The need of having a local sponsor in UAE, who owned 51% of the company, often shied away the businessmen from this lucrative paradise of opportunity in the past. But with the introduction of free zones in 1985, the foreign investors got the opportunity to have a 100% ownership of the newly set up business in any of the 45 free zones here. If you are willing to set up a business in free zones of UAE, then you must acquire the help of business advisory services offered by many of the advisory firms here.
You must be aware that setting up a business anywhere is not an easy task. You need to have a thorough knowledge about the market where you want to invest and also the rules and regulations to be followed. All of these can be overwhelming for you. Business advisory services hence play an important role in eliminating all such tasks. Once you hire these services, you will be accurately guided in every step of setting up and running your business here. Let us take a look at a few essential steps to be followed when starting a business in the Free zone areas of UAE.
· Whether you want to set up a FZE -Free Zone Establishment, or a FZ LLC- Free Zone LLC, you should decide the number of shareholders in the company.
· Since the company’s name and that of its manager appear on the business license, therefore both of them must be predefined. From the three of the company’s name proposed by you and submitted to the authorities of the free zone, one final name for your company is chosen by them.
· In case your home company is the shareholder, then a certificate of incorporation and memorandum of association must be submitted and you must make sure that each of them is carefully attested by a local embassy of UAE.
· Within a week an application for the name of the company and the proposed activity is made and submitted. After that the Free zone application form should be submitted with the authorities along with the required documents and a business plan.
· You are then issued a preliminary approval for opening a bank account where you have to retain a certain amount of capital until you get a trade license.
· After this you need to collect a letter from the bank proving that you have the desired capital for setting up a business and when it is shown to the Free Zone authorities, your legal process of registration is completed and you are ready to start the operations.
Adam Global in Dubai is a business advisory firm that can guide you about the steps involved in business registration in FZ UAE.