Khalifa Industrial Zone Abu Dhabi (KIZAD) has done a great deal in getting the red tape out from the way of entrepreneurs and investors and giving businesses a swift start. In order to make it even easier, we’ve compiled the steps that will guide you when dealing with stuff you’ll most likely encounter with business setup in KIZAD. Learn how to establish your business in KIZAD!
Step 1: Select a company name.
First and foremost, you’ll have to select a name for your company that you have to validate with the Ministry of Economy and the Department of Economic Dev’t in UAE. In UAE, particularly in KIZAD and the whole of Abu Dhabi, businesses are not allowed to bear the same exact company names. Business type indicators or generic words e.g. corporation are not capable of distinguishing a company name from anything that’s already existing. It is, therefore, essential to select a unique word for your company name. It can also be a word combination.
The legal name of your company maybe different from the trading name. However, you would have to enlist the help of business setup specialists in UAE to make sure your trading name doesn’t have trademark or copyright issues.
Step 2: Choose a business activity type.
If you’re considering starting a company in KIZAD, it is likely that you already know what you will be doing. The local authorities would want to know as well, so it will ask you in picking and submitting details regarding your business activity type. The type of business activities you plan on carrying out in the free trade zone will indicate what your business does as well as what field it belongs to. In KIZAD, the kinds of business activities that are permitted include distribution, trade, logistics, and manufacturing.
Step 3: Assemble your team.
Your administrative team will include the following:
- Shareholders – individuals and companies alike can become the stakeholders of your business in KIZAD. A private company in KIZAD can be owned by not more than fifty shareholders. As KIZAD is a free trade zone in Abu Dhabi, foreign nationals and businesses are allowed in holding shares and not just UAE companies and UAE nationals.
- Directors – a company can appoint several different directors; however, it is advised for at least one director to be a local. A foreign national can hold this position if a nominee director is appointed. The nominee director won’t have to be engaged with the decision-making process of a KIZAD business as the role responsibility will be to meet the free zone authority’s requirements. It is common for business setup in UAE to utilize nominee services.
- Corporate secretary – all companies are obliged in having this officer. The corporate secretary will be tracking the changes in companies, report to the local authorities, and compile paperwork. The law states that a secretary has to be appointed after the incorporation of a company.
Step 4: Establish a registered company address
Every business in UAE has to have a registered company address. The registered address can be the real office mailbox you check regularly. There are businesses in UAE that rent out mailboxes where correspondence is collected, scanned, then set to your business.
Step 5: Set the company’s paid-up capital.
In most cases, the paid-up capital of a company in KIZAD may be in foreign currencies; however, regulations can change. It is important to know whether you need to set up a corporate bank account for your business in the local currency or utilize a different currency.
Delegate the business setup in KIZAD!
As a foreigner, it can be very difficult to incorporate a business in KIZAD yourself. Fortunately, you can hire a specialist on business setup in KIZAD as your filing agent who will collect and review your documents, fill out all of the forms required for KIZAD company formation, and liaise with the government authorities on your behalf.
FAR Consulting Middle East, can help you successfully establish your business in KIZAD. The firm has over three decades of industry experience and the technical know-how for company formation in the UAE. To know more, call us today!
Read also: How to Get a Professional License in Dubai
Is it easy to recruit manpower in KIZAD?
UAE, in general, attracts businesses due to its strong and solid pool of international and local talent. It is easy for companies to find employees, may it be through head-hunting agencies or recruitment portals online. You can learn more about the local labor market through business setup experts in UAE.
Can I rent an office in KIZAD?
Finding business premises is made easy by partnering with business setup specialists in UAE. KIZAD, in particular, provides a broad range of business premises. Businesses in the free economic zone are assured of the best infrastructure and business facilities.