Sole Proprietorship

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With unlimited opportunities booming, an ideal situation has risen for many professionals to exercise their expertise. The Dubai Economic Department (DED) has the option for such professionals to start a company of their own in Mainland setup in Dubai, under Sole proprietorship. In this formation of Sole Proprietorship company, a professional can run this mainland company as single owner with 100 % ownership to his/her business with help of a local service Agent.

Advantages of Sole proprietorship

Low startup costs
Start their company with single shareholder
Foreign nationals can acquire 100% ownership
Be able to legitimately practice their professional service anywhere in UAE
No paid- up capital requirement
Open a corporate bank account

Going for Sole proprietorship – Lookout

While going for Sole proprietorship or registering yourself as a sole trader is attractive for entrepreneurs, there are these following points to be kept in mind while opening a sole proprietorship in Dubai.

The comprehensive responsibility of the entity and its associated financial liabilities
To locate a trusted local service agent, in case of foreign nationals
An educational Qualification to support the activity chosen for entity
The Company should be named in accordance with the activity selected
Constraint on the number of Managers to be appointed

Initiating your registration for Sole proprietorship

Share holder passport copy and residence Visa permit
NOC from current Visa sponsor
Details of Local Service Agent, in case of foreign nationals
Proof of educational qualification or professional practice.
General Manager passport copy

At FirstStep one can, be confident enough to entrust their sole proprietorship setups for a smoother course throughout. With our team who has extensive knowledge in documentation and the legal formalities, one can be free of the anxiety of the documentation of filing the application forms and approvals. We will work along with the legal entities and other professionals to start up and expedite your business.