www_tncconsultants_ae__post_setting-up-business-in-united-arab-emirates

1. HOME ABOUT US WHAT WE DO NEWS & ARTICLES CONTACT US All Posts business consultancy tncconsultantsdxb Feb 23, 2023 2 min read Setting Up business in Mainland of United Arab Emirates The companies require legal sanctity before doing business in United Arab Emirates. For conventional businesses in UAE, the Economic Department is the authority which regulates all the procedures and requirements. These are authorities for licensing to embark on economic activity in the Emirate. 1. Dubai Economic Department. 2. Sharjah Economic Department. 3. Abu Dhabi Economic Department. 4. Ras al Khaimah Economic Department. 5. Fujairah Economic Department. 6. Umm al Quwain Economic Department. 7. Ajman Economic Department. Types of Licenses in conventional Business 1. Industrial license 2. Commercial license 3. Craft license 4. Tourism license 5. Agricultural license 6. Professional license Important note: A business license may include more than one activity in one business activity. Legal Forms of Business The first step to kick-start your business is to choose the economic activity and the second step is to decide on the legal form which caters for your business model. Here are the legal forms of companies which the Economic Department recognizes. General Partnership. Limited Partnership. Limited Liability Company. One Person Limited Liability Company. Sole proprietorship. Civil company. Public shareholding Company. Private Joint-stock Company. Representative Office. Branch of Free Zone Company. Branch of Foreign Company. Branch of Local Company. Branch of Company Based In another Emirate. Branch of GCC Company. Government Liaison office. Foreign Ownership of Companies foreigners/ ex-pats/non-GCC citizens are allowed to establish companies without local service agents with 100 per cent ownership of those companies, most of the commercial and industrial activities are included in that list with the exception of some special activities. The foreigner can acquire the license for the above-said activities in the following two forms. 1. Limited Liability Company. 2. One-Person Limited Liability Company. Special Impact Activities These are seven special activities in which a foreigner/foreign company cannot hold 100 per cent ownership of the business in UAE. These activities are called strategic impact activities. 1. Security, defence, and military-type activities. 2. Currency Printing. 3. Banks, exchange bureaus, finance institutions and insurance activities. 4. Telecommunications activities. 5. Hajj and Umrah Services. 6. Holy Quran Recitation Centers. 7. Services related to the fisheries sector. Above said activities are special activities in which shareholdings of citizen are determined by the concerned authorities along with shareholdings of foreigners/foreign companies who wish to invest in these sectors albeit in the fisheries sector, the citizen shall have 100 per cent ownership. 733 views 0 comments 2 Recent Posts See All Limited Partnership Company in UAE General Partnership Company’s Management Partners of General Partnership Company A limited partnership is a legal entity, which comprises one or more active partners who contract one or more other… Status of partners in General Partnership Company All active partners are considered traders in a general partnership and a… Appointment of manager in General Partnership Company As a general rule, the partners of the general partnership… 2 2 2 1,893 0 345 0 331 0 © 2021 by TNC Management Consultants. Proudly designed by Luxe Agency CHAT WITH US