How to open a business in the UAE in 2021: step-by-step instructions
Company registration in UAE gives an entrepreneur a number of advantages - there is an opportunity to optimize taxes, as well as issue a visa for employees and owners of the company. To clarify in more detail the nuances of opening an enterprise, contact our experts at IT-OFFSHORE.
The main stages of registration
To open a business in the UAE in 2021, it is required to choose a type of business activity and make up a trading name. After that, it is necessary to collect a package of documentation. If necessary, the papers need to be legalized in the UAE embassy and translated into another language.
Then an application for approval is submitted. Then you can open an account in a financial institution and pay the share capital. It is necessary to choose the location of the company, get approval and a commercial license.
The final steps to open a firm in the UAE in 2021 are to go through the registration with the Chamber of Commerce, Ministry of Labor.
What documents are required to be prepared
In order to register a firm UAE, it is required to prepare a package of documents. It is necessary to draw up an application for opening a company. If you plan to open a subsidiary, you need to draw up an application of the parent company and provide permits to the trade of the parent company.
Copies of directors' identification documents, articles of incorporation and charter, business development plan, and office lease contract will be required. Translation of documentation into Arabic and certification by the UAE Ministry of Justice are required as well. The process of opening a company can take from 4 to 8 weeks from the date of application if all the required information is available.
The nuances of registering an account
There are some peculiarities that need to be considered before opening an account in the UAE in 2021. Banks in this jurisdiction have a high level of confidentiality that is provided to clients. The final list of documentation that will be required to create an account will depend on the type of business and number of shareholders, management structure, and business development plan.
What are the basic documents that may be required:
- A brief description of the directors' professional skills;
- Proof of address and provision of utility bills;
- Corporate records of the business;
- Bank statements from each shareholder for the past six months;
- Proof of ownership of the company;
- Plan for the development of the firm.
It can take about 3-4 weeks to open an account. To speed up the account registration process, it is necessary to check the documents well in advance. Even minor blunders can cause the paperwork to be rejected.