Company Incorporation Dubai | 3 Essential Things Your Consultant Will Do For You
Company incorporation Dubai: Registration agent will advise on choice, prepare & submit documents, bank account, monitor
Company incorporation Dubai: Setting up a company in the United Arab Emirates [UAE] including in Dubai is complicated by the choices available. There are 2,000+ activity licenses offered, in 28+ jurisdictions, including free zones in Sharjah, Dubai, Ras Al Khaimah, Ajman, Umm Al Quwain, and Fujairah.
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So the company registration agent’s knowledge which naturally comes at a cost will help you register your company with the most appropriate activity license, in the right jurisdiction to meet your objectives.
What does a company incorporation agent do for you?
A company registration agent will do many things for you:
- Advise you on the right license and jurisdiction that meets your objectives
- Prepare documents including legal documents
– Company registration (Package)
– BOD resolutions
- Submit physically to banks, authorities
- Monitor completion of jobs
- Help you open a bank account
- Facilitate and solve problems with your bank, legal issues, your jurisdiction
- Trust and fiduciary services
- Act on behalf of clients
– Accounting & Bookkeeping
– Bank operation in a limited way on instructions
Simply put, a company incorporation agent will help you to maneuver through the legalities involved in starting a new business in the United Arab Emirates.
Of course, you want to attempt to do this on your own. But beware of the time and risk of choosing the inappropriate option.
So how does all this help?
Below is a summary of the value addition a company incorporation agent does for you
1. Advise you on the right license and jurisdiction that meets your objectives
There are many choices.
To do business in any of the Emirates of the UAE, you must apply and receive a business license. This will depend on the activity you are going to do.
Multiple activities are possible if they fall within certain categories. If not, separate licenses will be required.
How do you know whether you should be in a free zone or have your company registered locally? Certain activities are available only for local companies.
If you choose to register locally, do you need a ‘Sponsor’ or a ‘Service agent’? How do you know what to do? With a Sponsor, you will have an LLC company where the Sponsor will own 51% on paper. Are you comfortable with that?
And if yes, where do you find one?
If you absolutely want to own 100% of your company then you need to find someone who will help you decide from the 25+ free zones which one you are to select?
Naturally, you would like to make the right choice the first time. Otherwise, your objectives may not be met. And your initial investment will go to waste if you need to unwind your company registration.
2. Prepare documents including legal documents for company registration, visas, amendments, Power Of Attorneys [POA], Board Of Director [BOD] resolutions
To register a company in the UAE, much information is required. But it is just as important to know which form to fill from the many that are available.
Know Your Clients [KYC] documents are required as well. This change by jurisdiction and type of license. But for individual shareholders the original passport, proof of address, and a bank reference letter are sufficient.
Some licenses or jurisdictions may require a deposit of the mandated share capital for your license.
If the shareholders are companies then KYC documentation becomes very much more complicated and may require attestation by the UAE embassy in the home countries followed by the Ministry of Foreign Affairs in the UAE. And each beneficial shareholder of the parent company would have to submit KYC documents.
With multiple shareholders, power of attorneys may need to be given to one person to run the business, operate the bank account, and deal with the government authorities. This power of attorneys would need to be notarized in the local UAE court.
Banks will, of course, require BOD resolutions.
Your company incorporation agent will be able to guide you through this morass of documentation.
3.Submit physically to banks, authorities, monitor completion of jobs, open a bank account
There are between 25 and 35 steps to be undertaken once you place the order for a company. And 10 to 12 weeks are required until the bank account is operational.
The steps involved include submitting documents to different locations within the UAE. Sometimes troubleshooting requires multiple visits to the authorities. This takes time and costs money.
The company incorporation agent knows where to go and who to talk to so that work gets done.
But since many different parties are involved and delays can take place at any time, something like a project monitoring system is required to give good results. Without which your job may languish when new jobs come in.
Also, banks keep changing their policies regarding the opening of accounts for new local, free zone, and offshore companies. How would you know which bank is suitable for you and what documents are required from you?
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