Business set up in Abu Dhabi is a brilliant opportunity for business enthusiasts, as the Government of Abu Dhabi has made the Company Formation set up seamless like never before. This is a commendable effort that has been initiated focusing on the business growth as well as the economic development of the country.
The main motive to setup business consultancy in Abu Dhabi, it is one of the fastest growing market in the world. The procedures to set up business consultancy is much transparent and flexible if you fulfill the required formalities correctly.
There are a lot of business opportunity in Abu Dhabi. With these opportunities Abu Dhabi also provides few of benefits for business set up. Some of them are as follows:
- No personal tax
- No limit on number of visas
- More options on number of business activity
Prerequisites to setting up business consultancy
Before proceeding to any legal procedure, we need to consider few points as mentioned below:
- Cost of setting up business: setting up business involves raising capital investment, paying for license and employee visas. Setting up depends on the:
- Nature of activity and license required
- The legal form of the company: whether it is an establishment, a branch or company
- Capital requirements: The capital requirements of a company in mainland vary according to the legal form of business. The minimum capital requirements must be sufficient enough to satisfy the purpose of the business.
- Finding a local sponsor: As per the UAE jurisdiction, foreign companies need a local sponsor (a service agent or a company owned by UAE nationals) to open a consultancy in Abu Dhabi, who will facilitate the necessary licenses for the business consultancy without bearing any liability to capital contribution or losses.
Steps by step procedures for starting business consultancy in Abu Dhabi
- Step 1: Determine business activity: A clear understanding of your intended business activity before initiating the procedures, since legal procedures and fee may vary depending on the nature of your business.
- Step 2: Determining the legal form: Rules and regulations are different for different types of legal entity and business establishments. Selecting a legal entity type to run the business under is considered important.
- Step 3: Issuance of an Initial Approval: An initial approval certificate is required to continue with the business licensing formalities that permit foreign nationals to practice their desired business activity in Abu Dhabi. The Initial approval entitles the investor to proceed ahead with legal procedures for obtaining the business license, and apply for obtaining required approvals of relevant authorities to practice economic activities.
- Step 4: Register trade name: A trade name distinguishes a business and represents its nature and legal form. Consulting a team of experts may help you with easy registration without facing any difficulties in registration.
- Step 5: Get approvals: An investor is required obtain approvals from relevant government authority for setting up business consultancy in Abu Dhabi.
- Step 6: Licensing requirements: Business registered in Abu Dhabi can carry out number of activities. There are various licenses issued by Abu Dhabi licensing authority to carry out business in UAE. In order to fulfill the licensing requirements, you may seek a help of an expert who can guide regarding the legal formalities.
- Step 7: Issuance of license: If all the terms and conditions fulfilled the relevant authority may issues license for setting up business in Abu Dhabi.
Below mentioned are some important documents to be submitted for setting up business consultancy in Abu Dhabi:
- Proof of trade name reservation
- Proof of approvals from relevant authorities
- Details of shareholders
- Documents regarding physical address for your business or company is mandatory in UAE
The structure, activity, a number of visas and the premises will determine the cost of business set up in Abu Dhabi. There is various cost involved for setting up business consultancy in Abu Dhabi. Some of them are as follows:
- Trade Name reservation fee (to be paid only one time)
- Fee for Government: this include Trade License fees, Activity fee, Competent authority fee – one time and annual fees
- Incorporation fees: the arrangement of approvals and inspections (onetime fee)
- Fees of Sponsor: paid annually
- Legal fees: MOA preparation & Notary fee – to be paid only for once
- Commercial premises fee: paid annually
Farahat and co is one of the leading firms which may provide business setup services in Abu Dhabi. Entrepreneurs who want to set up business can approach us for father consultation. We can provide number of services when you let us handle us your affairs of business. Contact us for further consultation.