Professional overview for setting up a business in UAE
- July 19, 2021
- Posted by: axiom_admin
In this feature we will talk about setting up a business in the UAE mainland. Although starting a business in the UAE free zones have its own pros and certain cons as well; we will cover that in another article.
It is mandatory to appoint a local service agent, when you plan to set up a professional company in the region. The role of the service agent is to coordinate and help in the procurement and issues related to visas, various licenses, employee or labour cards, housing and general know how. This citizen of UAE must be paid a fee, which could be a percentage of profit or a lump sum mutually agreed amount. These companies or firms can either be involved in artisan or professional fields, the government allows 100% foreign ownership in these cases.
In case of a limited liability company (LLC), the aggregated share of foreigners cannot be more than 49%. This type of company can be formed by 2 to 50 partners with a limited liability. The government has no restrictions in regards to the working of the management of such companies; it could be entirely managed by locals, foreign partners or a third party appointed by the partners. In case of Dubai, the minimum capital required to set up an LLC is over $80,000. This amount is subject to changes as per the directions of the government.
We at Axiom-Mark are professional business consultants with years of experience in helping people setup business in the GCC. We are equipped with concrete knowledge, hard working staff, technical and legal expertise to deliver solutions to our clients. Genuine, honest guidance and client satisfaction has propelled our success and lead to the setup of scores of businesses in the region.