares of their business but now this requirement is waived off by the government.
Why start a business in the UAE?
Compared to other places to start a business from scratch, mainland UAE is easily the preferred choice due to its strategic location, flexibility for employees, and growth of the business, as well as, personal career.
Moreover, UAE is one of the safest destinations in the world, with endless scope for golden opportunities right across any corner. Some of them include:
- 100% repatriation of the capital, & profit
- Zero corporate or personal income taxes
- Scope of multiple branches
- Physical office in a commercially favorable location
- Cost-effective company formation
- Opportunity to trade with fellow mainland companies in the country
- Business-friendly government & atmosphere
It is no surprise thousands of entrepreneurs across the globe are intrigued by the possibility of having a mainland company in the UAE. After all, the process was easy & swift except for the sleep-inducing paperwork and government formalities involved while setting up a mainland business in UAE.
Probity Corporate takes care of all that boring work with tremendous responsibility. We provide the right support you need every step of the way.
Steps for UAE LLC Business Setup
The following steps will lead to a successful company integration in UAE’s mainland:
- Determine business activity: Identifying your business activity will help you apply for the right kind of business license. Commercial, or Trading, Consultancy, Professional, and Industrial are the types of businesses allowed on the Mainland.
- Apply for legal forms: As per your company’s specific requirements, and business activity, select the legal type for your company.
- Choose a trading name: You must select a trading name for your business untied to any religious or cultural connotation and submit it to the authorities.
- Apply for pre-approval in DED: Mainland business licenses are issued and registered under the Department of Economic Development of a specific Emirate.
- MOAs & LSAs: MOA is the Memorandum of Associations, and LSA is the Local Sponsor Agreement that needs to be prepared beforehand and submitted.
- Setting up office: In the Emirate you have registered your company in, rented, or bought a place to run an official workspace.
- Government approvals: There are lots of approvals required which are dependent on the business activities from various authorities before your company becomes legit. This also includes approvals from the Dubai Municipality, SIRA, Civil defense, Ministry of Health and Prevention, Police, etc.
Documents required for UAE Mainland Business Setup
- Registration and licensing applications
- Proof of reserved trade name
- Photocopy of passport and residence permit
- UAE nationals will need a photocopy of the applicant’s naturalization identification
- No-objection letters
- Photocopy of the director’s passport
- Permission from the court to practice business for applicants under 21 years
- Government approvals
Types of licenses in UAE Mainland
For your company to be considered legal, you must obtain one of the following business licenses:
- Commercial License: This license is for both general traders and specialized traders, who are a part of the commercial trading industry. A commercial license is also issued to businesses in other industries, like construction, transportation, stockpiling, communication, financial intermediation, real estate, and leasing.
- Professional License: Businesses like consultancy services, facilities management, tourism, etc provide their expertise as a form of service. A professional license allows them to do so while maintaining a complete 100% for foreign investors.
- Industrial License: Industrial license is for companies involved in manufacturing, production, and transformation of natural materials to final packaged goods.