Topic: Setting up a business
1) What types of documentation do start-up businesses and entrepreneurs need to consider?
It really depends on the type of company they are establishing. If it is a branch of a foreign company, they will need documents such as the Mother Company Commercial License/ Registration Number, the Board resolution to set up the office in the other country and the appointment of a General Manager to finanlize the paper work. All these papers need to be attested and authenticated at the UAE Embassy abroad and Ministry of Foreign Affairs.
If they are looking to set up a local LLC, then a MOA or shareholder agreement is needed.
If an establishment, then no papers are required unless a foreigner owns 100% of it. Then he needs a local sponsor where a national agency agreement is needed.
2) How much time should a new business allow to complete all of the necessary documentation?
From our experience, it takes 4 to 6 weeks for foreign companies to prepare documents abroad. Upon receiving the documents, it takes us between 2 to 5 weeks to set up and obtain the licenses for the company depending on the activities needed in the licenses and what approvals are required.
3) What are the options for setting up a new business for a non-Emirati?
• Branch office
• LLC
• Establishment
• Freezone
