LLC formation in the UAE in 2020

LLC formation in the UAE in 2020

In this article you will learn about the rules of work, documents and stages of registration of the LLC.

    ● Requirements for opening an LLC in the United Arab Emirates:

   1. First of all, you need to get permission and a license to conduct your chosen activity;

   2. It is necessary to provide the legal address of the company related to the Emirates for the acceptance of postal notifications, etc .;

   3. The LLC company must have a name. The name of the company can be associated with partners, or the field of activity of the company. A prerequisite is the presence of the abbreviation "LLC";

   4. The company must be managed by managers, there may be from one to five;

    ● Maintaining accounting records when opening an LLC in the UAE

A prerequisite is to keep records of all company transactions. This is, first of all, necessary to determine the financial position of the company in any circumstances. Bookkeeping is necessary for five years after the end of the fiscal year.

An auditor is also required. The auditor should audit all reports once a year. Also, the submission of annual accounting and audit reports is mandatory.

Below we have described the steps that you need to go through to register LLC in Dubai:

    ●  Register a company name;

    ●  Execute and submit documents to the Department of Economic Development for further license obtaining;

    ●  Obtain prior consent to register a company;

    ●  Draw up a Memorandum of Association for a new company;

    ●  Assure the notary documents;

    ●  Rent an office and approve the address in the Planning and Technical Department;

    ●  Pay all fees associated with license obtaining.