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How to establish an IT business in UAE

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How to Establish an IT Business in UAE UAE is a promising destination for IT business companies as the incorporation process is quite simple in this country. Also, the UAE Government has been developing multiple plans to make the country one of the smartest economies in the world for all aspects. These initiatives have increased the demand of IT sector and IT professionals to a great extent. Factors to Consider before Establishing an IT Business in UAE A foreign citizen must decide if the company will be set up in the mainland regions or in one of the free zones. Previously, for establishing a company in the mainland, it was mandatory to have a local sponsor who would possess 51% of the shares. Whereas, a free zone company does not require a local sponsor. Recently, the Ministry of Economy has passed a new commercial Company law with regards to the 100% Foreign Ownership. According to which, companies can apply for Business License without the requirement of UAE National as the partner of the company. When it comes to IT companies that are specialized in software development and installation, a foreign national can now enjoy 100% ownership. These companies require a local service agent for license application; however, they will not hold any shares in the company. For companies that specialize in Software products and equipment trading, expats can enjoy 100% ownership without the requirement of a local service agent. Select the legal entity under which the company will operate. The UAE provides the flexibility to register the IT companies as professional firms with full ownership, as well as a sole proprietorship. Start the company formation procedure by reserving a trade name and choosing Articles of Association. The company registration process will be completed with the Trade Register in Dubai or the free zone authority, depending on the area where the business will operate. All companies have to mandatorily register for VAT The license will be issued by the Dubai Companies Register or by the free zone authority of the respective economic zone. Documents Required for Establishing an IT Company in Dubai Listed below are the documents that need to be submitted to the Department of Economic Development (DED): Passport copies of the company owner and partners Proof of payment of initial approval fee No Objection Certificate from the sponsors Partnership agreement to be signed in front of a notary An individual investor should pay AED 10,000, whereas partners who possess a professional license need AED 20,000 as a security deposit. The company needs to have a registered office, for which the owner might need a tenancy contract The company formation experts at Corpin Consultants can help you out with establishing an IT company in the UAE. Contact us for a free consultation today.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business

How to Set Up a Delivery Service Business in Dubai?

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How to Set Up a Delivery Service Business in Dubai? Around two-thirds of the UAE population uses a food service app when compared to other countries of the world. This shows there is an immense scope of food service business in Dubai. You don’t have to necessarily own a restaurant or a food joint for this business setup. Your delivery service can collect food from restaurants and deliver it. If you are equipped with the right skills and knowledge, setting up a food delivery service in Dubai is not rocket science. We at Corpin Consultants have compiled a step-by-step guide for helping you in setting up a delivery service business in Dubai: Decide the type of business First, you need to decide the type of your business. Make sure that your chosen activities are in line with the list of economic activities mentioned in the Department of Economic Development (DED). Select a company name Make sure that your chosen name is available for registering and follows the conventional norms of business naming in the UAE, such as avoiding offensive or blasphemous language. Choose the jurisdiction Select the location for your business, for e.g., Mainland Dubai or free zones. Free zones are considered to be ideal for economical license packages, tax exemptions, and a swift company setup process. Apply for a trade license The following are mandatory for license application: A duly filled application form (free of errors) Passport copy of the proposed owner or owners Two colour passport size photos If you are planning to set up a new delivery business service in Dubai, from visa and license applications to open a corporate bank account, Corpin Consultants has got you covered. We have worked with clients across the globe, successfully setting up their businesses in their chosen jurisdiction. Contact us at +971 55 843 2911 or info@corpinconsultants.com for a free consultation today.

Blogs, Business Consultancy

Setting Up a Company in Sharjah Airport International Free (SAIF) Zone

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Setting Up a Company in Sharjah Airport International Free Zone Established in 1996, Sharjah Airport International Free (SAIF) Zone is one of the oldest UAE zones located next to Sharjah International Airport. With a well-developed infrastructure and strategic location makes company setup in SAIF Zone ideal for setting up trading, manufacturing and logistics businesses. It offers ready-to-move facilities such as fully air-conditioned and furnished executive suites with reception, pre-built warehouses in four sizes with adjacent office space and lease land for unrestricted private development, bunkers, container parking area and temporary storage space. Categories of Licenses Available in SAIF ZONE Trading License – This license is issued to businesses concerned with industrial and manufacturing activities. Commercial License – Import, export, distribution, consolidation, storage, or warehousing of goods are specified in the license. Also, the maximum permitted limit is three similar product lines or company activities. Service License – Allows the holder to carry out activities specified in the license only within the SAIF zone. Industrial License – This license permits the import of raw materials, fabrication, processing, assembling, packaging, and export of finished goods. Benefits of Setting up a Business in SAIF Zone No corporate or personal income tax Fast and affordable licensing including 4-hour licensing service option. No need for share capital Easy access to seaports and airports 100% repatriation of capital and profits 100% foreign ownership permitted without any requirement for partners A wide range of options available for all types of businesses: warehouses, single offices, manufacturing units, and industrial plots. Company Setup in SAIF Zone Company formation in SAIF Zone can be done by owners or by Power of Attorney holders. License will be issued quickly on the day of application. Documents Required for Company Incorporation Passport Passport size photo Residential address, contact number and email ID of the owner Documents Issued by SAIF after Company Registration include: Certificate of Incorporation License Memorandum and Articles of Association Investment Service Agreement Share Certificate Lease agreement Corpin Consultants can assist you in the entire process of company incorporation in SAIF zone. Our experts handle the entire Banking, Visa, Legal, and Licensing formalities, so you can focus on the other aspects of your business.[/vc_column_text][/vc_column][/vc_row]

Blogs

A Quick Guide to Renew Your Trade License in the UAE

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A Quick Guide to Renew Your Trade License in the UAE Every business in the UAE needs renewal of their Trade license every year as each license issuing authority issues it for just one year. Therefore, license renewal is necessary for avoiding legal complications such as investor visa suspensions, bank account holdups and no renewals on employee visa. We have prepared a quick guide for helping you to renew your business license in the UAE. The renewal process includes submission of legal documents and paying renewal fee to the Department of Economic Development (for Dubai mainland LLC (Limited Liability company) firms) or the respective Free Zone Authority (for free zone companies). Trade license can be renewed through Authorized Service Centers or with the help of authorized business licensing service providers. Documents required for trade license renewal: Listed below are the documents required for renewing your trade license renewal in the UAE: Typed application Form Tenancy Contract copy and copy of EJARI Registration Certificate or Co- working space Current Business/Trade License Copy Copies of Passports of all business partners Important Steps of Trade License Renewal Step 1: Ensure that tenancy contract of your company is valid for a period of at least one month from the date of application. It is an important step before submitting the trade license renewal application to the DED/Free Zone. Step 2: Submit your application with all necessary documents at a DED service centre/Free Zone authority. Step 3: Collect your payment voucher from the Authority and make your payment. After the payment is made, the renewed license will be printed and ready for you to collect. If all documents given have accurate information, you will receive your payment voucher within 1-2 working days. Once you complete the payment, the renewed license will be printed and ready for collection. If the documents given have accurate information, you will receive your payment voucher within three to four working days. Trade License renewal is mandatory for business owners in the UAE and should be done yearly. If you fail to do the same, it may not only lead to unwanted financial penalties, but also other displeasing consequences, some of which may even end up in the conclusion of your business activities. It is better to hire a professional agency that will assist you with the process and save you a lot of time and hassle. Corpin Consultants have an expert time who can assist you with the entire process of documentation and application of trade license renewal. Contact us today for a free consultation![/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

Ras Al Khaimah Offshore Company Formation Tips

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Ras Al Khaimah Offshore Company Formation Tips Ras Al Khaimah has one of the most developed and well-regulated financial sectors in the world. Here, business owners can get 100% foreign ownership of an international company. The place has a world-class infrastructure with easy access to international airports. The main advantage of RAK international companies is that the corporate income taxation at this place is 0%. Ras Al Khaimah offshore company formation is also a whitelisted offshore jurisdiction that meets the standards of international regulations. There are certain factors to keep in mind before forming a Ras Al Khaimah Offshore Company, which are discussed below:  Conditions for Selecting a RAK Offshore Company Name The name of a newly incorporated company in Ras Al Khaimah has to meet the following conditions: Should not contain more than one hundred permitted characters. A limited company’s name should end with the words “Limited”, “Incorporated” or their abbreviations “Ltd”, “Inc”. Should not be similar to names of existing companies or names that appeared in the reserved name list of the Registrar. Should not contain the restricted list of words such as bank, council, credit, fund, forex Should not be offensive or questioning public policy or public interest. Documents Required for Ras Al Khaimah Offshore Company Formation For individual director/shareholder Certified, valid passport copies of all directors/shareholders; 3 proposed names of the company Personal and business profiles of each shareholder, curriculum vitae. Certified copy of utility bill/local authority tax bill/tenancy agreement or bank statement with the address of all directors/shareholders. For corporate shareholder Attested copy of the corporate documents including Certificate of Incumbency, Memorandum, and Articles of Association; Attested Certificate of Incumbency/ Certificate of Good Standing; Name of shareholders and Ultimate Beneficial Owners; Attested copy of corporate resolution stating new incorporation approval in RAK. Requirements for Annual Company Maintenance One director/shareholder; Local registered agent and registered address; Filing annual return. Corpin Consultants can assist you in handling the entire procedure of company incorporation such as documentation, registration, follow-up, approval, and renewals. Contact us for a free consultation today.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business

Requirements for Setting Up a Holding Company in Dubai

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Requirements for Setting Up a Holding Company in Dubai A holding company is a company that owns the shares or stocks of other companies.  Such a company neither provides services nor manufactures any product or involve in any form of trading. The main advantage of these companies is to reduce the risk of owners but at the same time allows ownership and control of numerous companies. The registration process of a holding company is the same as the incorporation of any other type of entity. One can register any of these business forms as a holding company in Dubai: Limited Liability Companies. Joint-Stock Companies. Free Zone Companies. Offshore Holding Companies Listed below are the requirements for setting up a holding company in Dubai: 1. Select the location and jurisdiction If you wish to set up a holding company, the first step is to choose your location and jurisdiction whether it is a free zone or mainland Dubai or Offshore depending on your investment. The right location and jurisdiction are crucial. 2. Fulfil the registration requirements For setting up a holding company, one must abide by the standards of the Dubai company act. Requirements depend upon the structure of the holding company.  The application process can be delayed if there are any omissions or errors in your application. 3. Appointing a managing board Appoint a managing board that ensures the creation of a policy that needs to be followed by the subsidiaries. 4. Share capital requisites Ensure that the company’s capital requirements are meeting its subsidiaries’ operational requirements. 5. Registration The registration process of a holding company does not take much time irrespective of its location; mainland Dubai or a free zone or offshore. Documentation requirements for a holding company in Dubai Passport copies of the shareholder with a validity of at least 7 months from the date of application. A proof of address document is required for each shareholder and director. This can be in the form of a: Utility bill A bank statement A tenancy contract A phone bill with the shareholder’s address (less than 3 months old) The team of experts at Corpin Consultants can guide you through all aspects of the holding company set up, including all licensing and regulatory approvals, employee and investor residency and visa requirements. Contact us today for a free consultation.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business

Few Facts to Consider Before Setting up a Private Clinic in Dubai

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Few Facts to Consider Before Setting up a Private Clinic in Dubai The UAE government always provides a supportive environment for the healthcare industry to develop world-class healthcare facilities and research centers. Over the past few decades, the healthcare industry in Dubai has reached greater heights, enabling many foreign players to make a mark in this country. From a business perspective, starting a private clinic in Dubai is a rewarding move as the ratio of doctors to the population of Dubai is relatively low. If you are planning a private clinic setup in Dubai, listed below are a few facts to consider: 1. Register a trade name or business name The trade name should follow the standard rules and regulations of naming in the UAE. It should not be a copy of existing healthcare companies which are operating in the country for avoiding trademark issues. After selecting a trade name, the investor must file an online application with the DED for reserving the trade name. After name registration, you can initiate the next process. 2. Get initial approval from the DED After obtaining the trade name, an investor needs to file one more application with the DED to get initial approval from the authorities. Submit the application form along with necessary documents and a passport photocopy. An approval from the Dubai Municipality for the layout plan of the clinic is also required. 3. Apply and obtain approval from the DHA Apply and receive approval certification from the DHA, Dubai Health Authority, the main regulatory body managing the healthcare services in Dubai. It takes 10 days for initial approval. Listed below are a few requirements for obtaining initial approval from the DHA: ● Passport and Visa copies of the owner and partners ● Emirates ID of the owner/ partners ● Layout/floor plan for the clinic ● Proposal letter from the owner/partners ● Affection plan of the facility from Dubai Municipality ● Copy of the facility’s trade name reservation letter from the DED or free zone ● DHA undertaking letter, signed by the owner/partners ● Name of Engineering consultant 4. Submit all essential documents The business owner or investor must submit all documents to the authorities such as the Memorandum of Association (MOA), lease agreement, etc. for the registration of a private clinic. 5. Obtain Final Approval From the DED The owner/ investor should prepare all documents for final approval. A photocopy of the initial approval and a registration fee along with the following documents are required: ● Final trade license issued by the DED or free zone authority ● No objection certificate (NOC) from the owner to assign Medical Director (MD) ● List of the medical director and healthcare professionals ● A valid building contract ● List of the medical director and healthcare professional ● A valid building contract 6. Obtain your Clinical License from the DHA Create an account in the DHA portal for getting the DHA license. The owner must submit the details of all the medical professionals and the consultants who will be working in the clinic. The DHA will verify all these documents and issue a license for the private clinic setup in Dubai. Getting approvals from DHA is a tedious task, but Corpin Consultants prior experience in dealing with government authorities is an added advantage for foreign investors. Contact us at +971 55 843 2911or info@corpinconsultants.com for a hassle-free business setup process in Dubai.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

Few Guidelines for Setting Up A Business in Fujairah

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Few Guidelines for Setting Up A Business in Fujairah Fujairah is one of the less populated states in the UAE located along the Gulf of Oman. It has a seaport and airport which makes this an ideal destination for import and export businesses. Also, due to the rising living costs in Dubai and Abu Dhabi, Fujairah is gaining immense popularity for business setup. If you are planning to setup your business in Fujairah, we have compiled a list of guidelines for making your journey smooth: Select the right jurisdiction Make sure to choose the right jurisdiction based on your business model.  There are two jurisdictions in Fujairah: free zone and mainland Business Setup in Fujairah Free Zone There are three free zones in Fujairah: Fujairah Free Zone Authority (FFZA), Fujairah Creative City (FCC), and International Free Zone Authority (IFZA). Setting up your business in any of these free zones will give you the right to own 100% of your company shares and exempts you from corporate and income taxes. Business Setup in Fujairah Mainland By setting up your business in the Fujairah Mainland you can access the entire UAE marketplace, giving you a wider chance to grow locally as well as internationally. A local partner will hold 51% of share in the business and an expat partner can hold 49% of the share in the company. Obtain the right license according to your business setup model Types of Business Licenses Issued in Fujairah General Trading License – It allows businesses to freely import and export of products inside and outside the UAE. Service License – This license permits businesses to offer services such as accounting, law, and business consulting. Trading or Commercial License – It allows a business to trade in specific products according to the rules of license issuing authority. Warehousing License – This license allows you for availing warehouse facilities. Industrial License – This license allows you to import raw materials, manufacture stated products and export finished products to any country. Manufacturing License – This license is issued when the free zone authority accepts a project, implemented, and fully insured for human resources and machinery. Manufacturing license is also subjected to: Built-up area and open space of the project Water, Electricity and workforce supplies Environmental aspects related to the project Documents required for registering a business in Fujairah Passport copy of shareholders, and directors Attested Board Resolution (For corporate ownership) Attested MoA & AOA (For corporate ownership) Valid business license (For corporate ownership) Suggested trade names Personal information of shareholders and investors Proposed Activities Fujairah is the perfect place to set up any kind of business. Foreign investors and local entrepreneurs can make use of its unique advantages and hassle-free business setup processes. If you require any assistance in business setup, feel free to contact us at +971 55 843 2911 or info@corpinconsultants.com.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

All You Need to Know About Company Liquidation in the UAE

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All You Need to Know About Company Liquidation in the UAE Due to certain unforeseen circumstances and liabilities, when a business is not able to conquer the market as expected, the company owners would consider the company liquidation process. It is all about winding up the company’s operations and selling its assets for repaying liabilities or financial obligations. It is required to file a petition to the court for the same. Few Situations When A Company Is Liquidated When it is unable to pay creditors When the company has no cash or liquidity for financing The company is not able to procure any form of revenue or business When the company’s losses exceed the profits The directors decide to vote for liquidation at the board meeting. Types of Liquidation Voluntary Liquidation – In this process, the shareholders of a company decide to liquidate the company when it is not able to generate profits. The board of directors with the consent of lenders decides to liquidate all assets to pay its creditors. For example, selling all machinery of the company for repaying the debts. Compulsory Liquidation by the court – When a company is under financial distress If a company is under financial distress and its debts are not paid on time, creditors may request the court to liquidate the company’s assets in order to collect their dues. As a result, the court may make it mandatory for a company to liquidate and sell its assets for paying all outstanding debts. This process is known as compulsory liquidation. Benefits of Company Liquidation Debt will be paid to the lenders and owners won’t have to worry about the money issue. The management and directors will be saved from prospective legal actions. Documents required for Company Liquidation Firstly, the company must produce the Board Resolution for proving that the decision to liquidate has been taken. This resolution will include the name of the appointed liquidator. The original registration certificate should be provided, along with the liquidator’s credentials. All these documents require notarization. After the first steps of the liquidation have been completed, the business should also cancel any special permits or licenses it has obtained for performing different economic activities in the UAE. Branches need to produce the original documents from the parent company. Apart from these the following documents are also required: A letter showing the company liquidation is approved The license of the appointed liquidator for the company that performs the process The dissolution documents of the company in the UAE Documents of company owners that it is subject to liquidation Clearance letter from government departments like immigration, labor, customs etc Bank closure letter If you require any assistance for company liquidation in UAE to limited liability company, free zone company and offshore company, Corpin Consultants can assist you from scratch to end. Contact us at +971 55 843 2911 or info@corpinconsultants.com to know more.

Corpin DMCC Consultant Awards 2020
News

Proud to Receive DMCC Consultant Awards 2020

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Proud to Receive DMCC Consultant Awards 2020 We are immensely delighted to announce that our dedication to provide our customers the outstanding experience were recognized by the World’s #1 Free Zone, Dubai Multi Commodities Center (DMCC). Every year, DMCC recognizes the efforts of 18,000 member companies and chooses the best consultants who make remarkable contributions to promoting and supporting DMCC. Ebi Kadavan, Managing Director of Corpin Consultants, commented on this proud achievement: “ This award is a great recognition for our efforts to provide a seamless customer experience even during the tough times of COVID-19 pandemic. It is a big motivation for us to work harder and outperform in the upcoming years. I wish to express my sincere gratitude to DMCC for recognizing our hard work. This acknowledgement again prove our reputation on the UAE market as a trusted and reliable partner. I would like to extend my gratitude to our dedicated team and precious clients, without them this wouldn’t be possible. “ This annual event of DMCC was held on 17 June at Almas Conference Centre to celebrate the outstanding performance of DMCC’s ever-growing network of partners and consultants. In 2020, around 2,025 new companies registered in this world’s leading free zone, the highest number in five years. The combined revenue of DMCC member companies contributes over 10 percent to Dubai’s GDP.

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