Dubai is a well-respected pathway to the East, and since it became a financial hub, companies that engage in all types of business activities are now looking to establish a presence here. Setting up a Local Company is an excellent way to enable you to have a presence in Dubai as well as operate within the local jurisdiction.
The important issues to consider when establishing local companies include the availability of excellent ties with local partners. UAE law dictates that 51% of the shareholding of a local company must be held by a UAE national.
You should look to secure local partners who are able to give you the comfort and security to run your business in the UAE market with confidence. Another important legal consideration revolved around the agreements which you will form with your local partner. It is also important the activities are legal and regulated. Here, it is important to note that Limited Liability Companies (LLC) are relatively flexible in that they enable any legal business to be carried out in the Local Market , other than insurance, banking, or investment businesses.
You have various options when it comes to incorporation of a local company, and the seven categories of business organization defined by the Law are: General Partnership Company, Simple Limited Partnership, Private Joint Stock Company, Limited Liability Company and Partnership Limited with Shares.
The most common business structure chosen is the LLC, which is characterized by limited liability. Each of the partners shall only be liable to the extent of his or her share in the capital.
What is the full list of fines for money laundering in the UAE? Dr. Hassan Elhais
The UAE Ministry of Economy has announced the list of penalties for violations of the laws relating to money-laundering and terrorism financing.
Can I Appeal Against an Arbitration Award?
Arbitration is best described as a cost-effective alternate dispute resolution process, which assists in smoother business relationships without incurring the rigidity of court proceedings. To address many of the pitfalls of the arbitration process and to bring the UAE arbitration process in tune with the best international standards, the UAE enacted Federal Law No. 6 of 2018 on ‘Arbitration’ and its amendments (“Arbitration Law”).
Commercial leasing and breach of contract punishments
In legal terms, a lease agreement can be defined as ‘a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment’. A ‘commercial lease agreement’ constitutes a written lease agreement whereby a landlord agrees to lease his commercial property to another person or entity for a given business purpose and specified time period.
