VMPL
New Delhi [India], October 27: Dubai has gained global repute for being an attractive destination for both investors and entrepreneurs alike. Its ease of doing business, tax-friendly policies, and future-focused infrastructure make it a global hub for both startups and established enterprises.
However, before you can set up your business and begin to fulfil your business aspirations, you need to complete the first step: Ensuring all your paperwork is in order.
Irrespective of whether you want to register a company in the UAE Mainland or look into opportunities in Dubai Free Zones, having the right paperwork and proper documentation right from the start will save you from a great deal of last-minute hassle and ensure you have a smooth company formation experience, while simultaneously being compliant with all the rules and regulations. Here’s a comprehensive guide to all the documents you will need for business setup in Dubai.
Passport copies:
A valid passport copy of all shareholders and Directors is an absolute prerequisite for the company formation in the UAE process to commence. The authorities will require a clear copy of the document that is valid for at least six months before the date of expiry. A copy of a valid Emirates ID will be required to accompany the passport copy if the shareholder/director is already a resident of the UAE.
Address Proof:
In addition to passport copies, applicants are also required to submit proof of address. This can usually be in the form of a utility bill or a recent bank statement. This is to validate and establish the shareholder’s address in the UAE.
A Detailed Business Plan (Depending on the Jurisdiction of Operation):
Some UAE Free Zones, especially sector-specific ones meant for media or finance hubs, may ask for a detailed business plan to ensure you comply with the business activities that are permissible in the Free Zone. The plan should include your business activity, financial forecasts, staffing requirements, and your intended target market.
Application Form and Initial Approval Certificate:
You will also need to fill out an application form provided by the licensing authority. In addition, you will also need to apply for an initial approval certificate that will ultimately confirm that your business activity and selected trade name are acceptable.
For documentation purposes, at this stage, you will need:
* Possible trade name options
* Description of your business activities
* Details of all shareholders and directors
Memorandum of Association and Articles of Association:
If you plan to operate under the structure of a Mainland company, then getting a Memorandum of Association (MoA) and Articles of Association (AoA) is mandatory. These documents help the authorities gain transparency on your company structure, shareholding structure, ownership stakes, and percentage.
However, if you plan to operate out of a Free Zone, then an incorporation certification or company charter may be adequate.
No-Objection Certificate:
If one of the shareholders is already employed in the UAE, you may need to provide an NOC or a No Objection Certificate from their employer.
Ejari or Lease Agreement:
If you are operating out of the Mainland, it is very likely that you will require office space. The lease agreement you procure for your office space must be registered with Ejari, an online registration system launched by the Real Estate Regulatory Authority (RERA). Free Zones, on the other hand, tend to issue a business certificate, which doubles up as proof of your office address.
Reference Letter from the Bank:
There is a chance that some Free Zones may ask for a reference letter from a shareholder/director’s bank. This is to act as proof of financial credibility and helps mitigate risk for the regulators.
Industry-Specific External Approvals:
Depending on the activity of your business, certain sectors may require external approval. Health-related activities will require clearance from the Dubai Health Authority. Education-related services require approval from the Knowledge and Human Development Authority. If you intend to operate as a financial services provider, then you may need to secure approval from the UAE Central Bank or relevant regulatory bodies.
Why Documentation Matters
Submitting incorrect or incomplete documents can lead to inevitable delays in your company registration in UAE. Having all your documents in order right from the start ensures a smoother process and can also facilitate quicker trade license issuance. If you are an entrepreneur or foreign investor considering setting up a business in Dubai, it’s usually best to work with a professional business setup advisor.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same.)
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