Requirements for business setup in Abu Dhabi may vary depending upon the activity and legal form of business. Abu Dhabi government outlined a general framework for economic development and plans for economic investment of knowledge-based industries. They have also introduced a number of new methods to help the business owners to launch and expand their business operations without spending much time in formation process and administration processes.
There are few benefits of business set up in Abu Dhabi
- Abu Dhabi has a business-friendly environment
- This emirate has a fast immigration process
- No limit on number of visas
- Corporate tax exemption
- More options on number of business activity
Initial Requirements of Business Setup
Finding local partners as per the UAE jurisdiction, foreign companies need a local sponsor (a service agent or a company owned by UAE nationals) to set up business in Abu Dhabi, who will facilitate the necessary licenses for the business consultancy without bearing any liability to capital contribution or losses.
Having a complete and proper business plan: a business plan is vital for the success of the organization. All the business owners should have a complete idea of the business and conduct a proper research before initiating any registration process
Opening bank accounts the companies registered in Abu Dhabi are readily accepted by all banks in for opening bank account. They are free to carry out any transactions related to business.
Finding a suitable location for the business: selecting the location for conducting business activity is essential to any business. business owners should choose a strategic location which is easily accessible to all major routes in Abu Dhabi.
Creating Memorandum of Association and other important documents: memorandum of association and other documents should be prepared which specifies the corporate structure of the company. Before initiating any legal procedures regarding company formation, the investor should create all the necessary documents related to company.
Procedural requirements for business setup in Abu Dhabi
The legal requirements for starting any business setup in Abu Dhabi are as follows:
Determining the type of activity: It is very essential for the business to determine the activities for undertaking business. The legal requirements and fees may vary according to the nature of activity. In addition, some activities require fulfilling some particular requirements regarding location and facilities
Determining the legal form of business: there are several legal entities operating within Abu Dhabi that are appropriate to the needs and nature of your business. Different rules apply for each legal form and ownership types.
Finalizing a tradename: after selecting any activity and legal entity a trade name that distinguishes the business from other should be selected and conforms to the nature of business activity and legal form must be selected.
Obtaining approvals: an investor has to obtain initial approvals which enables to proceed with caring out the business activity.an investor also has to can approach other relevant authority to obtain approvals according to its intended business activity.
Fulfill Licensing Requirements
Various types of licenses issued by the Abu Dhabi licensing authority are:
- Trade License
- Industrial License
- service License
Documents Required for Business Setup in Abu Dhabi
Below mentioned is just a sample of documents required for business setup.in order to determine the exact legal documents required you can contact FAR consulting middle east.
- Proof of trade name reservation
- Proof of initial approval
- Personal information of each shareholder and director
- lease agreement documents
- The authorities may also require few other documents if the business activity is related to some specific category.
The cost may vary depending on the structure and activities of business. below mentioned are some that cost that need to be aware of
- Government fees
- Incorporation fees
- Sponsor fees (annually)
- Commercial premises (annually)
- Visa per person fees
- License fees
Business Setup Consultants
All the requirements mention above is just an estimation, in order to determine the exact requirements, you can contact FAR consulting middle east. We assist you to plant your company in this booming economy by handling all the legal formalities. For business setup services in Abu Dhabi, contact us we will be glad to assist.