The “Department of Economic Development” Dubai, (DED) is the government body that aims majorly at the enhancement of economic welfare and prosperity of the people of Dubai. The DED is entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. It not only supports the structural transformation of Dubai into a diversified, innovative service-based economy but also aims to improve the business environment and accelerate productivity growth.
The DED and its agencies develop economic plans and policies to provide services to domestic and international investors and businesses. It also aims at identifying and supporting the growth of strategic sectors. The DED is also a proud winner of the Distinguished Government Entity in the Dubai Government Excellence Programme 2012.
ADVANTAGES :
- Main Land Business.
- 0% corporate tax for 50 years (a concession that is renewable).
- No restriction on capital repatriation.
- 0% import or re-export duties.
- 0% personal income tax.
- No currency restrictions.
- No restriction on foreign talent or employees.
- Physical office space no concept of virtual office.
DOCUMENTATION :
- List of three proposed names.
- Passport copy of all Partners.
- CV of all Partners.
- Line of business along with a Business Plan.
CHARACTERISTICS :
- Legal Entities Permitted are LLC, Sole Proprietorship, Professional License, Service Agency, Civil Company
- The sole proprietorship is owned by a one person only.The minimum number of partners for the limited liability company is 2 and the maximum number is 50.The civil works and the partnership companies are composed of two or more partners.The private joint-stock company doesn’t include less than 3 founders.The public joint-stock company offers its shares for subscription and has unlimited number of partners.
- No bearer shares will be allowed. All shares must be fully paid when allocated. No different classes of shares allowed.
- Minimum Share Capital should be AED 100,000.
- Names must end with the word “LLC” as the case may be. Location names and religious words are prohibited.
- The shareholder has to be physically present either himself or through an attorney at the Notary.
- Office units of minimum 200 SQFt. is Mandatory Requirement
- Employee Visa depending on size of office, type of company and activity.
- Companies are subjected to the UAE law in general and for some specific functions law of the Emirates of Dubai.
- Driving License, and other functions will need to be from the relevant Dubai Government Department.
- Located at Heart of the city.