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| Steps of Incorporation
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The UAE believes in positive interaction, which
is why I am immensely pleased to pen the foreword
for this book, 'Doing Business in the UAE &
UAE Free Trade Zones.' The title is an open
invitation to the world to enjoy the warmth
of Arabian hospitality, and enhance their business
fortunes in this cosmopolitan country that welcomes
every one with open hands.
PROCESS OF ESTABLISHING
AN 'LLC'
Obtain initial approval for name and activity
from the Department of Economic Development
or the Economic Development Department/Municipality/the
Chamber of Commerce.
Obtain approval from concerned Ministry/Department
in case the activity is of special nature.
Draw up company's Memorandum of Association
and have it notarized from courts of respective
Emirates.
Capital contribution certificate to be obtained
from banks for cash shares and auditor's certificate
for both cash shares and kind shares.
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Submit applications and
initial approval along with notarized copy
of Memorandum of Association, capital certificate,
tenancy contract etc., to the Department of
Economic Development or the Municipality.
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After scrutiny by the legal
department, the Company name will be entered
in the Commercial Register and have its Memorandum
of Association published in the Ministry of
Economy and Commerce Bulletin. The Department
of Economic Development or the Municipality
will then issue the license.
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Department of Economic
Development: Licensing Authority in the Emirate
of Dubai.
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Economic Development Department:
Licensing Authority in the Emirate of Sharjah.
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Municipality/Chamber of
Commerce: Licensing Authority in other Emirates.
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ACTIVITIES
THAT REQUIRE SPECIAL APPROVAL:
License to practice majority of the activities
are directly issued by the licensing authority
in the respective emirate. However, certain activities
require special approval from the related Ministry/Department.
(for e.g., medical, pharmacy etc - ministry of
health; air transport, air cargo etc - dept. of
civil aviation, financial institutions, banks,
money exchange etc - central bank; new industrial
project, expansion - ministry of finance and industry;
publishing, printing, newspaper, advertising,
video film, photography etc., - ministry of information;
education, training etc., - ministry of education;
agriculture, veterinary etc - ministry of agriculture;
customs clearance, freight forwarding, sea cargo
etc. - seaports & customs authority, telecommunication
equipment - ministry of communication; branch
of foreign company, insurance company, chartered
accountants firm etc. - ministry of economy &
commerce |
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| © Copyrights
2008-2009, Horwath Mak Business Consulting |
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