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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.

Blogs, Business Consultancy

6 Benefits of Setting Up A Cloud Kitchen in Dubai

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6 Benefits of Setting Up A Cloud Kitchen in Dubai Currently, cloud kitchen or virtual kitchen has a popular demand in the UAE as food delivery is expected to have annual growth rate of 6% in the next 5 years. If you are wondering what is a cloud kitchen, here is the answer. For restaurant entrepreneurs, the cost of investment for setting up a full-fledged luxurious restaurant is quite high. However, in a cloud kitchen, they can get shared kitchen spaces with ultra-modern facilities at a minimal cost. Listed below are a few benefits of setting up a cloud kitchen in Dubai:   Save infrastructure and operational costs The infrastructure cost for a brick-and-mortar restaurant in Dubai is quite high considering the rental costs in a prime location with high footfall. In cloud kitchen, one can avail shared kitchen spaces along with the option for modifying the kitchen unit as per requirements. Quite often FOH (front of house) labor cost takes up to 50% of the average restaurant’s monthly revenue. This can also be saved through cloud kitchens.   Expansion Opportunities Once your brand is accepted by a wider audience, you can open multiple branches and expand it at a minimal risk.   Cuts down advertising costs As cloud kitchen has an online business model, you will receive orders mostly from third-party food delivery apps. So, all you need is to put in some efforts for creating an attractive menu and exciting offers. Social media marketing will also prove beneficial for marketing your brand.   Higher profit margin Cloud kitchens can leverage their profit margins for providing a better competitive pricing. They can price their menus more reasonably unlike traditional restaurants for building a loyal customer base.   Chances for experimentation Cloud kitchen business model allows restaurants to experiment with multiple concepts without a high expansion budget. One can operate brands by making use of the same kitchen infrastructure and marketing platform.   Minimal Closing costs Even if things do not work out properly as you have planned, business closure will also do not cost you much as expected. For traditional restaurants, closing the venture will lead to a major expense due to the massive investment involved.   If you are planning to set up a cloud kitchen in Dubai and is not sure about which location you should choose or have any query regarding the licenses required, Corpin Consultants can provide end-to-end assistance. Contact us at +971 55 843 2911 or info@corpinconsultants.com to know more.

Business

Best Destinations for New Businesses in Dubai

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Best Destinations for New Businesses in Dubai Dubai is one of the most inviting and technologically advanced global hubs for aspiring entrepreneurs and investors. When it comes to incorporating a business, Dubai offers a wide range of options with special business districts and free zones catering to the unique needs of every business. We have compiled a list of some of the best destinations for new businesses in Dubai which are given below:   Jebel Ali Free Zone Authority – JAFZA is Dubai’s first free zone set up in 1985. It is home to 7,500 companies employing 135,000 people. This free zone is connected to Jebel Ali Port – the largest marine terminal in the Middle East.   Dubai Airports Free Zone – DAFZA offers direct access to the world’s busiest international airport, and world-class warehouse facilities. This free zone has a wide range of well-designed office spaces and industrial units, coworking spaces, serviced offices, packages, and executive suites for accommodating ventures sizing from start-ups to large corporations.   Dubai Industrial City – DIC is one of the largest industrial and manufacturing hubs, providing world class infrastructure. It is home to around 250 factories and over 700 business partners.   Dubai International Financial Centre – DIFC is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA).   Dubai Internet City – DIC offers a knowledge economy ecosystem designed to support the business development of information and communications technology (ICT) companies. It is the Middle East’s largest ICT infrastructure, built inside a free trade zone.   Dubai Media City – DMC provides superior infrastructure for media-related businesses to operate globally out of Dubai where media businesses can operate jointly, including media and marketing services, printing and publishing, music, film, new media, leisure and entertainment, broadcasting and information agencies.   Dubai Healthcare City – DHCC houses all core healthcare businesses right from hospitality to consultancies and retail outlets. DHCC has its own regulatory body, and permits end-to-end business set-up.   Corpin Consultants can offer you comprehensive assistance in setting up your business in any of these destinations. Contact us at +971 55 843 2911 or info@corpinconsultants.com for a free consultation.

Business, Business Consultancy, News

Promising Business Ideas in Dubai for 2021

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Promising Business Ideas in Dubai for 2021 COVID-19 has undoubtedly impacted economies all over the world. Though this unprecedented pandemic has brought along many challenges, still it has unveiled several business opportunities for aspiring entrepreneurs. With UAE considered to be the fastest recovering economy in the world, there is no better place to start your business in 2021. Here are a few promising business ideas in Dubai for you: Cleaning Services Post COVID-19, cleaning services have a growing demand at workplaces, restaurants, and public places. This rising need for commercial-grade cleaning is unlikely to subside any time soon as people are paying more attention to disinfect surfaces and avoiding the potential for viruses to spread. App development  The UAE residents have shifted their focus to apps for everything right from the food and grocery delivery, to e-learning, health and fitness, remote working, and even mental health support. As a result, low code app development is gaining significant traction and has become one of the most profitable business ideas in 2021. Online Teaching Now with students becoming accustomed to virtual learning, there is a growing demand for online tutoring and teaching. All you require is a laptop, stable internet connection, and proven qualifications in the chosen field. Online Consultancy Just like how the education sector has switched from real classrooms to virtual classrooms, business world too has witnessed a transformation. Now business knowledge is being shared online and it is the perfect opportunity for consultants to capitalize their business. They can easily offer services and consultations in the virtual atmosphere with the right license and expertise. Rent A Car Dubai is a city visited by thousands of visitors everyday and they need a car for moving from one place to the other. Rent A Car is a lucrative business idea for aspiring entrepreneurs. You can offer customized packages based on the requirements of clients. Are you planning to set up your business in Dubai? Corpin Consultants can help you form your company from scratch. We provide product and trademark registration services in UAE to make the process easier. Contact us today at +971 55 843 2911 or info@corpinconsultants.com for a FREE consultation.

Business Consultancy

Steps to Open A Franchise Business in Dubai

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Steps to Open A Franchise Business in Dubai When a product or service becomes an extremely popular brand, investors who prefer to repeat the established concept get the franchise rights from a business owner for doing it under the same brand name and logo. This business model is referred to as franchising. Over the past few years, franchise business is increasingly becoming popular in Dubai with many domestic and international brands accepting this business model. In this article, we will discuss the steps for starting a franchise in Dubai. List down your interests and categorize the business you wish to enter. Check the existing franchise opportunities from local ads or inquire from your contacts. Make a list of franchisers based on various factors such as brand image, customer preferences, and quality of service. Contact them through phone or emails. According to UAE law, one needs to be a UAE citizen and require a local sponsor to start a franchise in Mainland. However, this law is not applicable if you are planning free zone company formation, but you require huge capital and good contacts for the same. Therefore, having a local sponsor is always beneficial. Sign an agreement with a prospective franchiser that suits your requirements. It is advised to consult a lawyer before submitting the contract to crosscheck all conditions properly. Prepare a business plan that includes all business summary such as competitor analysis, market survey, core competencies, financial plans, funding plans, etc. Register the franchise agreement in a UAE court and acquire the trade license for the business. Select the right location based on your target customers and regulations. Open your franchise business and do advertising parallel along with the help of the franchiser.  If you are planning to start a franchise business and need more information on this business model, Corpin Consultants would be happy to assist you in the entire process. Contact us at +971 55 843 2911 or info@corpinconsultants.com to speak to our experts.

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