Everything you need to know to start a successful oil and gas business in the UAE
The United Arab Emirates is known around the world for its booming economy. While there are many successful industries in the UAE, the oil and gas sector is one that dominates the national economy. In fact, Abu Dhabi is one of the largest energy producers in the world!
If you want to take part in this developing market, there are plenty of opportunities for business. Oil and gas companies in UAE need a wide range of support from equipment, to oil rigs, logistics, transportation, and more. So, it’s an excellent environment for setting up an oil and gas company. And with the help of the experts at MSZ Consultancy, business setup has never been easier!
The Oil and Gas Sector of UAE Offers Opportunities
The oil and gas industry in the UAE is always evolving. Right now, the area is a major oil producer and exporter, with an average of 4 million barrels per day being produced. However, there are plans right now to increase crude oil production to 5 million barrels per day by 2030.
There are also current reforms underway to become self-sufficient in gas production and expand refining and petrochemical operations. These expansions are great opportunities for investors in technologies, equipment, chemicals, machinery, and services.
How Can You Open Your Oil and Gas Business in UAE
All oil companies in UAE must first be approved by The Supreme Petroleum Council. It is recommended that companies apply for the Supreme Petroleum Council approval during the initial incorporation process. The approval will take about 24-48 hours.
Here’s a list of the other steps that are needed for an oil and gas company setup in the UAE:
- Determine your company’s business activities.
- Choose the legal structure. You can register an onshore company as either a Limited Liability Company or Foreign Branch.
- Prepare legal documents.
- Submit the application for the trade name.
- Find a place to lease.
- Get the Memorandum of Association or Service Agent Agreement notarized.
- Get the application for Supreme Petroleum Council approved.
- Receive your commercial license.
- Open a corporate bank account.
- Register with the General Directorate of Residency and Foreign Affairs (GDRFA) and Ministry of Human Resources and Emiratisation (MOHRE).
- Register the company with labor and immigration.
Requirements for an Oil and Gas Business in UAE
As we mentioned earlier, all oil and gas companies need to get approval from the Supreme Petroleum Council. This can be done through the Abu Dhabi Department of Economic Development (ADDED). You’ll need the work IDs of the local sponsor or service agent to apply for this approval.
Depending on your business activity, your company may require special approvals.
These companies have to get a trade license with an additional activity: Onshore and Offshore Oil and Gas Field and Facilities Services:
- Construction
- Drilling
- Employee catering
- Equipment trading
- Allied oil and gas related activities
- If you need to access the oil field, you’ll need another approval from the Critical Infrastructure and Coastal Protection Authority (CICPA).
This may seem like a difficult process, but it’s actually pretty simple with MSZ Consultancy on your side. We have helped numerous Middle East oil companies setup their businesses, and we can help you too. Our team of experts will make sure you meet all the requirements that are needed to successfully form your company without any issues.
Why Should I Start an Oil and Gas Business in UAE?
There are so many benefits to setting up an oil and gas company in the UAE. The numbers speak for themselves:
- The UAE is the seventh-largest natural gas reserves in the world.
- UAE is the 4th biggest crude oil exporter in the region.
- The country produces an average of 4 million barrels of petroleum and other liquids per day.
- There are reserves of nearly 100 billion barrels of crude oil.
Not only would you setup a business in an industry that’s already booming, but you also get the advantages that come with a business setup in the UAE like:
- Easy company setup
- No corporate taxes
- No income taxation
- Simplified financial reporting
- Great location right in the heart of trade routes
- Access to a talented workforce
- World-class infrastructure
- Easy to open a corporate bank account
Easy Business Setup with MSZ Consultancy
If you’re ready to form your own oil and gas company in UAE, we are ready to help! At MSZ Consultancy, we have the best team of consultants that are experts in business setup across all seven Emirates. We can easily help you form your company without any problems and give you the tools you need to be successful. Get started today with a free consultation at +971 50 487 2208.
WHAT WE DO?
We help you form your company from start to finish. We start from scratch, then will guide you through the business setup process by providing you with everything you need to get your business registered. We will also give you the financial advice and suggestions that you need along the way to ensure that your company succeeds.
HOW DO WE HELP?
We help along every step of the way. We have a unique team of business consultants, lawyers, and PRO executives that are skilled in all aspects of business setup. Our expert staff will help in all areas of company formation, from paperwork, legal advice, financial expertise, trademark registration, and more. We will make sure you have everything you need to successfully form your company without any issues.
WHY CHOOSE US?
We are trusted experts in business setup. We aim to provide the best possible service in the industry. Everything that we do is designed to make things easier for you. We will take your ideas and craft an individual plan that’s tailored to meet all your needs. We guarantee that you won’t find a company that’s more dedicated to providing the best quality services than MSZ Consultancy.
Your One and Only Stop for All Your Company Needs
We are the one and only stop that you need to make for all your business needs. At MSZ Consultancy, we don’t just help you form your company, we will provide you with the services and advice that you need to help your company run successfully.
Here are some of the corporate services we offer:
Trademark Registration
We provide you with everything you need to protect your work. We specialize in trademark registration, renewal, amendments, and more.
Local Sponsorship
If you’re a foreign entrepreneur, then you will need a local sponsor that will serve as a sleeping partner and own 51% of your company. We have access to the most reliable sponsors that you can easily trust with your company.
PRO Services
Our Public Relations Officer services can handle all your documentation and clearing services. Let us take care of your license renewals, visas, labor contacts, immigration paperwork, and other legal formalities.
Bank Account Assistance
It’s important to get a corporate bank account set up for your business, so you secure your assets. We can help you open your account and make sure that you meet all the requirements for the bank that you choose.
Product Registration
If you plan on importing, manufacturing, re-exporting, or distributing your products, then you’ll need to get them registered. This will ensure consumers that your products are safe. We can take care of the entire process for you.
Business Centers
It can be challenging to find an office or building for your business if you aren’t familiar with the area. That’s why we have several business centers located in strategic locations throughout Dubai. We can easily find the perfect spot for your company.
Company Liquidation
Company liquidation is a long and tedious process, but you don’t have to do it on your own. We have a team of legal experts that can guide you through the entire process. Let us help your company minimize your legal liabilities and financial losses and make sure you’ve met all the legal requirements for successful company liquidation.
