Civil company formation
With UAE attracting many professionals with the ongoing reforms in may sectors, it has invariably become one of the hot destinations for people to start a Business. Its proximity to the outside world has also added a boost to its relevance in this sector. Individuals like the professionals have been granted an opportunity to start their own business in UAE, under the Dubai Mainland setup, through which they will have access to the local markets, unlike the freezone setup.
Who are entitled to start a Civil company in UAE?
The Civil company business setup can be formed by professionals like the Doctors, Lawyers, Engineers, Accountants, consultants who have been deemed qualified to work legally in UAE.
What’s in store for starting a Civil Company?
- Civil company allows you to hold 100% ownership
- Access to the local markets, unlike freezone
- Need only two shareholders to start up Business
- Need only two shareholders to start up Business
- Comparatively low start – up cost
- No requirement to provide paid up capital for shareholders
- Easy to obtain multiple visas for the company
- Ability to sponsor dependents for residence visa
- Easy to start a corporate bank account under this license
Heads-up in forming a Civil Company
A civil company business setup can be formed without a local sponsor, but the crucial services of a local service agent (LSA) is mandatory to liaise with the government departments on your behalf. They will have no say in your business activities and might be compensated as agreed upon in your contracts. The 100% ownership also comes with 100% liability, or it can be termed as unlimited liability. In other words, in worst case scenarios, the creditors can go for your assets or your possessions. No trading activities are to be carried out under this license; it should be strictly used for the activities you are authorized for.
Just how can we set up?
- A consistent trade name in proportion with your trade activity should be decided, complying with the rules set for the same
- Choose the business activities that you would be exercising under your license
- Decide the company hierarchy according to the number of shareholders in the business
- A local service agent (LSA), who would liaise on your behalf, need to be selected.
- Office space for your business needs to be decided and settled
- All documents like, the qualifications of the shareholders, rental agreements and so on need to be submitted to the DED for approval
- Once approved, the payment must be cleared for the issuance of license.
The team of professionals from Yes Dubai, can provide you with the best advice in your Civil company setup in Dubai, like identifying a reliable Local service agent, facilitating the documentation process, the opening of a bank account, the fulfillment of procedures to start up your business in UAE.