Is it Possible to Open a Company in the UAE in 24 Hours?
As regulations continue to relax in favour of foreigners and foreign investment in the UAE, the options awaiting you and your company are limitless. If 100% foreign ownership and no UAE representative seem too good to be true, you’ll want to hear about this: in just 24 hours, you can incorporate your company in the UAE. Interested? Below, we’ll outline the necessary steps.
How do I open a company in the UAE?
Choose the purpose/name of your business
The number of available industries in the UAE is vast, but make sure to research your specific choice to ensure that you are up-to-date with the newest regulations. For example, some industries benefit from 100% foreign ownership in free zones while others don’t have that same privilege. In addition, the specific Emirate you choose may have different regulations, so take a look at the exact guidelines for each before making your decision.
Freezone, Offshore or Mainland Company?
Choosing between one of the UAE’s 40 free zones, offshore or mainland incorporation is a question that frequently stumps investors. Here’s what you need to know about the three to make the right decision:
- Freezone: There are many freezone options within the UAE, and each has its own regulations, but the common denominator is that 100% foreign ownership is allowed. Freezone companies are only permitted to conduct business within their specific freezone and not anywhere else within the UAE.
- Offshore: Incorporating your company offshore is the best choice for those looking to maintain their privacy and protect their wealth and assets. However, offshore companies are not allowed to conduct business in the UAE and only receive a certificate of incorporation.
- Mainland: Mainland companies are incorporated within a specific Emirate and are permitted to trade freely within the UAE. Because they are registered within the Emirate, they must apply for a permit from that Emirate and follow its rules and regulations. Companies incorporated on the mainland must also have a UAE representative.
Complete Your License Application
Depending on where you choose to incorporate your business, the list of required documents for the license application will vary. Here’s a basic list of the documents you will need:
- Copy of passport and visa (if needed) of shareholder(s)
- Application Form
- Board Resolution
- Memorandum and Articles of Association
- Application Form
Once the above steps are completed, there are just two more things left to do! Applying for your visa and opening your corporate bank account are crucial steps as well, and just like the other steps, rely heavily on which kind of company you choose to incorporate. However, don’t worry. Working with a company like Europe Emirates Group ensures that you can complete all of these steps in just 24 hours and be on your way to benefitting from the great economic opportunities that the UAE provides.
If you’re ready to take the jump and incorporate your company in the UAE, or want to discuss which option best suits you and your company, contact us today and we’d be happy to assist you.
CEO, Europe Emirates Group