Ownership As a foreign national if you wish to own 100 percent ownership of

Ownership as a foreign national if you wish to own

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Ownership As a foreign national if you wish to own 100 percent ownership of your company you need to go for a licence and a location in one of the free zones of UAE. There are over 45 free zone areas in UAE with various categories of operations with specific kind of activities each zone caters suiting to different needs and wants. If you need a local license or need to operate locally you have to get a licence from the department of economic development. Company Name UAE has strict naming conventions, so before you commit to a company name, make sure it doesn’t include any offensive language or letters that are forbidden as many company name refer to Allah or any other religious, sectarian or political groups, such as FBI, INTERPOL or MAFIA. If you choose a name of your business after a person, the person must be a partner or owner of the company and their full names must be used no abbreviations or initials would be entertained. Your trade name is very important for legal procedures. The company name should ideally indicate the nature of business unless it is a branch of another company. Legal Depending on type of business and location there are rules regarding makeup of your firm or company. For example, a legal consultancy firm can be done
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only as a branch of a company or stand-alone company. Each free zone has its own restrictions regarding company structure. Incorporation of paper work You will be required to complete an application for your chosen company name and activity, to be provided along with copies of shareholders’ passports to the relevant government authorities. Some free zones will require additional documentation, such as a business plan or Non-Objection Certificate (NOC) – a letter from a current sponsor confirming that you are allowed to set up another business in the UAE. Pre-approval Companies established in free zones are governed by the rules of the respective free zones. To get the necessary approvals, you need to apply with the documents. The list of documents varies on the type of business activity, the type of company and the requirements of the free zone authority. A. Initial approval First, you need the initial approval. You are required to provide: Completed application form Business plan Copy of existing trade licence/registration certificate (if you are an existing company, applicable for local company only) Coloured passport copies of the company's shareholder/s and the appointed Manager/Director for the new company Specimen signature of the company's shareholder/s and the appointed Manager/Director for the new company 2 years' audited financial reports for corporate entity or certificate of reference from a personal bank of the individual shareholder NOC from current sponsor (for individuals) Unit title deed Letter of Intent Registry Identification Code Form (RIC) for Manager/Director (Original and notarised)
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Freelancers need to submit fewer documents. In most cases, they need to submit:
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