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| SETTING
UP BUSINESS |
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Before
1984, each Emirate, Dubai, Abu Dhabi, Sharjah,
Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah,
followed its own procedures governing the operations
of foreign business interests. In 1984, Federal
Law No.8 of 1984, its amendment by Federal Law
No.13 of 1988 – the ‘Commercial
Companies Law’ and its by-laws has issued.
The law makes it conditional that nationals
must wholly own the companies or that nationals
must own at least 51% of its share capital,
while the remaining 49% may belong to foreigners.
The law provides that commercial companies established
in the U.A.E. must take any of the following
legal forms: |
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•
Legal Structures for Business |
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•
Licensing |
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Legal
Structures for Business in Dubai |
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The
Federal Law stipulates a total local equity
of not less than 51% in any commercial company
and defines seven categories of business organization,
which can be established in the UAE. It sets
out the requirements in terms of shareholders,
directors, minimum capital levels and incorporation
procedures. It further lays down provisions
governing conversion, merger and dissolution
of companies. |
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• General Partnership
Company
• Partnership in-commendam (Limited
Partnership)
• Public Shareholding Company
(PJSC)
• Private Shareholding Company
• Joint Venture (Consortium Company)
• Professional Companies (Professional Partnership)
• Sole Proprietorship Firm to practice a
profession
• Opening a branch or representative
office of the foreign company
• Establishments
by GCC Citizens
• Appointing a Commercial
Agent (Exclusive Distributor
• Limited
Liability Company (LLC
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•
Licensing |
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The
basic requirement for all business activity
in Dubai is one of the following three categories
of licenses:
Commercial licenses covering all kinds of trading
activity; Professional licenses covering professions,
services, craftsmen and artisans; Industrial
licenses for establishing industrial or manufacturing
activity.
These licenses are all issued by the Dubai Economic
Department. However, licenses for some categories
of business require approval from certain ministries
and other authorities: for example, banks and
financial institutions from the Central Bank
of the UAE; insurance companies and related
agencies from the Ministry of Economy and Commerce;
manufacturing from the Ministry of Finance and
Industry; and pharmaceutical and medical products
from the Ministry of Health.
More detailed procedures apply to businesses
engaged in oil or gas production and related
industries.
Practicing some trade activities (e.g. jewellery
and insurance) requires the submission of a
financial guarantee issued by a bank operating
in Dubai.
In general, all commercial and industrial businesses
in Dubai should be registered with the
Dubai Chamber of Commerce and Industry.
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Types
of Licenses |
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In
general, most of the free zones issue the following
types of licenses:
1. Trading License
2. Industrial License
3. Service License
4. National Industrial License
If you think this is what you have been looking
for do give us a call for more information or
drop in at Horwath Mak Business Consultants to discuss
the possibilities and advantages in detail.
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| © Copyrights
2008-2009, Horwath Mak Business Consulting |
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