- April 25, 2019
- Posted by: MSZ Consultant
- Category: Business Setup
LLC Formation in Dubai
LLC Formation in Dubai – A mainland LLC company in Dubai can trade anywhere within the UAE/the extended Gulf Cooperation Council (GCC) states.
51% shares of LLC are reserved for local sponsor while foreign owner will get 49% shares of the company (profits can be distributed differently).
The LLC can be formed with minimum 2 and maximum 50 shareholders, whose liability is limited to their share in the business capital.
Following are the required documents for setting up an LLC in Dubai
- Passport copies of all the shareholders, sponsor and also managers
- NOC from the sponsor if the partner or manager has a residence visa in UAE
- Registration application form
- Registration of Trade name
- Initial approval from the DED
- Memorandum of Association (MOA) (duly attested from the public notary)
- Bank reference letter for each shareholder
- Location plan and tenancy contract attested by Dubai Municipality’s Planning Department and Civil Defense Department
Procedure to setup an LLC in Dubai
- Choose a proper legal types of your company
- Select the unique name and the activities involved under the company
- Choose an appropriate location that suits you according to type of your business activity.
- Gather all the necessary documents and also submit them to the Department of Economic Development (DED)
- Get an approval from relevant regulatory and government authorities (in case your business will conduct specific activities)
- Obtain a Trade License, Certificate of Incorporation, Memorandum of Association (MOA), Share Certificate and Tenancy Agreement from relevant authorities
- Get visas, labor cards and other legal documents
Advantages of Setting Up an LLC in Dubai
- Less paper work required for formation of an LLC (no need to hold annual meetings and also file annual reports).
- Freedom to employ number of shareholders in an LLC.
- Companies can also avoid double taxation
- LLC may conduct any type of business activity excluding insurance, banking, and also investment
- The investors of an LLC enjoy investors visa
- Easy to open corporate bank accounts and also avail credit facilities
- No restrictions on real estate ownership
- LLC can also have one or more owners
For further information, Contact us: +971589827842/+97142297508