Company registration in the UAE
|Name of service|| |
|Company registration, including the payment of state fees||+||+|
|Legal address for 1 year||+||+|
|Stamp of the company||+||+|
|Attestation of registrar||+||+|
|Opening an account at one of the UAE banks in person||-||+|
|Total cost||2238 EUR||3033 EUR|
|Annual service fee||1628 EUR||1628 EUR|
In 7th century AD where now stands United Arab Emirates was created Arab Caliphate. It happened because of Islamic expansion and construction of new cities like Dubai and Sarjah. In 1820 British came to Arabian Peninsula and took over the rule of the territory while allowing local people to practice Islam and follow a traditional lifestyle. At the time it was called Trucial Sheikhdoms. In the twentieth century oil was discovered in the Persian Gulf, which becomes a key factor for growth, the welfare of the local population and development of neighboring countries'.
In 1971-1972 seven Emirates form a new structure- the United Arab Emirates.
UAE state system is unique. First place in the hierarchy of state formally takes Emirates Higher Council, it includes seven rulers. But the president is the ruler of the Emirate of Abu Dhabi, whose position is inherited. UAE economy is opened and has been included in the international financial processes. About a third of GDP is the oil trade income. At the same time there are about 40 SEZs in the territory of Emirates, some are highly specialized and some- common.
The most common business entities
Types of companies that can be registered in the United Arab Emirates are divided into three categories: domestic enterprises, companies in SEZs, International non-resident companies. The registered capital level, the number of directors and shareholders and other parameters are determined separately for SEZ zone, and International companies are governed by the legislation and the special law.
In UAE there is mixed legal system. There is Muslim and Roman-Germanic law. On Emirates territory are 2 levels of legislation, federal operates throughout the country, local operates within each Emirate.
Registered capital for international companies registered in Ras El Haim is 10 thousand AED or its equivalent in US dollars. There is no requirement for the payment of the capital, but it should be reflected in the registration document.
In SEZ and other Emirates capital amount is determined by local law.
The main requirements for the directors and shareholders
Companies in UAE must have at least one director. Director must be a natural person. Directors meetings may be held remotely.
The company must also have at least one shareholder. A shareholder may be a natural or legal person. There are no residency requirements for a director and shareholder, information about them is not disclosed.
Disclosure of the company’s beneficial to the government bodies
Information on beneficiaries can be disclosed only to the competent organs inspection or by a court decision.
All businesses have to prepare financial statements in accordance with international standards.