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Dubai has developed itself as one of the best business destinations that can be found across the globe in the bygone years. Investors look for LLC company formation in Dubai. The main reasons are, Dubai provides diverse business policies, and the company is also exempted from charges.
An LLC company formation in Dubai requires only two shareholders, and the number can reach up to fifty. However, investors should note that they will need a local sponsor who will hold 51% of the shares in the company.
However, there is nothing to worry about this business setup in Dubai because the local sponsor is a silent partner. He will not be involved with the daily work process of the company. Investors just need to pay an annual fee to him and take home the profits.
The capital requirement to form an LLC is the minimum. However, it depends on the nature of the business. But presently, the investors do not have to submit any auditor certificate or bank deposit certificate.
What are the documents required for an LLC company formation?
Below are the documents required for an LLC company formation:
· The application form for company registration from the Dubai economic development
· An attested copy of the Memorandum of Association from a public notary
· An approval copy from the Dubai economic development
· The reservation copy of the trade and company
· A photocopy of the investor's passport
· A photocopy of the local sponsor’s passport
· A photocopy of the manager’s passport
· Attested contract copy of the warehouse or office. This must be attested by the Dubai municipality’s civil defense department and the planning department.
· The location plan. This must be attached to the official contract.
· If the investor has a resident visa in UAE, a NOC is required from the sponsor.
How can investors apply for an LLC company formation?
· The investor must select a name for his business
· He must choose a proper location for his business
· He must also mention the business activities that his company will carry out.
· He must collect all the above mentioned documents and submit them to the department of economic development
· If there are any special business activities that involve finance and banking, the investor must get approval from the required government authorities.
Once the investor gets the initial approval, he must get the required trade licenses. The other documents that are share certificates, tenancy agreements, memorandum of association, certificate of incorporation, etc.
To conclude, as an investor, it is necessary for you to know what is the application procedure and the required documents to set up a company. When you know these things, you will find it easy to open an LLC company.