One of the highlights of the recently issued Federal Decree-Law No. 26 of 2020, Amending Certain Provisions of the Federal Law No (2) of 2015 concerning Commercial Companies is the provision for 100% foreign ownership for significant trading and industrial related activities. This gives advantage to a foreign national to incorporate a Limited Liability Company without having an Emirati partner in the business.
A Limited Liability Company is the most preferred legal form of a mainland company. Common commercial activities such as foodstuff supply trading, garments, textile, goods wholesaler and general trading can now can be formed as 100% owned by foreign nationals and licenced as a Limited Liability Company. A Limited Liability Company is a corporate structure that protects its owners from being personally liable for the company's debts or liabilities.
As an LLC company in the UAE, you can operate under the following licence types:
Although the documentation varies depending upon the type of business activity, the following are some of the common documents that are required:
It is important to note that all corporate documents issued outside the UAE are required to be duly notarised and attested by the UAE Embassy from country of origin up to Ministry of Foreign Affairs in the UAE, legally translated to Arabic (f issued in a foreign language) and further attested by Ministry of Justice. You can avail the help of business set-up agencies, such as Ascent Partners, to help you with the entire process.
An LLC can obtain a Tax Residence Certificate, a document issued by the Ministry of Finance to benefit from double taxation avoidance agreements.
Dubai is one of the best-rated places to work and set up a business in. It provides ample growth and development opportunities. With the right business set-up agency, you can experience a seamless process to register LLC in Dubai.