Civil Company Formation
With the advent of EXPO 2020, the UAE government had introduced many reforms in the formation of company laws for Business Setup. Entrepreneurs who wanted to start a business but has put their plans on hold were fortunate, as the Government introduced many types of licenses which were within their means and yet provides a n opportunity to establish a name for themselves. One such business setup that can be formed by professionals is Civil Company Formation. Â
Eligibility for civil company Setup
Specialists in the field of Medicine, Law, Accountancy, Engineering, Consultancy, who are certified and licensed legally in UAE can apply to form a Civil company.
Benefits of starting a Civil Company
- Professionals can start to establish themselves
- Minimum two partners are required and can scale up to 50 shareholders
- 100 % ownership with the help of LSA
- Full access to trade anywhere in UAE
- No paid upfront capital requirement
- Startup costs are affordable
- Can easily sponsor dependents for Residence Visa
- Can easily setup a corporate account.
Setting up Civil company in UAE
- A name to be selected for your entity in compliance with the regulations set for it by the jurisdiction you are applying
- Pick out the Business activity
- Form your legal structure, deciding on to the number of shareholders and their liability
- Setup a Local Service Agent to liaise with the Government authorities
- Finding the Office space according to your needs
- Submittal of documentations to the DED for approval
- Payment of the License fees on approval
Precautions to be considered â Civil Company formation
Though itâs a lucrative deal specially for specialists or professionals, one must keep in mind certain precautions or at least consider the alternatives that come along with it. This 100% ownership comes with unlimited liability and if no preventative methods are taken one can end up burning a big hole in oneâs pockets, which will not only put you in financial difficulties but also can tarnish you professionally as well.
Hence while going for such business setup, its always advisable to see professional help from knowledgeable experts like FirstStep, who can validate the pros and cons for you to start the best suitable option.