Dubai Company Formation FAQ
1. Q: How to setup a Company? Do you provide the service?
A: Yes – We provide this service.
For a free zone company with a bank account you will need to provide the following documents:
- Current Passport – Attested to be true and notarized.
- An original Utility bill less than 2 months old showing the street address.
- Bank reference letter- states the length of the relationship with the bank mentioning good standing of the bank account.
They can assign the company a name of your own choice. However this depends upon the availability & approval. After your “Know Your Client” documents are done and forms are signed, it takes up to 4- 15 working days for the incorporation process to be complete depending on the freezone /emirates. After the incorporation is complete, the bank account can be opened.
2. Q: What are the costs & Annual Fees?
A: Cost and annual fees is depending on the license and emirates.
Dubai Company Formation FAQ
3. Q: What is the procedure for opening a bank account with a check book and debit card? Do I need to come to the bank physically to open an offshore/account?
A: The bank account application forms will need to be signed in front of a bank officer. This could be in the bank’s branch in your country too.
To open a bank account you will need to send us the following documents
- incorporation certificate
- Trade License
- Passport copy
- Memorandum of Article
4. Q: What are the documents required?
A: 1. Passport – Attested to be true and notarized.
2. A original utility bill less than 2 months old showing the street address.
3. A Bank reference letter stating the length of the relationship with the bank and good standing of the bank account.
Dubai Company Formation FAQ
5. Q: How long will take for Company to be incorporated?
A: After your Know Your Client documents [KYC] and order forms have been submitted to us, it takes 4-15working days for the incorporation process
6. Q: Without office, can I incorporate a company?
A: Yes. You can incorporate a company without an office
Dubai Company Formation FAQ
7. Q: Is it possible to incorporate company in one Emirates and setup office in other Emirates?
A: Not Possible.
8. Q: If I setup a branch office, can I import goods under my license in the UAE?
A: You can. But, Importers should have an Importer Code allotted by the Customs Department. Importers are allowed only to import goods which are related to the activities permitted by the license.
Dubai Company Formation FAQ
9. Q: Without a local partner can I setup the company? And will the local partner [sponsor] interfere in the operation? Can you find me a local partner?
A: Without a local partner you can setup a company in free zone. Free Zones offer the following incentives to the investors. Some of the salient features are:
- 100% foreign ownership
- No corporate taxation for 50 years; renewable for an additional 50 years
- Freedom to repatriate capital and income
- No personal income tax
- Full exemption from import duties
- No currency restrictions
- No bureaucratic red-tapism
- No recruitment problems
- Modern efficient communication
- State of the art infrastructure
- Abundant energy
For local Company formation, the ownership of the company would be 49% on expatriates name and 51% on local’s UAE Nationals name. The local will be only a silent partner and will not interfere in any of the activities of this company.
Investor will have full power to operate the business and bank account singly. Immigration and labour Card signatory will be only under local sponsor. For our client’s security we will arrange for a Legal Side agreement between client and the local sponsor to secure your investment.
Q: How can I do business locally within the UAE with a Free Zone company? Can the free zone company have an operation inside UAE markets?
A: There are no restrictions for FZE/FZCs to importing and exporting of goods as long as it is in accordance with your license. No duties are imposed on goods imported and / or exported from within the free zone, other than when goods are sold locally in the UAE market then the applicable custom duty will be payable.
Q: Which is cheaper Free Zone or local LLC Company?
A: Free Zone Company Is cheaper.
Q: How many visas does a Local company get?
A: Number of visas depends upon the volume of business, License, office space and the category of the company.
13. Q: What is the minimum capital required to form a UAE local company? And Free Zone Company?
A: The current minimum capital required for LLC is around AED300, 000/-. Share capital must be fully paid up and deposited with a locally registered bank. Minimum capital required for free zone depends upon the license.
14. Q: Why should I use your company to register my company? When do I have to pay renewal fee? Is Varal a registered agent of RAK?
A: Varal is registered agent of RAKIA. We offer an online progress monitoring system so that client can track the incorporation process. We give an itemized statement with all fees upfront and we ask only pay the government and registration fees in advance. We have special money back guarantee program. You have to pay renewal charges as soon as we send the Proforma.
15. Q: What are your fees? Are there any hidden charges?
Ans: Our fee for completing the Business process is AED10, 000
16. Q: Can I trust Varal?
A: What makes our firm different from others is that we give all information as asked by the client even after incorporation, documents to be attended quickly and incorporation process will start immediately. They can track us at every step of the registration process online, check our websites for detailed information, see our comparison statements and feel wowed by our money back guarantee!
17. Q: What guarantee do I have that Varal will complete the work after I transfer the payment to them?
A: Client can track us at every step of the registration process online and we offer money back guarantee!
18. Q: If my free zone office is a flexi desk, can anybody come for inspection?
A: Usually No. It may happen at time of applying the visa and it’s good to expect any stage of time.
19. Q: What if I require Varal’s services even after incorporation? E.g. applying for visas
A: Our fee will be comparatively low compare to our competitors.
20. Q: If things do not work out what is the cost of winding it all up?
A: Winding of charges will vary on the basis of jurisdiction.
