- December 3, 2018
- Posted by: DBS
- Category: Dubai Business Services
Forming an L.L.C. company is one of the best ways of doing business in the Emirate states. This, of course, includes Dubai as well. According to the laws of the Emirates, an L.L.C. company can be formed involving as low as 2 and as many as 50 partners. The capital and profits are shared by the partners. However, to form an L.L.C. company in Dubai, 51% of the company’s own needs to belong to a citizen of the UAE. The rest can be propped up by a foreign investor or investors.
Here’s how you can set up your L.L.C. company in Dubai and attain lucrative profits:
Choose a Company Name
The first thing to do is to choose a name for your company. Your company needs to have an identity before it can be established in Dubai.
Apply for a License
The second step involves applying for a license. Simply fill the forms, along with the terms and conditions, of the licensing department in whichever Emirates you wish to establish your firm in. In this case, you will need to look at the licensing department of Dubai and comply with their requirements.
Frame a MOA and Have it Attested
The MOA stands for Memorandum of Association and is a document that highlights and explains the relationship of the company with its shareholders. The attestation you require must be from a Notary Public.
Get Approved by the Economy Department
The next step is gaining approval from the Economy Department. This is key since a company cannot be established without their approval. Moreover, this step will lead to your company’s name being added to the commercial register as well.
A formal entry is made into the commercial register once your company has received approval. Moreover, the MOA and other related information to your company are published and publicized in order to announce its creation and registration. The announcement comes in the Bulletin of the Economic and Commerce Ministry.
Get Your License
Once all the above steps have been completed, you have issued a license by the Economic Department. The license is in the name of the company and allows you to do business in the Emirates you registered your company in. The authorization extends to both the industry and the commerce departments and allows your company to be fully operational upon the issuance.
As you can see, establishing your company as an L.L.C. in Dubai is quite a straightforward process. Functioning as an L.L.C. is the best course of action for your company since it allows you to get very best perks that laws of Dubai have to offer. The only catch is finding someone to do business with from Dubai. However, if you happen to deal with that, registering your company is no big issue at all. It’s a very beneficial exertion based off very minimal effort.