Foreign
investors who are looking forward to setup a business in Abu Dhabi can look at
free zones. Based on the Emirate’s economic diversification plans,
international investors could boost the local economy and also reap the
benefits through free-zone business setup, Abu Dhabi.
Each free zone has an
independent Free Zone Authority (FZA) and their main task is to issue free zone
operating licenses and provide assistance in establishing the business. Once
you have registered a business as a free zone company, it will be considered
as Limited Liability Company (LLC). It will be subjected to the laws and regulations of the free
zone where it has been set up.
Even if the free zones
vary in the focus, establishment costs and paper works, the fundamental
requirements are the same in all the cases. Free-zone business setup, Abu
Dhabi has different
set of rules for functioning unlike the onshore.
The below given
procedures is for a typical free-zone business setup in Abu Dhabi. However, a
free zone may skip or add some other steps. The maximum time taken to go
through the procedure is 28 working days from the submission of application.
Almashora Business Services could prove to be a great help in carrying out
your freezone business setup in Abu Dhabi.
1. The first step is to decide who will be the shareholder- you
or your home company.
2. Next, you have to determine about the share capital. Many
free zones have a certain limit for minimum share capital. The share capital is
per the shareholder in some free zones, and in others it is for the whole
company.
3. Besides, fix the company name and the person for manager role
in the new company. The manager name will be kept on the trade license.
4. There is a need to submit three choices of the company name
to the free zone authorities and get a name fixed for your company.
5. If your home company is a shareholder, you have to get the
certificate of incorporation and an attestation from the local UAE embassy.
Your home company should also pass a board resolution for a free-zone business
setup in Abu Dhabi. The resolution should also be attested while applying.
6. An application for the name and activity should be given for
approval. Once it is approved, you need to submit an application with complete
details.
7. The shareholders and the manager should submit the
application form with their passport copies. If the shareholder is a company,
the attested copy of company documents should be submitted along with the
manager’s passport copy. In some cases, you need to submit a short note of your
business plan for free-zone business setup Abu Dhabi.
8. A preliminary approval will be given once you clearly provide
all the above mentioned details. In addition, a letter to open a bank account
will be issued for the investor to deposit the capital. The capital will be
kept safely till the issuance of the license.
9. The bank will send a letter after depositing your capital in
your bank. This has to be submitted to the free zone authorities to complete
the legal registration process.
10. Some free zones
don’t require showing the capital. The manager should sign on behalf of the
investors on all the legal documents.
The license will be
issued once the registration is done and you can start up with your business
operations. The experience and expertise of Almashora Business Services will work in a very efficient way to
help you for setting up your free zone business in Abu Dhabi.
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