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The UAE is a fusion of people from different cultures. With its global appeal, world-class business infrastructure and hassle-free procedures, it has become a popular destination to do business.
While there are two venues where one can set up business here, i.e., the mainland and any free zone, if one wants full ownership of the company in the mainland with the absence of minimum capital requirement and taxes, one may consider opening a professional company.
A professional firm is established to provide services in specific fields to an individual, institution or company; therefore, it cannot carry out any commercial activity. Services may include auditing, accounting, legal practice, educational, technical, consultancy, engineering, architectural, medical and managerial, among others.
UAE rules require the hiring of a UAE national to act as local service agent who will only focus on administrative tasks; he will not have any claim on the company.
Investors opening a professional firm need to get an approval and licence from the Department of Economic Development (DED). Initial approval application can be done through a law firm, document clearing office, DED counter or online. Documents required are registration and licencing form, NOC from all partners’ sponsors, and passport and visa copies of all partners. For final approval, one must submit the business contract and others.
However, there are consultancy firms in the UAE that can handle all the nitty-gritty of business setup.
• A professional firm has full ownership of business
• It needs to obtain approval and licence from DED
• It may carry out activities such as legal practice
Source: Ellen Joyce Soriano, Special to Classifieds
The writer is a freelancer