Dubai is one of the world’s leading hubs for investment and incorporation of companies due to ease in tax schemes. Moreover, it provides world’s best infrastructures to the business and investors to setup their companies and allow them to earn profit in an easy way. Therefore, it is important to hire such a law firm which is specialized in company formation services in UAE.
Nour Attorneys Law Firm is proud of being specialized in Company Formation Services all over the UAE including but not limited to Free Zones, Mainland, Offshore and Holding company. Our law firm has a separate team for registration of companies which possesses extensive experience in registration of companies in various zones. Therefore, for better understanding of services provided by us in relation to Company Formation the below mention brief description provide more clarity for the reader:
Mainland Company formation in Dubai
A mainland company is simply an onshore corporation that is registered with the governing authority of the relevant emirate. The business trade license for Mainland Company is issued by the Department of Economic Development of a particular emirate. Therefore, as per new amendment in law of UAE Mainland Company formation, the expatriate is eligible for 100% ownership and no such need of a local sponsor is required to act as a partner in setting up of a company in Dubai if the company is formed for rendering professional services. However, a Local Service Agent which may be natural or legal person is required to be appointed.
Abu Dhabi and Dubai Free Zone Company Formation Services
Free zones are the especially geographically demarcated areas in UAE permitting 100% foreign ownership to the entrepreneurs setting up their business. The intent behind formation of free zone areas is to support strategic transformations and to boost the investments. The law of mainland of Dubai and Abu Dhabi are not applicable to these free zones as they have different laws and courts. These free zones are being regulated by independent free zone authority which is responsible in issuing operating licenses and regulating the activities of company established in such free zones. Therefore, most famous free zones are situated in Dubai and Abu Dhabi known as Dubai International Finance Centre (DIFC) and Abu Dhabi Global Market (ADGM).
Incorporation and Formation of Local & Offshore Companies in UAE
Offshore companies exist all over the world, as each offshore company formed aims to fulfill a specific purpose or achieve a desired advantage. It is noteworthy that the formation of offshore companies allows them to function as commercial companies that may work in the same manner as local companies within the countries by means of the existence of a memorandum of association, a certificate of incorporation, a trade license, a share certificate, and managers. However, offshore, or virtual companies do not require renting an office, but they require the existence of a service agent for the company in the country of incorporation who has a local address that is used as the company’s address. Offshore or virtual companies enjoy the same protection as limited liability companies, due that the responsibility of the partners is within the respective capital share value of each partner. It should be noted that offshore and virtual companies do not require payment of capital upon incorporation, and they enjoy other advantages of other company types, as they are legally entitled to trade, carry out business transactions, provide services and open bank accounts in all countries of the world in accordance with the requirements of each country.
Local Sponsor for Dubai
For setting up of business in Dubai mainland it is mandatory to have a UAE national as a local agent of the company. In situations where foreign investor chooses to setup LLC (Limited Liability Company) in Dubai mainland, then it is a mandatory condition that UAE national will hold a minimum of 51% of the share capital in the company.
Therefore, there is no need of worry for you because Nour Attorneys Law Firm is there to protect the interest of foreign investors by way of executing trust deeds, nominee shareholder agreement, Memorandum of Association (MOA) as well as Memorandum of Understanding (MOU) so that annually fixed sponsorship amount is to be given to local sponsor for putting his/her name in the company and other rights relating to ownership of the company is protected in the favor of foreign investor.
Local Service Agent for UAE
Appointing a Local Service Agent in UAE is a mandatory requirement for the foreign investors. Therefore, investor who desire to set up companies in professional services requires a Local Service Agent to be appointed to represent the company of investor before authorities. Thus, companies relating to professional services are allowed to hold 100 % ownership by foreigners.
Our highly qualified team of business advisors and legal consultants make sure that Local Service Agent must not be involved in the direct operations of the company which is to be set up by the foreign investor. Moreover, our team works to provide best services to expat entrepreneurs in finding local service agent for setting up their business venture in Dubai or UAE.
Nour Attorneys Law Firm is there to protect the interest of foreign investors by way of providing reliable Company Formation Services. Therefore, in case if you need any suggestion or help in relation setting up of the company in UAE you can contact us freely. Our team is fully committed to perform their duty and in delivering out the positive results.