Professional firm or Civil company in Dubai, United Arab Emirates permitted 100% foreign ownership for foreigners. Such firms may engage in professional activities. The main condition is the owner should have professional degree in the respective field and should prove that he/she has relevant experience in that field. (For example: Chartered Accountants, Management Consultancies, legal consultancies etc) Even though it allows 100% ownership, the company should maintain a local service agent (UAE National or 100% UAE national owned company). The local service agent is a UAE national (either individual or a company), whose primary job is to act as liaison between the entity and the government departments. For example, the local service agent applies for various approvals, work permits, visas etc. The relationship between the principal entity and the local service agent is regulated by an agency agreement.
Features of Professional Firm or Civil Company
• Professional company or Civil company license are issued only for professional activities.
• In professional firm or civil company 100 % foreign ownership is allowed
• For setting up of professional firm or Civil company formation shareholders must have qualification & experience in related activity /business
• For professional company formation local service agent is mandatory
• For professional company formation in UAE , local service agent must be an UAE individual or 100 % UAE local owned company
• In Professional license trading activities are not allowed
Benefits of Setting up a Professional Company in Dubai, UAE
• No minimum share capital required.
• Exemption from corporate tax.
• Exemption from personal tax
• 100% repatriation of profits and capital
• No trade restrictions and foreign exchange controls
• Eligible to open the multi-currency bank account in Dubai, UAE
• Eligible to do business inside the UAE and outside the UAE without any limitations.
NEX Consultants can advise on professional company business setup, identifying the trusted local agent, facilitate the bank account opening process and ongoing compliance procedures to run the business in United Arab Emirates.