The option in Dubai to set up a professional company gives 100 % ownership, the criteria being; a UAE national must be appointed as the service agent. The role of the service agent is similar to that of the service agent in a branch company and the agent is responsible for the administrative tasks alone .The local agent is paid on an annual basis as per the contract and negotiation .This is unregulated by law. The advantage of a professional company in Dubai is that t here is no minimum capital requirement.
Professional Company is set up based on an agreement by which two or more people agree to serve others as a consideration, provided that the business tasks are unified or performed simultaneously.
Incorporating a Professional Company in Dubai
Documents Required along with the form
- Application Forms for Registration and Licensing
- Trade names list
- Photocopy of Passports of the partners and their visas
- No-objection letters from current sponsors of the partners
- Local Service Agent’s naturalization certificate
- Initial Approval Slip and other documents submitted during initial approval application.
- Photocopy of the office lease agreement and approval of lease premises authorities
- Original Business Contract notarized by Notary Public in UAE
- Original Employment Contract of local service agent notarized by Notary Public in UAE.
Free Zones in UAE are established to operate within the free zone as a center for the worldwide operations of the company and are not authorized to function within the rest of the UAE. The sponsor for your business will be the free zone governing body and they usually charge you service fees for visas, office lease, etc instead of a huge annual fee. These zones offer numerous benefits apart from giving 100 % owner ship to the investor and excellent business environment and infrastructure.
The offshore company set-up in Dubai is beneficial for companies who need to have a regional tax relief invoicing facility .There is no minimum capital required and there is also no requirement to set up an actual office facility. The offshore company regulations have been set according to international standards and the company will have to register minimum 2 nominee directors, maintain financial records and issue an annual financial report that is audited by a professional auditing company .The auditing company should have been be approved by JAFZA or RAKFTZ.
business setup in dubai