Procedure to set up or start a business in Dubai?
- You should pick a trading name as you decide what legal form your company should operate under.
- Which free zones you can or should establish your firm in may depend on the nature of your industry. For instance, certain free zones only permit specific categories of activity, like media, healthcare, or transportation, and despite the limitations, it is frequently a good idea to be near other companies operating in the same industry.
- You will need to fill out an application for your chosen company name and activity, which you will submit to the appropriate government officials along with copies of shareholders’ passports.
- The government will provide you with your business license after processing your application.
- You will receive all the necessary papers after your paperwork has been returned to you to open your business’s bank account.
Where to register?
- The Department of Economic Development (DED) is in charge of issuing licenses and registration.
What type of business you can register?
1. General Partnership
- Only citizens of the UAE may incorporate this type of business in Dubai. It is founded by two or more partners who bear joint and several liabilities for the company’s obligations and is accountable for the “profit-and-loss” performance of the business.
- However, if all of the other partners agree to maintain the alliance, it may do so.
2. Limited partnership
The name Partnership in Commendams is another name for this type of company incorporation in the UAE. There are two categories of partners in it:
- General partnership: The partnership’s debts are owed by the general partners, who must be UAE citizens.
- Limited partnership: Partners are solely responsible for the debts of the company up to the amount of their capital contribution. Additionally, the limited partner is not permitted to serve on the partnership’s management committee or have his name appear in the partnership’s name.
3. Public shareholding company
- The greatest number of participants or shareholders is possible with this kind of shareholding.
- In fact, a public shareholding firm is required to have at least 10 founders. The only exception to this rule is when a government organization from the UAE is engaged, in which case the minimum number of founders needed may be lower than 10.
- A public shareholding company’s board of directors must include a minimum of three and a maximum of twelve directors.
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