Thursday, 20 February 2014

Registering Busines In Dubai : | Dubai License | Company Formation | Business Setup | LLC registration |




Registering Businesses in
Dubai


Steps Required in Setting  up a Business

Prior to operating any business in Dubai, the steps outlined below must be undertaken in order to meet the legal requirements of all concerned government authorities and to guarantee maximum commercial benefit for the business owner:

    Determine the category/categories (commercial, industrial and/or professional) and type of business activity/activities to be practiced.

    Determine  all  the  related  business  activities  that  can  be  included  within  each business license, subject to a maximum of ten activities per license.

    Determine  the  appropriate  business  legal  form  for  your  business  taking  into consideration the desired business activity/activities and the number and nationalities of the business owners and please press here to view the terms and conditions for conducting business in Dubai.

•   Confirm all the requirements of the license to be issued.

•   Determine the trade name of the business. (See Appendix A)

    Submit an application to the Department for an initial approval either by a personal visit to the Department Offices or through the Internet(Coming soon), a document clearing service or a legal consultant's office.

    Register a trade name after obtaining an initial approval either by a personal visit to the Department Offices or through the Internet (Coming soon), a document clearing service or a legal consultant's office (If you have previously reserved a trade name, you can proceed to register it with an initial approval by use of the record number).

    Lease business premises (it is recommended that you contact the counter of the Planning Department of Dubai Municipality on Telephone Number 2020105 or on Dubai Municipality's Telephone Number 2063788, before leasing premises in order to verify that it is suitable for the business). Thereafter you can visit the said Department's counter on the building's first floor for approval of the premises.


    Prepare all required documents such as Memorandum of Association and other contracts such as the appointment of local service agent which has to be authenticated by the Notary Public and approvals of other relevant government authorities, which are necessary in each case. For example, to carry on media activities, an approval issued by the Ministry of Information and Culture is required.

    Submit an application to the Department to obtain a final license. Applications can be submitted through a document clearing service or a legal consultant's office.

•   Pay the required fees and to have a license issued. (See Appendix B)

    Submit an application to the Department for a signboard permit for a business trade name as required by the economic regulations. However, office premises would be an exception to this.

•   Obtain necessary connections for telephone, fax and Internet services, an application
must be submitted to "Emirates Communications Corporation".

    To obtain a special P.O. Box for an establishment, an application must be applied to the "General Postal Authority".

    Obtain  necessary  work  permits  for  business  employees  and  management;  an application must be submitted to both the Ministry of Labour and Social Affairs and the Department of Naturalization and Residence.

•   Register a trade mark or a commercial agency, you must refer to the Ministry of
Economy and Commerce.

    If you wish to conduct a promotional campaign or a commercial offer, or if you wish to carry out an activity after official working hours or additional activities etc., an application must be submitted to the Department for the necessary permit. Please press here to view kinds of commercial permits and requirements.

    If you wish to conduct a "sale" (price reduction) event for goods sold at your shop, please contact Dubai Municipality to obtain the necessary permits.



FORMS OF BUSINESSES


Legal Forms of Business Structures Individual Establishment:

It is an establishment owned by a sole proprietor to operate an economic activity (commercial, professional, industrial, agricultural or real estate). An establishments financial liability is linked to the proprietor who shall be responsible for all its financial obligations.


Commercial Company:

A company is a contract by which two or more persons enter into an economic profit- generating enterprise. They shall each subscribe a share either in the form of money or work effort, and share an enterprises profit or loss. An economic enterprise includes any commercial, financial, industrial, agricultural, real estate or any other type of economic activity.


Civil Companies

    Civil  companies  are  formed  to  practice  activities  that  involve  the  use  of  the individual's  intellectual  powers  and  effort  and/or  using  tools/instruments  (e.g.) lawyers, engineers, consultants, carpenters etc.

    Under Dubai Local Order No. 63 of 1991 on licensing professionals and tradesmen in the Emirate of Dubai, in order to establish a business, which practices a service or professional activity distinct from a commercial one, the business takes the form of a Business Partnership.

    Professional companies may be 100% foreign owned. However, it is necessary to appoint a local service agent.

    The obligations of the local service agent towards his principal and third parties shall be restricted to render the usual services in order to enable him to practice the professional or craftsmanship work in the Emirate without holding any responsibility or financial commitment with respect to his principles business or activity inside the Emirate or abroad. The relations between the two parties shall be regulated by an agency agreement.

Professional Work:

A professional is a person who independently practices a profession based on investing his intellectual powers and acquired information, which generates an income. In such work, he either depends on his own physical effort or uses the help of some tools and equipments, whether solely or with a maximum number of five workers.


Legal Forms of Commercial Companies:

Legal forms of commercial companies, pursuant to Federal Law No. 8 of 1984 as amended, is summarized below. For more information, you may refer to the said Law which is available at the Departments library, offices of legal consultants and advocates, as well as in commercial libraries in the United Arab Emirates.


Partnership Company

   A general partnership is an arrangement between two or more partners whereby each of the partners is jointly and severally liable to the extent of all their assets for the companys liabilities.

    The Commercial Companies Law provides that only UAE nationals are allowed to be partners in a general partnership company.

•   There  is  no  prescribed  minimum  capital  requirement  for  the  establishment  of
Partnership Company.


Limited Partnership Company

A limited partnership company is a company formed by one or more partners, with liabilities to the extent of their assets. In case of one or more limited partners, their liabilities would be limited to the extent of their respective shares in the capital of the company.


Joint Venture Company

   A joint venture is a company concluded between two or more parties to share the profits or losses of one or more commercial businesses being performed by one of the partners in his personal name. The company shall be confined to the relationship between the partners and will not be effected by third parties.

   A joint participation venture is restricted to the arrangement between the partners therein and must not be made to third parties. Between the partners themselves, the arrangement is essentially a partnership. Each partner conducting business will generally do so in his own name and will not declare the interest of the other partners to others. The liability of the partners who are conducting business is unlimited with respect to the liabilities of the company. If the liability of the other partners is disclosed, the venture will be treated for every purpose as a general partnership.

    There are no registration formalities for this type of company as it is not a distinct legal entity.

   A joint venture company uses the business name and the license of the partner conducting the business. A Memorandum of Association should, however, be prepared to indicate the rights and liabilities of the partners and the method of distribution of the profits and losses.
Public Joint Stock Company (PJSC)

   A public joint stock company is a company whose capital is divided into equal value negotiable shares.

    The shareholders of a PJSC are liable only to the value of their shares in the capital of the company.

    The minimum share capital requirement is AED 10 million/US$ 2,724,796 with a nominal face value of AED 100, a banking entity AED. 40 million/US$ 10,899,183 for banks and AED 25 million/US$ 6,811,989 for insurance and investment companies.

   A PJSC must have at least 10 founder members and its management should be vested in a board of directors consisting of a minimum of three to a maximum of fifteen persons whose term of office may not exceed three years. Directors however can be re-elected when their term of office has expired.

•   A PJSC is required to have a chairman (of the board of directors) who must be UAE
national. The majority of the board of directors is required to be UAE nationals.


Private Joint Stock Company

A private joint stock company is essentially the same as a public joint stock company with the following differences:
•   The minimum capital requirement is AED 2 million/US$ 544,959.

•   The shares of a private joint stock company cannot be offered to the public.

•   Only three founder members are required.


A Private joint stock company may be converted into a public joint stock company. In order to do so, the following conditions must be met:
1.  The nominal value of the issued shares is fully paid up.

2.  A period of not less than two financial years has passed since the company was formed.

3.  During the two years preceding the application for conversion, the company has achieved net profit distributable to the shareholders, of which average is not less than
10% of the capital.

4.  A resolution of the extraordinary assembly for the conversion of the company is adopted by a majority of three-quarters of the company shareholders.

5.  The Ministrys decision to convert the company form a private joint stock company to a pubic joint stock company is published in the Official Gazette.


Limited Liability Company (LLC)

    Limited Liability Company is one with limited liability, where the number of partners may not exceed fifty and should not be less than two. Each of the partners shall only be liable to the extent of his share in the capital. The partners’ participation should not be represented by negotiable certificates.

•   In addition, an LLC has the following legal and commercial characteristics:

1.   The minimum share capital must be AED 300,000/US$ 81,744 divided into equal shares with a minimum face value of AED 1,000/US$ 272 per share. (for most of the Commercial Industrial activities except General Trading AED
3  million/US$  817,439  contracting  1  million  Commercial  /  Industrial  /
Agricultural holdings and trust companies AED 3 million/US$ 817,439)

2.   UAE nationals must hold at least 51% of the shares.

3.   Public subscription for raising capital is not permitted.

4.   The   management   or   manager ar appointed   by   Memorandum   of Association, by a separate management contract or the general assembly of the partners.

5.   Managers may be one or more of the partners or any other parties provided that they do not exceed a total of five persons.

6.   It is possible to provide in the Memorandum of Association that the profit and losses will be shared in a ratio different to that of the share capital ratios.

7.   It is necessary to appoint an auditor who must be accredited in the UAE.




Partnership Limited with Shares Company (PLS)

   A partnership limited with assets is a company formed by general partners who are jointly  liable  to  the  extent  of  all  their  assets  for  the  company  liabilities,  and participating partners who are liable only to the extent of their shares in the capital.

•   The partners whose liability is unlimited must be a UAE national.

•   The minimum share capital requirement for limited partnership is AED 500,000/US$
136,240.


Branch of a Foreign Company

   A branch office is legally regarded as part of its parent company and does not have a separate legal identity from that of its parent company.

    Branch offices are nevertheless required to have a national agent. If the agent is a company, it must be wholly owned by UAE nationals. The national agent, however, will not acquire any rights or interest in the business of the branch office and will simply provide services on matters which concern federal and local government departments.



LICENSING REQUIREMENTS


Terms & Conditions for conducting Business in the Emirate of Dubai

I. Nationals of the United Arab Emirates:
United Arab Emirates nationals may conduct all commercial, professional and industrial activities subject to the approval issued by the concerned authorities depending upon the activities. For example, media activities require approval of the Ministry of Information and Culture.

They may carry on activities through any of the following legal forms:

•   Individual establishment

•   Limited liability company
•   Joint liability company

•   Private shareholding company

•   Public shareholding company

•   Civil business company


II. Nationals of Gulf Cooperation Council Countries (GCC)
GCC nationals may conduct most commercial, professional and industrial activities, subject to the approval issued by the concerned authorities depending upon the activities. The may conduct activities through any of the following legal forms:
•   Individual establishment

   Limited liability company: one or more UAE national partner is required, with a shareholding of not less than 51% of the paid-up capital.

   Private shareholding company: one or more UAE national partner is required with a shareholding of not less than 51% of the paid-up capital.

•   Public shareholding company.

   Civil business company: two or more GCC nationals may establish a civil business company to practice a specific profession without a local services agent. However if there are one or more partners who are not GCC nationals, a local services agent who is a UAE national shall be appointed or included as a partner.


III. Nationals  of Other Countries
Nationals of other Arab or foreign countries may conduct economic activities through any of the following legal forms:

   Individual establishment: may be established to practice only professional activities, and subject to the appointment of a local services agent who must be a UAE national.

   Limited  liability  company:  may  be  established  to  carry  on  any  commercial  or industrial activity, including one or more UAE partners whose shareholding shall not be less than 51% of the paid-up capital.

   Private shareholding company: may be established to carry on any commercial or industrial activity, including one or more UAE national partners whose shareholding shall not be less than 51% of the paid-up capital.

   Civil  business  company:  two  or  more  persons  may  establish  a  civil  business company to practice a profession, provided that a local services agent, who must be a UAE national is appointed or included as a partner.

   Public Shareholding Company: Board of Directors takes the decision of allowing non-UAE nationals to become shareholders.


IV. Foreign Companies:
Any  company  incorporated  outside  the  United  Arab  Emirates  may  conduct  any commercial, industrial or professional activity through one of the following legal forms:
•   Branch of a foreign company

   Limited liability company:  may be established to conduct any commercial or industrial activity, including one or more UAE national partners, whose shareholding shall not be less than 51% of the paid-up capital.

•   Private shareholding company:  this kind of company shall be established to


Operate any commercial or industrial activity, including one or more UAE national partner whose shareholding shall not be less than 51% of the paid-up capital.

   Public shareholding company: Board of Directors take the decision of allowing non-UAE nationals to become shareholders



GOVERNMENT REQUIREMENTS

Government Agencies Requirements

Central Bank
•   Money Exchange
•   Representative

Dept. of Ports & Custom:
•   Marine & Marine related activities

Dubai Municipality:
•   Engineering Consultancy
•   Food Control
•   Construction

Ministry of Economy & Commerce:
•   Branch Office of Foreign Company
•   Auditors

Dubai Cargo Village:
•   Air Cargo Services

Civil Defense
•   U.A.E. General Directorate of Civil Defense

Emirates Securities and Commodities Authority
•   Brokerage Profession



CENTRAL BANK OF THE U.A.E.


RESOLUTION NO 123/7/9 2 REGARDING REGULATING OF MONEY CHANGING BUSINESS IN THE UAE

According to Article 4 of the resolution the following criteria must be fulfilled with respect to the applicant in order to grant a license:

A.  Paid-up capital of the applicant is no less than AED 1,000,000/US$ 272,480 if the applicant is involved in the purchase and sale of foreign currencies in the form of banknotes and coins, the purchase and sale of travelers cheques, and other matters approved by the Central Bank, and no less than AED 2,000,000/US$ 544,959 if the applicant includes conduct of money changing business in this resolution including handling of remittance business of both local and foreign currencies; the opening of each additional branch would require an increase in the paid-up capital by 10%;
B.  The applicant is a UAE national of no less than 21 years of age, who is of sound mind and in case of applications made by companies the share of UAE nationals in the capital shall not be less than 60% of the total paid-up capital;

C.  That  no  commercial  bank  should  managthe  business  of  the  licensed  person whether such a bank is local or foreign;


Applicant's personal reliability and professional qualifications: Personal reliability:

The applicant, or any of the founding members, shall be of good conduct and behavior and shall not have been convicted for any offence involving dishonor, dishonesty or violence, and shall not have failed to honor his liabilities towards banks or other creditors and shall not have been declared bankrupt or reached a settlement with his creditors nor has been subjected to attachment of his assets or put under judicial receivership.

Professional qualifications:

The applicant or the person who is or shall be manager or controller of the applicant shall have the appropriate theoretical knowledge of money changing business and the necessary
Management experience.




REPRESENTATIVE


THE CENTRAL BANK BOARD OF DIRECTOR RESOLUTION NO. 57/3/1996
REGARDING THE REGULATION FOR REPRESENTATIVE OFFICES CONDITIONS FOR GRANTING OF LICENSE
A.  The applicant should have completed a period of no less than ten (10) continuous years conducting the business in the country of origin or the head office. This period cannot be
Reduced without a decision by the Board of Directors.

B.  The bank applicant's paid-up capital and reserves should not be less than AED 183.7 million/US$ 50,054,496. The Board of Directors shall decide on the capital of any other financial establishment in view of the size of its business and the kind of its activity.

C.  The relevant authority, to whose supervision the applicant is subject to, should exercise the  required  control  on  the  banking  and/or  financial  system  in  the  country  of incorporation of the applicant. Furthermore, this authority should issue an approval or no- objection letter to opening a representative office in the country. However, in cases where the relevant authority does not issue letter, it should state this clearly in its official documents, or confirm it in writing.

DThe applicant should undertake to fully comply with the relevant provisions of laws, regulations  and  instructions  issued  in  the  country,  particularlthose  issued  by  the Central Bank. The applicant should also undertake to submit the records and document of the representative to the Central Bank for examination. The applicant should conduct his business as per the license granted to him and in a proper manner.

EThe person assigned to manage the representative office should be characterized by good conduct and behavior. He should as well be properly qualified, theoretically and practically, in the areas of banking and financial business, as determined by the Central
Bank.


DEPT. OF PORTS & CUSTOMS


DEPARTMENT OF PORTS & CUSTOMS MARINE & MARINE RELATED ACTIVITIES DEPARTMENTAL LETTER OF "NO OBJECTION"

THE ORGANIZATION:

A.  Request letter form the sponsor or the authorized person in the organization.
B.  Copy of trade license.
C.  Sponsor's passport copy.
D.  If request for a Branch office- reason for request.
E.  If in possession of any other trade license for Marine related activities details with copy of trade license to be provided.
F.  Agency agreement
G.  Copy of bank guarantee.

SENIOR MANAGEMENT (OPERATION MANAGER)

A.  Curriculum  Vita  (C/V)  Bio-Data;  giving  educational  qualifications  and  work  experience, relevant copies of certificates and references to provided.
B.  Recognized foreign going masters ticket.
C.  Qualification  by  experience  acceptable  base  on  satisfactory  C/V  authenticated  by  the necessary references.



DUBAI MUNICIPALITY


Dubai Municipality Conditions for the practice of the Engineering Consultancy Profession

According to Article No. 4 of the Local Order No. 89 of 1994 on regulating the practice of the Engineering Consultancy Profession in the Emirate of Dubai, the following conditions must be fulfilled with respect to the applicant in order to grant a license:

1.   To be a UAE national.
2.   To be fully competent.
3.   To be of good conduct and reputation.
4.   Not to have been previously convicted of a crime or misdemeanor relating to honor or honesty unless a pardon was already granted to him by the competent authority or has been rehabilitated.
5.   To be holder of a BSC. Degree in engineering from a recognized university in one of the engineering fields for which he requires to obtain a license.
6.   To have experience in the specialization field not less than three years after obtaining the university degree.
7.   To be a member in the Engineers’ Association in the Country.
8.   Not to be an owner or a partner in any of the contracting companies nor building materials trading companies.

Foreign Engineering Branch Office:

According to Article 33, the Foreign Engineering Branch Office is defined as “the branch established in the Emirate by one of the foreign specialized engineering firms. Licensing of the same shall be limited to the fields of sophisticated specialization not commonly provided by local engineering firms. Article 34 states that it is conditional for the Foreign Engineering Branch Office to fulfill the following:

1.  The foreign engineering branch office should be of high technical qualifications and specialized in one or more of the sophisticated engineering field and existing in the native
Country for a period of not less than fifteen years.
2.   The management of the firm should be vested in a manager in charge, entered in the register of the practitioners of the engineering consultancy profession, whose experience in the practice of the profession is not less than fifteen years. A registered local engineer may also be assigned for the management of the firm, provided that he is totally devoted to the business of such a firm.
3.   The head office of the firm in the mother country should have carried out a number of projects of large technical and financial value. When submitting the application for the license, a full statement of such projects shall be attached with supporting drawings and documents.
4.   The foreign engineering branch office in the Emirate should have devoted technical staff of high qualifications as follows:

a.   Each of the licensed fields of activity to be practiced should be lead by an engineer whose experience is not less that fifteen years in sophisticated specialization and it is permissible to appoint one of the specialization heads as a resident office general manager.
b.   The specialization head should be assisted by a number of assistant engineers whose experience is not less than seven years and that their number should be consistent with the volume of the current works assigned to the firm, and that the
head office should undertake to appoint the number necessary to reside in the
Emirate throughout the period of carrying out the projects which require their presence.



DUBAI CARGO VILLAGE


Dubai Cargo Village - Air Cargo Services
Selected activities (e.g. air freight) requires approval from Dubai Cargo Village. You may either scan or email the required documents electronically to cargolicense@dca.gov.ae or hand in the required documents in person to the Directors Office Room no. 3069, 3rd Level Main Cargo
Terminal Building, Export Entrance Dubai Cargo Village at the Dubai International Airport.

In your communication with Cargo Village, please state the transaction nr. of your application
(e.g. in the subject line of your email).

Required Documents:

New License/Renewal of License/Branch/Add or Remove Partners
1.   Copy of local sponsor's passport
2.   Copy of nationality card
3.   Bank guarantee of AED 300,000/US$ 81,744
4.   Copy of partnership contract (if partners)
5.   Minimum required capital is AED 300,000/US$ 81,744.
6.   Bank certificate certifying that the capital has been deposited with it.
7.   Copy of the applicants passport and naturalization identification.
8.   The application must be submitted by the applicant or the authorized person (power of attorney must be shown)

Transfer of License
1.   Copy of local sponsor's passport - Old/New
2.   Copy of nationality card - Old/New
3.   Copy of commercial license
4.   Original contract

To Add Air Freight Activities:

1.   Copy of local sponsor's passport
2.   Copy of nationality card
3.   Copy of commercial license

Change of Company Name
1.   Original legal papers



EMIRATES SECURITIES & COMMODITIES AUTHORITY



Brokerage profession
To practice the brokerage profession in the UAE, a broker will need to get a license from the Emirates Securities and Commodities Authority. He may then submit an application for a license to practice the profession in any Financial Market at the UAE.

A- Licensing   with     Emirates     Securities    and    Commodities   Authority    Licensing
Requirements with Emirates Securities and Commodities Authority
1.   Shall be:
1-  a corporate body, incorporated in the State
2-  taking one of the legal forms stipulated in the Federal Law No. (8) of 1984, concerning Commercial Companies
3-  have not less than 51% of its Share Capital owned by UAE naturalized persons or corporate bodies.
2.   His activity shall be restricted to brokerage business.
3.   The Companys Paid Up Capital shall be no be less than AED 5 Million/US$ 1,362,398.
4.   The Companys Memorandum of Association shall be written in the Arabic Language and notarized by competent authority.
5.   None   of   the   company   managers,   partner authorize t manage   it nor   its
representatives undertaking brokerage business, shall have ceased to settle their commercial debts, even if this is not accompanied by a declaration of bankruptcy, or have already been declared bankrupt and has not yet restored his status, or was otherwise declared to be condemned to imprisonment and his status has not yet been restored.
6.   His Operations Manager shall hold a minimum of secondary level qualification with working experience of no less than two years in the field of financial services, banking, investments or accounting, and shall employ no less than two representatives, who meet the conditions required by the brokers’ regulation at the UAE Financial Markets.


Documents  to   be  attached   to   the   Emirates   Securities  and  Commodities  Authority
Licensing Application

1.   The  Companys  Memorandum  of  Association  written  in  the  Arabic  Language  and notarized by the competent authorities.
2.   An unconditional bank guarantee in favor of the Clearing House, for a minimum of AED
10 Million/US$ 2,724,796 and payable upon request from one of the banks licensed in the UAE.
3.   Educational qualifications and working experience certificates for the operations manager notarized by a legal authority.
4.   Declaration  from  the  company managers,  partners  authorized  to  manage  it  and  its representatives undertaking brokerage business, that they have never:
1.   Ceased to settle their commercial debts, even if this is not accompanied by a
declaration of bankruptcy.
2.   Already been declared bankrupt and has not yet restored his status.
3.   Otherwise declared to be condemned to imprisonment and his status has not yet


been restored.
5.   For Representatives:
1.   Educational Qualifications and working experience certificates.
2.   Certificate that the representative passed the exam prepared by the Market, in which the Broker wants to be accredited with and approved by the Authority.
3.   Declaration that the representatives will engaged in the profession on a full time basis.

a-  Declaration to inform the authority and the market of any changes in the information contained in his license application.
b-  Plan for the gradual emiratization of the profession, which is acceptable by the Authority if the representatives are non-nationals.

Licensing with Dubai Financial Market

B- The issuof a license  by the Market is a privilege not a right,  and the Market reserves the right  to reject  an applicant or suspend  or cancel  a license  if this  is deemed  by the Board to be in the public interest.

Licensing Requirements withDubaiFinancial  Market

1.   To be licensed by Emirates Securities and Commodities Authority.
2.   Submission of unconditional bank guarantee, in favour of the Clearing House, for a minimum of AED 10 Million/US$ 2,724,795 and payable upon request from one of the banks licensed at the UAE. The amount of such guarantee shall increase concurrently with the increase in the size of the brokers business, based on the decision by the Market Board of Directors.
3.  Nomination of Operations Manager and at least two representatives who meet the requirements of Emirates Securities and Commodities Authority and shall be accredited by the Market after passing the exam.

Documents to be attached  with the Dubai Financial  Licensing Application
1.   Copy of the Emirates Securities and Commodities Authoritys License.
2.   Copy of the documents attached to the licensing application submitted to the Emirates
Securities and Commodities Authority.
3.   Annual audited financial report for the last two years.
4.   Names of owners and percentage of ownership of the applicant company and of any company dealing in securities.
5.   A list of authorized signatories for the documents addressed to the DFM and sample of
their signatures.
6.   Board of Directors resolution authorizing the signatories to sign documents addressed to the DFM.
7.   Details of any legal rulings or cases against the broker in the past three years, which have not been settled to date.
8.   Details of the applicant are trading activity, including average number and value of trades
per day (if deemed necessary by DFM).

Requirements After Obtaining the Approval to list with Dubai Financial Market
1.   Submission of unconditional bank guarantee, in favor of  the Clearing House, for a minimum of AED 10 Million/US$ 2,724,796 from one of the banks licensed at the UAE.
2.   Opening settlement account with settlement bank, which will be used to settle payments with clearing, depositary and settlement.
3.   Payment of Membership and Rent Fees.
4.   A list of names, telephone and fax numbers of all members of the Board of Directors
(owners), and their relatives up to next of kin, including number of shares they own.
5.   A list of all employees of the company, their designations, and their relatives up to next of kin, including number of shares they owned.
6.   3 photos for each employee recommended to work at the brokerage office at the DFM.
7.   Copy of the account opening form used by the broker and the broker procedure of payment and receipt of money to and from investors.



MINISTRY OF ECONOMY & COMMERCE


Ministry of Economy & Commerce  Branch Office of a ForeigCompany

The following documents must be submitted to the Ministry of Economy and Commerce:
1-  A certificate of registration of the parent company from the authority which regulates the registration and incorporation of companies in that jurisdiction stating that the company is
validly  incorporated  and  continues  in  existence  and  specifying  the  legal  form  of  the
company and its capital.

2-  A board resolution from the parent company authorizing the establishment of a branch office in Dubai and appointing the manager of the branch office.

3-  The Article of Association or Memorandum of Association of the parent company attested by UAE or a GCC state embassy/consulate in the main companys country, a well as by the UAE Ministry of Foreign Affairs and translated into Arabic.

4-  Audited accounts of the parent company for the preceding two years.

5-  The national agent agreement and a copy thereof.

6-  A  copy  of  the  national  agents  naturalization  identification.  If  the  national  agent  is  a company, a copy of its Memorandum of Association, an official certificate showing that all the partners are UAE nationals, a copy of its trade license, a copy of the certificate of registration in the Commercial Register and a copy of all the documents will be required.
7-  Statement of the activities of the parent company and the activities of the branch office.
8-  Statement of the activities of the parent company and the activities of the branch office. Documents 1, 2, 3, 4 indicated above must be authenticated by the UAE Embassy in that country
as well as by the UAE Ministry of Foreign Affairs and translated into Arabic by a legal translator.

APPENDIX




A. TRADE NAMES

Conditions for Selecting  & Approval of Tradenames

1.  The name should be Arabic in terms of letters and spirit (refer to notes 6,7 for foreign names).
2.   It should be indicative of the type of activity.
3.   It should not conflict with Arabic and Islamic traditions and values.
4.   It should be consistent with true state of affairs.
5.   It should not involve any of  God's names and descriptions, or has an Islamic indication
(compound names are exempted).
6.   The following trade names may be given to local companies against payment of certain annual fees.

No.
Description
Fees
Notes


1
Names that indicate the firm's coverage of activities. (e.g. National, gulf, international, global, Asian, or regional).


1000
On  condition that  the  worindicates the firm's activity and not a distinguishing word for it.

2
Foreign name for a firm using the trade name or trade mark of an international company

1000
On condition that the firm's owner has a written approval from the foreign company for using its name or trade mark.

3

Foreign name for an ordinary firm

2000
When  writing  the  trade  name  in  Arabic words as pronounced in English.

4
A  name including abbreviations either in
Arabic or English (e.g. A C)

2000

-

5
A name including either of these words: UAE, Emirates, Dubai, Gulf.

2000

-

6
A nam including   numbers Ex 2000
Grocery

2000

-

7
A name including arabized words i.e has a corresponding Arabic or foreign word (e.g Platinum)

1000

-

7.   Foreign trade names may be given to branches of foreign companies & representative offices without fees.
8.   Trade names may be reserved for an annual fee of Dhs. 200.

Remarks

1.   The fees referred to above apply to new licenses and those who change their trade names.
2.   The Department has the right to reject the proposed trade name if such name is not complying with the above conditions.
3.   The Department has the right to request the change of the trade name in specific cases like being similar to another name registered with the concerned authorities as a trade mark or trade name.



B. INSPECTION FEES

Dear Customer,  A list of administrative filing and inspection fees pertaining to complaints against commercial fraud, trademarks infringements and violations of commercial agencies.

Number of shops/warehouses
Due amount of fee
From:1-5 S./ W.
Dhs.500
From: 6-11 S. / W.
Dhs.1500
From: 11-15 S. / W.
Dhs.2500
From: 16-20 S. / W.
Dhs.3000
From: Above 21 S./ W.
Dhs.5000

Notice:

1.  Filing fee: Dhs.2000.
2.   Filing fee is to be collected upon presentation of complaint documents to the Commercial

Protection Section whether the case has been immediately seen or not and it is not included in other fees such as (inspection fees)




Vithul V Murali MBA
Asst. Vice President | ADAM Global
Dubai Mobile : +971 50 55 73 538

Skype : Vithul.murali

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