Procedure for Company formation in UAQ mainland
The procedure for company formation is similar in almost all the emirates in the UAE. The process, the additional approvals required and charges will depend on the type of business activity you plan to undertake and the license you need. You can assign the Business Setup in Umm Al Quwain to our professional team whilst you concentrate on planning the future. We will complete the business set up meticulously in the shortest possible time.
We are elaborating the business set up procedure here, for your understanding of the complete process.
Define and Determine the Company Set Up
You may be an ex-pat opting to expand your business entity to new markets or a debutant businessman, you need to determine the type of company to set up in UAQ. This is the primary step before you start the process. You can form a Limited Liability Company (LLC), Public Shareholding Firm, Branch Office, Representative Office, or a Professional Company in Umm Al Quwain.
Each type of company has its pros and cons. Further, there are minor variations in the company formation procedure too. You can discuss with us to finalize the type of company. Our expert professionals will provide you with detailed guidance concerning the companies. And the appropriate option for the business activity you plan to set up.
Register the Trade Name
The Department of Economic Development (DED) in UAQ is the designated agency for scrutinizing the documents and issuing a business license. You need to forward the registered trade name to DED and obtain approval. The emirate has certain stipulations concerning the trade name. Ensure that the name you forward is as per the laid down format.
Agreement with Local Sponsor
A local sponsor is mandatory for company formation in UAQ mainland. The sponsor will hold 51% of shares in your company. The ex-pats are authorized to hold the remaining 49% of shares. This is a crucial step. Although the sponsor will be a silent partner in your company, every legal and financial matter will be addressed to him. You must undertake an adequate background check and affirm that the sponsor is reliable. Otherwise, it can affect the company adversely.
Submit application and relevant documents for initial approval for company formation. You can proceed with formalities for a business license once you receive initial approval. After a cursory inspection, the DED will issue the initial approval.
Legal Structure of the Firm
Formulate and prepare a legal structure of the firm including Article of Association and Memorandum of Association. The legal structure will specify the authorities, responsibilities, policies and principles of the business entity. Utmost care and caution are necessary whilst preparing the legal form of the company. It has a direct implication on the performance of the firm. Therefore, it will affect the growth.
Obtain Special Approvals
Certain types of business operations will need special approvals from relevant departments and ministries. Apply for the same and get it.
Rent or Lease Official and Commercial Space
Rent or lease official and commercial spaces at the right location for your business activity. We can get you an office space according to your choice and budget at the perfect locations. Kiltons has been providing office space based on client requirements since long. We assure you of affordable office spaces at the right locations.
Submit Application for Business License
Apply in the laid down format to the DED for issuance of business license. You must attach all the relevant documents and approvals for the license. The officials at the DED will scrutinize the application, supporting documents and certificates and issue the business license. You can commence full-fledged business activities with the license.
Why Business Set Up in UAQ Mainland?
Business set up in the UAQ mainland will open up unparalleled growth opportunities for your business. It will flourish in no time, with dedicated and planned activities. Expats can expect outstanding results and exemplary business growth if you set up the right business and pursue it diligently.
The benefits of company formation in UAQ mainland are:
- No minimum capital requirements. Many of the emirates have a specific minimum limit for capital. However, it is not the case with UAQ mainland. Here, the authorities have made it lenient to attract ex-pats as much as possible. Thus, UAQ Mainland Company formation is more affordable than in other regions.
- Government contracts. You can pitch for government contracts. In all probability, you will get the contract if pitched correctly.
- Multi-currency transactions. There is no restriction on currencies. Hence, you can transact in the currency of your choice.
- Option to choose any market. You can opt to sell your products at the market of your choice. This will amplify the possibility of success of your business.
- Limitless visas. You can seek visas according to the size of the company. The government hasn’t limited it to any specific number. The authority will check only the office space and growth prospects.
Kiltons Business Setup Services
Kiltons business setup services have been supporting ex-pat and resident businessmen to realize their dreams since 1999. We have the unblemished record of being one of the most reliable business setup services in the UAE. Talk to our experienced professionals to know more about company formation and the best option for the business activity you plan.
Are you dreaming of becoming an entrepreneur?
Do you want to know more about business set up in UAQ Mainland?
Contact us now.