How to set up a business in the UAE with 100% ownership
- July 5, 2022
- Posted by: axiom_admin
Regulatory legwork can make the thought of setting up a Business in the UAE look like a struggle. That’s where Axiom Mark comes in to make your life easy every step of the way. Read on to find out how we help entreprenuers like you start a business in UAE with 100% ownership.
Previously it was required legally for expats to find a local sponsor who would own 51% of the company’s shares if they wanted to start a business in the UAE. However, since June 1, 2021, the law has changed and a foreign business or individual may invest and possess up to 100% of a company’s entire shares in the UAE, removing the previous necessity of a local sponsor. The UAE’s leadership took this major step to make the country even more appealing to international investors. The move increased market competition, stimulating and diversifying the UAE economy.
Some benefits you can avail of now are:
How to start a UAE business with 100% ownership:
I. Determine your company’s activities:
Establish your anticipated business operations and compare them to the Department of Economic Development DED’s allowed list. You will need to ensure, that your selected activity or activities allow for complete ownership.
II. Estalibsh and register company name:
When naming a firm in the UAE, you must follow a specific set of naming conventions. Any disrespectful or profane words should be avoided.
III. Apply for a license:
This application is sent to your preferred Emirate’s local DED or equivalent and you can do this online.
IV. Visa applications:
To work in the UAE, you need a residency visa. Biometric scanning, a blood test, a medical exam, and a chest X-ray are all part of the visa application process.
V. Establish a corporate bank account:
Finally, in order to trade, you need to have a business bank account.