When examining a jurisdiction in which to incorporate, the first thing to look at is the legal code. The underlying law in United Arab Emirates is mixed (civil and sharia) law. You will want to get some local advice as to how to best structure a company in United Arab Emirates. Electronic signatures are permitted.
The letters AE is for United Arab Emirates and the most common legal entity structure in United Arab Emirates is an IBC.
When setting up, budget about 15 Days to put together the paperwork and file an IBC in AE. The types of cash you can use to fund your company is frequently any legal tender.
Yes, one is allowed to re-domicile an IBC from AE. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own an IBC in AE by yourself. Corporate Shareholders are encouraged, which means you can have a corporate shareholder. Foreign ownership is encouraged, up to 100% of the total equity of the company.
There is a requirement to have at least 2 directors. Speaking of shareholders, corporate directors are not permitted. Directors should not expect to be private, as they are disclosed. There is not a requirement to have annual meetings.
A registered legal firm must be retained for an address, paid by the company on an annual basis, for an address which can receive any lawsuit papers on behalf of the registered legal entity. Furthermore, a corporate secretary is not required in AE, which can save the company money if you can perform basic corporate governance internally.
There is a Consequently, there is no requirement that these accounts be audited.
Thin capitalization rules are not in effect.
A corporate director is not permitted, meaning this country is not a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of United Arab Emirates, Dubai International Financial Centre (Registrar of Companies). Shareholders are disclosed in the Dubai International Financial Centre (Registrar of Companies).
Typically companies take 15 days to setup and there are 2 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think United Arab Emirates is a good option and have given it a score of 89 as an IO score, using the Incorporations.IO proprietary formula.
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