Requirements For Setting Up a Limited Liability Company
- October 29, 2019
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Most of the employed companies are considered as limited liability companies in the UAE. A Limited Liability Company can take a form of the public company or the private ones. Such types of companies do have a different type of shareholding structure that depends on where and what procedures it will take to get registered the company in Dubai. After going through these procedures, the government decides whether the company formation is possible or not. However, it is quite easy for the new entrepreneurs who are intended for the business set up in Ajman.
There are a lot of requirements that the entrepreneur needs to comply with to open a new company or a Limited Liability Company (LLC) in Dubai such as;
- The business owner must have two shareholders of a company that he is going to set up in Dubai. If an entrepreneur has no two shareholders then he/she must have at least one shareholder if the setup is in free zones of Dubai.
- The entrepreneurs do not need the least amount of money for sharing the capital. However, a Dubai-based company can establish a new company in the free zones with a certain amount of money as decided by the authority of a free zone.
- The Articles of Association or a Memorandum are the required papers that are essential to get prepared for the company formation in Dubai. These documents are important for the registration process of the Limited Liability Company in Dubai.
- A new business will require an address that is registered by the local law of Dubai.
- A business owner will have to open a new bank account engaged with the local bank.
No matter what type of company a business owner selects along with its requirements, an agent must be hired to get his/her company registered in Dubai. While it seems difficult for the new entrepreneurs to establish a new company in Dubai but business set up in Ajman is slightly different and easy that the entrepreneurs find.