LLC Company Formation Dubai

[vc_separator type=”transparent”]

A LLC Company Formation in Dubai is one of the most commonly adopted forms of business for establishments seeking to enter business away from a UAE’s Free Zone.

[vc_separator type=”transparent”]

What is an LLC?

[vc_separator type=”transparent”]

A LLC Company Formation is a firm where the shareholder’s liability is restricted only to the magnitude of their shareholding in the capital.

A minimum 51% of the total shares in an LLC must be held by an Emirati national or a firm wholly owned by UAE nationals. A few other exceptions and rules apply to certain industries that vary from Emirate to Emirate.

[vc_separator type=”transparent”]

Advantages of an LLC company formation in Dubai

[vc_separator type=”transparent”]

There are numerous benefits to LLC setup in Dubai:

 

  • 100% tax-free
  • Investor becomes shareholder in the company
  • Investors can form branches
  • Share of profits and losses at a ratio different from of the share capital
  • Global/Local bank accounts are easy to open
  • No definite minimum capital requirements
  • Investors are offered UAE residence visas
  • No limit in owning offices or properties in the UAE
[vc_separator type=”transparent”]

How will GCC Solutions help set up an LLC company in Dubai, UAE?

[vc_separator type=”transparent”]

GCC Solutions would appear as the corporate sponsor holding 51% of the shares as a beneficiary guaranteeing that our clients keep 100 percent control of the LLC’s operations. GCC Solutions’ Managing Partners, Mr. Omar Fikree and Mr. Ali Fikree are both qualified Civil Engineers and possess Masters Degrees (with honours) from the University of Bristol in Engineering. GCC Solutions can expedite the beneficial corporate sponsorship of firms seeking Professional Licenses in certain commercial activities. These business activities include Architecture, General Contracting, Interior Design, Engineering Consultancy and other professions that require the majority shareholding of the LLC to hold a professional qualification in Engineering as stipulated by the Municipality requirements i.e. Dubai Municipality.

[vc_separator type=”transparent”]

LLC Company Formation changes in the new UAE Commercial Companies Law

[vc_separator type=”transparent”]

UAE’s new Commercial Companies Law (CCL) was announced in July 2015 as Federal Law No. 2 (2015) on Commercial Companies. The CCL has replaced the old Federal Law No. 8 (1984) about Commercial Companies.

 

The New UAE CCL has brought in several new changes to the previous legislation.

 

Here are the new laws applied to LLCs:

 

Sole Shareholder

 

A corporate entity or an individual can be the only shareholder of a Limited Liability Company. The previous law had a minimum requirement of two shareholders for  LLC company formation in Dubai, UAE.

 

Shareholder Information

 

The Shareholders’ date of birth should be enlisted along with other details in the articles. The shareholders are also required to disclose their mobile numbers to the Department of Economic Development of Dubai. It was not a requirement in the former law for Limited Liability Companies.

 

Accounting

 

LLCs will now have to adhere to the International Accounting Standards. The previous CCL had permitted to use any standard in the past.

 

Share Pledges

 

Shareholders in Limited Liability Companies are allowed to pledge their shares. The commitments must be made by the establishment’s memorandum and articles of association, and be notarized.

 

Managers / Directors

 

It is now possible for Limited Liability Companies to assign more than five Managers / Directors. They should also modify the Articles according to the increase in governance positions.

[vc_separator type=”transparent”]

For more information on Limited Liability Company (LLC) Company Formation in Dubai, please contact us to arrange a consultation.

[vc_separator type=”transparent” up=”20″ down=”40″]

FOR MORE INFORMATION ON OUR SERVICES, CONTACT US FOR A FREE CONSULTATION

[vc_separator type=”transparent”]CONTACT A CONSULTANT