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Is it possible to establish a limited liability company for several professional activities?
No, a limited liability companies is restricted to trading and industrial activities, and civil business companies are established for practicing professional activities.
What is the validity period of the license?
Minimum validity period for a license is one year from the date of issuance, and it is renewable. A license may be issued or renewed for a maximum period of four years.
What are the licenses which require a local services agent?
All licenses of professional activities for individual establishments or companies which are not owned or subscribed to by a UAE national or owned 100% by other GCCC nationals require a local services agent.
What is the number of activities allowed to be registered in one single license?
A license may include a number of related activities which shall not exceed ten activities.
How long is an initial approval valid for?
An initial approval will be valid for a period of 6 months from the date of issuance, and it can be renewed ten days prior to the date of expiry.
Is it possible to amend the type of activity or trade name in an initial approval?
Yes, this can be done against payment of approval fees again.
Is it required to register a trade name in order to apply for an initial approval?
No, a trade name may be reserved for a one year period and is renewable against payment of due fees.
In case of obtaining an approval from other government authorities for any suspended activity, is it possible to obtain the Department’s approval for issuing a license for such an activity?
Yes, approval for the license can be granted.
What are the requirements of a bank certificate confirming deposit of the capital?
certificate is required to be issued in the name of the establishment or company under formation by one of the banks operating in the UAE confirming deposit of the capital.
What are the requirements of appointing an auditor for a limited liability company?
A limited liability company must have an auditor, who is accredited in the U.A.E., and the auditor should be appointed by the general assembly.
After obtaining an initial approval, do I have the right to proceed with carrying out of the activity?
Yes, you may go ahead.
Can my minor son, who is under 18 years of age, become my partner in a limited liability company?
Is it required to lease a premises to operate an activity, or is it possible to carry out such an activity from a living accommodation? Are there any specific requirements or conditions governing the premises such as space or location?
A separate premise is required to operate the activity.
What is the minimum number of partners in a private shareholding company?
What is the minimum capital required for establishing a limited liability company, and how can one prove availability of the required capital?
The minimum share capital is AED 300,000/- and availability of the share capital can be proven by the capital letter available from the respective bank. For a branch office, the share capital is not required but a bank guarantee from the parent company is a must.
Can a limited liability company be changed into a sole establishment?
Is it possible to open a branch for an establishment existing in another Emirate?
Can a non-UAE national obtain a license without a partner or local services agent?
Can a professional activity be integrated with a trading activity in the same license?
October 30 Newsletter simsim