The sole proprietor, as the name suggests, is about owning an entity individually, considering all financial liabilities single-handedly, including debts and obligations. A sole establishment in UAE brings a lot of exposure and business development chances for an individual to grow and establish a business. If you want sole proprietorship company formation in UAE, let’s understand more about it and the procedure of setting up the same. company formation in dubai
Benefits of Sole Proprietorship Company Formation
Sole proprietor business setup in Dubai, UAE has some significant advantages, including
- The government has waived off all paid-up capital requirements.
- A company can be set up at any location without any restrictions.
- Legal practices or professional services can be performed in any part of the UAE.
- 100% foreign ownership in the business is retained with foreign professionals.
Terms and Conditions to Consider During Sole Proprietorship Company Formation
- The education qualification of the sole proprietor should match the activities or business he is into.
- Under a professional license, the number of managers has a limitation.
- Business name selection is crucial as it needs to relate to the commercial activity carried.
- Multiple branches and activities allowed for one proprietorship.
- According to DED Procedures, Legal forms can alter
Process of Sole Proprietor Company Setup
- Select ad finalizes a unique trade name and correlates with the business.
- For business registration in Dubai, you need initial approval from the Department of Economic Development in Dubai (DED).
- Collect approval from various other departments to be clear on the legal side.
- Submit documents (stated below) with the application form.
- Apply for a license after business registration.
Documents Required for Sole Establishment Company Registration
- Application form
- Sole proprietor business name
- Details of a local agent who has to deal with a foreign citizen company formation in dubai
- Passport copy of business owner/sole proprietor
- Registered address and residence permit proofs
- NOC or no-objection letter from the sponsor
- Proof of qualification and experience
- Documents required in the Arabic Language