How to incorporate company in Dubai?
Tetra Consultants advises you to read through this guide to fully understand the steps required on how to incorporate a company in Dubai.
Simply put, we can break down each engagement into four different phases:
- Planning & strategy
- Bank account opening
- Staying compliant
By systematically following the above three phases, you can expect to start conducting business with your Dubai company within 7 weeks.
Planning and Strategy
- Depending on your business goals and activities, Tetra Consultants will recommend the most suitable business entity. Prior to incorporating a Dubai company, you will be advised on the optimum paid-up share capital, corporate structure and whether there is a need to apply for any licenses.
- This recommendation will also be made based on the type of business activity, tax obligations and nationalities of your shareholders and directors. Generally, for most clients, Tetra Consultants will recommend incorporating an offshore JAFZA company.
- Before Tetra Consultants can incorporate a company in Dubai, you are required to provide a list of required KYC documents. Some of these documents include passport copy, proof of address, proof of wealth and bank statements of the legal persons.
- One ready, Tetra Consultants will proceed to draft and notarize the company’s Memorandum and Articles of Association. Corporate forms and certificates will then be filed with the Dubai Department of Economic Development for approval.
- Within 3 weeks of receiving the required due diligence documents, Tetra Consultants expects to successfully incorporate your company in Dubai. Our team will provide you the corporate documents of the newly incorporated Dubai company.
- Some of these documents include a Certificate of Formation and Memorandum and Articles of Association. The Certificate of Formation comprises the company name and company number, which will be required for corporate bank account opening and tax registration.
- To comply with Dubai’s laws, Tetra Consultants will then assist you to register for employment purposes and obtain a VAT number with the Federal Tax Authority.
- If you are looking to apply for licenses (trading, commercial, industrial and professional), Tetra Consultants will further advise on the requirements. We will also assist in securing relevant business licenses and registrations with the Department of Economic Development.
Bank Account Opening
- After your Dubai company is incorporated, Tetra Consultants will help you to open a corporate bank account. Our team has established partnerships with multiple reputable banks in Dubai. Tetra Consultants’ banking team is experienced in this field and we will be able to timely secure banking solutions within the stipulated deadlines.
- Typically, a corporate bank account opening will take roughly 4 weeks. In most cases, the directors and shareholders are not required to travel to Dubai. However, if travel is required, Tetra Consultants will have a representative to accompany you to the bank meeting. Some of the banks we work with include Mashreq Bank, Emirates Islamic and Standard Chartered Bank.
- Alternatively, our team will negotiate with the banks to conduct a conference call instead or to request for a waiver. This is to minimize any engagement delay and to secure corporate bank account numbers at the soonest.
- You can be confident you are in the best hands when Tetra Consultants undertakes your Dubai company’s accounting and tax services.
- Tetra Consultants will timely prepare your firm’s financial statements, corporate tax returns and bookkeeping on your behalf. Tetra Consultants will complete all annual filings and tax returns for your company before the stipulated deadlines set out by the government.
- If you plan to be physically present and working in Dubai, Tetra Consultants will secure a Dubai work visa for you.
- As all businesses located outside the Free Trade Zones are required to file International Financial Reporting Standards financial declarations with the Ministry of Commerce annually, we will continue to remind you annually about the necessary due charges.
- Additionally, Dubai’s Commercial Law also mandates that businesses continually perform audits. If necessary, we will assist you in obtaining a reliable accountant. This is to ensure that you can continue to legally conduct business with your Dubai entity, while staying compliant to regulatory obligations.
Ready to incorporate company in Dubai?
Contact us to find out more about how to incorporate a company in Dubai. Our team of experts will revert within the next 24 hours.