importance of legal assistance to set up a business in dubai
TRANSCRIPT
Importance of Legal Assistance to Set Up a Business in Dubai
1. Plan your Business ActivityThis is the first and foremost step to setting up a business in Dubai as the DED has classified business activities into a number of groups and subgroups
It is important to plan your business activity because DED determines the kind of business license to be issued based on your choice of business activity. Your business license determines the structure of your business which falls under either of the following categories:
Limited Liability Company
Sole Establishment
http://bit.ly/Legal-Services-Dubai
2. Choosing a Legal Form for Your BusinessFactors to be considered while choosing a legal form for your business:
Business Type
Business Activities
3. Trade Name for Your Business
This is the name that will appear across your trade license and other official documents. Here are some of the important points to note while choosing a trade name:
1. No Punctuation Marks
2. Do not use names of existing brands in Dubai
3. Family names cannot be used as trade names
4. The validity of a trade name certificate is 60 days5. Online renewal is permitted only once
6. It needs to be renewed within one week of the expiry date.7. A trade name certificate that has expired cannot be renewed.
4. Initial ApprovalInitial approval refers to the approval of business activities of your company. Initial approval is the government’s way of expressing no objection with regard to a business initiation in Dubai. Here are the documents required for Initial Approval
1. Business License Registration, Form BR1 in Arabic or EnglishM
2. Copy of Passports of all the shareholders
3. copy of passport visa page of the foreign partners.
4. UID number of foreign partners if they are on visiting visa
5. Local Service Agent Agreement
Depending upon the legal form of your company, you might need Memorandum of Agreement (MOA) or Local Service Agent (LSA) Agreement with your sponsor who is representing your business with regard to its licensing and compliance.The important components of an MOA includes:
Company Name
Details of the partners of the company
Business objectives
Capital investment of the company Share transfers
Company’s financial management schema
General Assembly
Overall profits and losses of the Company
Company Dissolution
6. Office Location and Office Lease Agreement
Things to consider before you choose an office location:
The office space needs to be within the Emirate of Dubai
Also, you can choose any other authorized business centers for your company
http://bit.ly/Freezone-Company-Formation-in-Dubai
7. DED is the Final Decision Maker
The final approval for the license is provided by the DED or Department of Economic Development. Here is the list of documents that needs to be submitted for final approval
1. Initial Approval Form
2. Initial Approval Certificate
3. Trade Name Certificate
4. MOA or LSA
http://bit.ly/auditing-firms-Dubai
