know the legal bodies that govern business setup process in dubai
DESCRIPTION
The business setup process is too complicated but Dubai makes it easy for everyone. Choose the business activity first then do the complete process accordingly. But, before that, you must know how the business setup process works and which legal entities involved in this process.TRANSCRIPT
Important Facts That You Must Know Before Setting Your Business in Dubai
Which Legal Authorised Bodies Involve in Business Setup Process in Dubai
In Dubai (UAE), setting up a business requires legally authorised bodies for issuance of a license, and permission to start a business. The Department of Economic Development (DED), Dubai Immigration, the Ministry of Labour, and other public departments are the main bodies to authorise.
Management Consultants
DED
Commercial Registration Department
Fee Structure
Nominal Shareholders
Local Sponsor
Tax Residency Certificate
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Department of Economic Development (DED)
The Department of Economic Development (DED) of the Emirate of Dubai is a government body authorised to run Dubai's economic plan within the broader governance systems of the United Arab Emirates. Economic plans and policies are developed by the DED and its agencies. It also identifies and supports strategic business and industrial sectors, and provides services to domestic and international investors and enterprises. Its aim is to improve the business environment and accelerate the business of various companies, contributing to the overall growth of Dubai’s economy.
Services Offered by DED
DEDSERVICES
Instant License
Reserve Trade Name Renew
Trade Name
Issue Initial Approval
Issue Branch Initial
Approval
Print License
License Activities' Terms And Conditions
Renew License
www.yourwebsite.com
Commercial Registration Department
The company’s Memorandum of Association (MoA) needs to be legalized by the DED
The applicants are required to obtain necessary permits and trade licenses with the Department of Economic Development (DED).
The cumulative documents need to be submitted to the Commercial Registration Department.
Fee Structure
General Trading License Fee
Ministry of Economic
Dubai Chamber of Commerce
AED 15,000
AED 10,000
Dh3,000
Dh1,200
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Dubai Municipality Fee
Fee of business setup consultant in Dubai for the job (additional service charge for the services you take).
AED 30,000
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Nominal Shareholders
If you are setting up your business in Mainland Dubai and apply for an industrial and commercial trade license in Dubai then it is a must-have holding of a minimum of 51% shares by the local sponsor and others by an ex-pat. But if an ex-pat applies for a professional license, then he can hold 100% shares.An ex-pat can hold 100% shares of a FreeZone company, there is no law regarding local sponsor or UAE national shareholder when you apply for Free Zone business activities.
Tax Residency Certificate
A Tax Residence Certificate is issued by the United Arab Emirates Ministry of Finance as proof of the applicant's formal status as a UAE resident. It is issued with respect to a particular Double Taxation avoidance agreement (“DTT”) between the UAE and specific foreign jurisdiction.
Local Sponsor
A local sponsor is a UAE national who acts as a service agent for business setup in Dubai UAE. Local sponsors usually are inactive and do not interfere in business and act as a sleeping partner of your company. While establishing a company, a detailed agreement, mentioning every single responsibility of the local sponsor towards the business along with his/her annual fee, must be prepared by the business owner. Additionally, you will also need a no-objection certificate from the local sponsor to run your business activities without objections.
Management Consultants like OBK Business Centre
OBK Business Centre is one of the leading names in the sphere of business setup consultants in Dubai (UAE). If you are planning to set up your business in Dubai, then look no further, as OBK Business Centre offers a comprehensive business setup solution that includes company registration, company formation, trade licensing, business setup and office space rental. Contact them on their contact details for further information.
Contact Us
OBK BUSINESS CENTRE LLC
Level 20, 48 Burj Gate Tower
Dubai, UAE, P.O. BOX 36615
Mobile number: +971 (0) 52 640 2550
Contact number: +971 (0) 4 518 2555
Fax number: +971 (0) 4 518 2666