Is remote company formation in UAE a rewarding option for entrepreneurs?
- July 20, 2021
- Posted by: axiom_admin
UAE is an ideal place for every entrepreneur to establish their business due to its strategic location and amicable government policies. There are numerous lucrative options available for company formation in UAE including free zones, offshore and remote company setup. These free zones along with remote business possibilities allow investors greater flexibility, tax benefits and control over their trade than any other nations in the world. This has made UAE the favourite business destination of investors around the globe.
The travel restrictions imposed by the pandemic has forced entrepreneurs to think about more flexible investment options that can be done remotely. So, the possibility of a remote company setup in UAE is highly rewarding for business people who wish to start their enterprise in this promising location without shifting their homes.
Select the type of business
There are mainly three types of business formation in UAE – free zone, offshore and mainland. A free zone is the most beneficial business for startups and small scale businesses. UAE has over 40 free zones offering different business license packages for setting up a business in the region. Depending on the free zone, you can avail various tax benefits, hundred percent foreign ownership, fee concessions and much more.
The company registration process for free zones doesn’t require a local sponsor, because the zone itself takes on those duties. However, companies in certain free zones are not permitted to do direct business inside the UAE, but trade only within their zone or beyond the national border. Mainland registered companies, on the other hand, are allowed to base themselves anywhere in the UAE. They can conduct business nationally or internationally as they wish, with unrestrained access to UAE’s high potential market and talent resources.
Remote Company Registration in UAE
The mass digitalization of government proceedings as part of the Smart UAE initiative has had a positive influence on accelerating company registration process in UAE. Now, investors can easily perform a company registration in UAE by sharing an e-copy of their passport and other company details as per the rules.
Certificates and approvals
After sharing company details and other required documents remotely, the investor receives the following certificates and approvals from the government, based on the nature of the company and share holding pattern.
- Certificate of Incorporation (Trade License Certificate)
- Shareholder Certificate
- Memorandum of Association, Articles of Association
- Company Stamp & Lease Agreement
- Establishment Card for Sponsoring Residence Visa
- UAE Residence Visa and Emirates ID (fee required)
- Corporate Bank Account Opening Approval
Corporate Bank Account Opening in UAE
Starting a Corporate Bank Account is the most important procedure after receiving the above company documents. UAE has a strong banking network with local and international banks. The UAE banks follow strict compliance to rules and procedures to ensure smooth financial transactions and prevent unauthorized payments. These banks provide specialized online services for investors and startups to easily avail a corporate account without travelling.
After receiving the above mentioned certificates from the government, there are a few more documents to be obtained to successfully run the business.
- Chamber of Commerce Registration
- Customs Registration & Import-export code
- Trademark Registration Certification
- VAT Registration and Filing
- Tax Residence Certificate
- Economic Substance Regulation Filing and document submission
- NOC from Free Zone authorities with respect to the nature of business activity chosen
Avail hassle-free remote company setup in UAE
Are you an entrepreneur who wishes to start a company in UAE from the comfort of your home? At Axiom Mark, we provide complete support to our clients for remote company formation in UAE at the lowest cost, based on the business requirements shared by them. Axiom Mark team will effectively handle all the above tasks seamlessly so that you can focus on your core business. Talk to our team to know more about assistance on remote company formation and corporate bank account opening in UAE.
Contact: +971 56 2189542