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New company registration in dubai

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This presentation shows you how to form a Dubai new company.

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New company registration in dubai

  1. 1. DUBAI NEW COMPANY REGISTRATION PROCEDURE B C Shetty & Co., Chartered Accountants
  2. 2. COMPANY FORMATION PROCEDURE . •Promoters •Check Name availability •All the documents needs to be signed in front of Certified Public Accountant or a solicitor in Singapore.*** •Look for location of company •Submission of MOA and AOA along with other documents * to ACRA** • Directors details along with ID proof and residential proof. One of the Directors should be resident of Singapore • Shareholders details along with ID proof and residential proof
  3. 3. COMPANY FORMATION PROCEDURE (CONTD.) * •Certificate of Incorporation will be obtained after a week •Commencement of Business •Opening of bank account •Appointment of Secretary within Six months of incorporation* *Company Secretary shall be a locally resident individual •Board Meeting
  4. 4. LLC    A Limited Liability Company can be formed by a minimum of two and a maximum of 50 persons whose liability is limited to their shares in the Company's capital. The time required to form a company will be approximately 1-2 weeks from the date of receipt of all the documents. and procedures and the breakdown of the cost can be given upon request. The Majority of Companies with expatriate partners have opted for this Limited Liability Company, due to the fact that this is the only option which will give maximum legal ownership i.e. 49% to the expatriates for a trading license. Fifty-one per cent participation by UAE nationals is the general requirement for the Limited Liability Companies. Therefore the normal shareholding pattern for an LLC will be: Particulars Share Local sponsor(Partner) 51% Foreign Shareholder (s) 49%
  5. 5. STEPS TO ESTABLISH LLP.      Selecting a commercial name for the company and having it approved by the licensing department of the economic department. Drawing up the company’s memorandum of association and having it notarized by a notary public in the Dubai courts. Seeking approval from the economic department and applying for entry in the commercial register. Once the approval is granted, the company will then be entered into the commercial register and have its memorandum of association published in the ministry of economy and commerce’s bulletin. The license will then follow, which will be issued by the economic department The company should then be registered with the Dubai chamber of commerce and industry.
  6. 6. IMPORTANT POINTS   Minimum capital required is AED 300,000 (US$ 82,000), and should be contributed in cash. Whilst foreign equity in the Company is not permitted to exceed 49%, profit and loss distribution can be agreed mutually The various fees and charges paid at different levels vary depending on activity, premises rent etc. Estimated at AED 30,000
  7. 7. SCOPE OF WORK          Obtain Approval for Trade Name from Department of Economic Development. Obtain approval from the Immigration Department for Expatriate Owner (if the 49% shareholder is an individual/individuals). Obtain Initial Approval for the Activity from Department of Economic Development. Obtain Approval/no objection from concerned Ministry/Authority. Registration in Ministry of Economy. Prepare and Review the Memorandum of Association. Notarize the Memorandum of Association from the Court. Prepare the side agreement.(by the local partner stating that the 51% he is holding is for the expatriate partner) Obtain Approval for the Office Premises.
  8. 8. SCOPE OF WORK (CONTD.)       Assistance in opening a bank account. Follow up with Department of Economic Development until issuance of license. Complete the formalities with Chamber of Commerce to obtain the Membership Registration Certificate. Obtaining approvals from other Departments, if necessary. Immigration and Labor File Opening. Work Permit for the Partner and Manager
  9. 9. BENEFITS - Lower Corporate tax at 17% - Rebate for first 10,000 75% exempt, next 290,000 50% exempt. - For start up companies with individual shareholding of at least 10%, there is a tax concession for the first three assessment years, whereby there will no tax on income up to S$1,00,000. - Capital Gain is exempt from tax If the local turnover of the Company exceeds S$ 1M, company has to register with GST authorities and collect 7% and remit to the Govt. They can offset all input taxes. On exports, there is no GST and Govt would refund input tax suffered where applicable
  10. 10. PROFESSIONAL FEES Particulars Amount in AED Trade name approval 200 Initial Approval from Department of Economic Development 100 Trade license Fee (Department of Economic Development 5000 Abu Dhabi Chamber of Commerce & Industry 4000 Ministry of Economy 3000 Legalization of LLC Agreement & Side Agreement 1500 Sign board sketch 500 Department of IT - say 12000 Bank letter – for Capital remittance - Refundable upon issuance of 300000 license) Immigration and Labor File Opening 3000 Sponsor ship fee. – say 20,000. – ( 50% of it initially to be paid.) 10000
  11. 11. Thank You. Please feel free to Contact Mr. Sathya Hegde BBM,FCA,CPA Partner B C Shetty & Co., Chartered Accountants Mobile :+91 9945179868 Mail Id: sathyahegde@bcshettyco.com

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