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.
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 rented or 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.
- Legal forms can be altered according to DED procedures.
Process of Sole Proprietor Company Setup
If you are planning for sole proprietorship company formation in Dubai, Business Link UAE is here detailing the procedure and documents required in the process and successful running of the business after that.
- Select ad finalize 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
You need to submit documents with the Dubai Trade Register.
- Application form
- Sole proprietor business name
- Details of a local agent who has to deal with a foreign citizen
- 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 to be translated in the Arabic language
Business Link UAE is the best business setup consultancy to opt for when going for sole establishment in UAE. Our experts are there to guide you throughout the process, licensing, and successful running. We have been serving our clients for more than a decade. We simplify the visa and permitting process for everyone visiting UAE to have an exceptional stay in the country.