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
- Incorporation
- 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.
- Tetra Consultants will reserve your preferred company name with the Dubai Department of Economic Development. Necessary due diligence documents will also be collected at this point.
Incorporation
- 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.
Staying Compliant
- 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.
FAQ
What are the types of offshore business structures available in Dubai?
- The three main business structures available for setting up an offshore company in Dubai are the Ras Al Khaimah (RAK), Jebel Ali Free Zone (JAFZA), and Ajman offshore companies.
What are the types of Onshore companies in Dubai?
- An applicant has various types of Dubai companies to choose from which include a company that is limited by shares, limited liability company, branch office, limited liability partnership, foreign limited liability partnership, free zone companies.
Is there any difference of ownership in offshore and free zone company setup in Dubai?
- No, foreign ownership is not a problem with either of the companies, both Dubai offshore and Dubai free zone companies can be owned by a foreigner without association to a local contact.
How much does it cost to incorporate a company in Dubai?
- Depending on the services you need from Tetra Consultants, the total engagement fee will differ. Our services include planning and strategizing with your company, assisting you in the incorporation process, ensuring that you are compliant, and more.
Can a foreigner own a company in Dubai?
- Yes, the UAE government has amended the Federal Commercial Companies Law, accordingly, it has granted foreign investors full ownership of specific businesses.
What are the types of businesses I can do in a free zone?
- To mention a few, you may set up a business in any industry, including finance, education, retail, hospitality, and media.
Which business is profitable in Dubai?
- A few of the most profitable businesses in Dubai include but are not limited to Tourism, Real Estate, Information technology, E-commerce, Hospitality.
How long does it take to register a company in Dubai?
- Tetra Consultants will complete the process of registering a company in Dubai within 3 weeks.
What are the documents required to start a company?
- To proceed with company registration in Dubai, for a start, you are required to provide the notarized passport copy, proof of address, CV, and proof of income of the individual director and shareholder of the Dubai company.
- If the shareholder is another entity, we will require the Certificate of Incorporation and Memorandum and Articles of Association of the corporate shareholder.
- Once Tetra Consultants receives the above, we will review the documents and provide you with an updated due diligence checklist with the list of outstanding documents.
How do I register a trademark in the UAE?
- To register a trademark in the UAE, an applicant will first need to opt for a non-offensive trademark and file the application form for the same with the Ministry of the economy along with the registration fee and await the review of the application by the authority.
- Once the application is approved, the client is required to declare the trademark in two Arabic-language newspapers.
