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A sole establishment, also known as a sole proprietorship in Dubai, is a type of business held entirely by one person. As a result, a sole proprietorship cannot be owned by a corporation. The individual owns the entire company. This offers the business owner entire control and 100 percent of the profits. As a result, he or she is fully responsible for any obligations or losses.
A sole proprietorship, often known as a professional licence, can be established by anyone of any country. If the person is a national of a country other than the UAE or the GCC, a Local Service Agent (LSA) is required to support the licence. The job of a service agent is to provide the firm with the services it requires. Support with the Immigration Department, the Department of Economic Development, and the Ministry of Labour, for example. They have no financial commitments or duties to the company, both within and outside the Emirate.
Because initial fees are often modest and you can start your business with just one shareholder, a single establishment, also known as a sole proprietorship, might be a viable alternative for entrepreneurs looking to go it alone in the UAE. A qualified foreign investor who establishes a business or establishes a sole proprietorship to provide a professional service is allowed to own 100 percent of the company.
Professional service establishments are excluded from the Commercial Companies Law (CCL), although they must be licenced by the Department of Economic Development (DED).
Only UAE nationals or GCC nationalities can form a sole proprietorship to engage out business activity (subject to certain conditions). Expatriates can only establish Sole Proprietorships to provide professional and consulting services (such as medical services, engineering consultancies, management consultancies, legal consultancies, IT consultancies).
Foreign-owned businesses must appoint an NSA to assist them in acquiring licences, visas, and other documents. In exchange for an annual fee, a National Service Agent is a UAE national who assists a foreigner with licencing procedures and other government-related affairs. NSAs are not involved in the business in any way.
Business setup in Dubai is a lucrative option, and it is critical that a businessperson chooses the best company structure for their operations. Dhanguard assists enterprises from over the world in establishing their operations in Dubai by managing all of the paperwork and regulations of sole trader company registration from beginning to end. Our team of professionals has years of experience forming companies in Dubai and can assist your company in establishing a strong foundation in this rapidly rising market. If you require business setup services in Dubai, please contact us and we will gladly assist you.
Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.
Yes, a foreign entity can open business account in the UAE. The registration of any organisation in the UAE is generally an easier and cost-effective way.
The requirement for opening any bank account in the UAE vary from one bank to another. Although, the existence of a major director or shareholder is generally required.
A limited company should have a dedicated bank account because they have a separate legal entity.
The benefits of having business account includes tracking of the expenses, easy calculation of the tax liabilities as well as management of cash flow.
Yes you can open a business account in various major currencies of the world other than the UAE dirhams.
Every bank has a unique internal procedure and timetable for opening accounts. For an LLC or a Free Zone company, obtaining a bank account in the UAE normally takes 2 to 4 weeks.