In the last few years, Dubai has emerged a popular investment destination for all the investors across the globe. Large multinational companies are operating their branches in Dubai and there is a surprising demand of qualified professionals to cater the needs of growing business. It is a golden opportunity for the professionals to open a professional service company with the help and guidance of best lawyers of Dubai
What is a professional service company?
Before company formation in Dubai, it is essential to understand the meaning of a professional service company. A professional company is formulated by some experts, having necessary qualification and experience in that particular field. Some main examples of professional company are IT consultancy, legal consultancy, accountancy, education, administrative services, management consultancy, etc. These companies operate because of intellectual efforts of their partners.The services provided by the professional companies are closely monitored by the government, and it has formulated some rules for the same. For example- The law firms of Dubai cannot advertise or solicit their service and they need to put a disclaimer on the website for the same. However, with the help of top company formation lawyers of Dubai, these conditions can be easily complied with.
Setting up a professional service company
For company formation, it is essential to follow some steps, which are discussed below
1. Register a trade name
For company formation in Dubai, the first step is to choose a trade name of the company to distinguish it from other business entities. The name of the company is registered with the Economic Department of the Emirates. For deciding the name, you can take help of company formation lawyers and company formation law firms, having specialised expertise in the area.
However, it is suggested by top lawyers of Dubai to keep in mind some restrictions while choosing the name of the company. The name shouldn’t be offensive; the words referring to Allah, religious groups, political groups, etc should be strictly avoided. Further, the name shouldn’t be identical or in resemblance with any existing company.
2. Take Initial approval
For proceeding ahead in company formation in Dubai, it is essential to take the approval of the government that it doesn’t have any problem with the setting up of a professional company.
The top lawyers of Dubai have suggested that for a foreign investor, it is essential to obtain the approval of the General Directorate of Residency and Foreigners’.
3. Memorandum of Association (MOA) and Local Service Agent
The MOA is the constitution of the company containing all the essential information about its objective, functioning, share capital, etc. For drafting MOA, you should approach best company formation lawyers of Dubai. It is also essential to appoint a local service agent. While drafting the agreement, it is essential to comply with all the applicable legal requirements. The MOA must be attested through a notarized public or the court.
4. Submit documents and get business license
The last step in company formation in Dubai is getting the trade license from Economic department. For getting a license, following documents should be submitted before the department-
- Receipt of the initial approval from the government;
- Copy of the lease contract duly attested by the Real Estate Regulatory Agency (RERA) in Dubai;
- Attested Memorandum of Association and Service Agent Contract.
You need to make a payment within 30 days of receiving the payment voucher to get the license. In case of failure, your application may be cancelled.
In Short
Professional company formation in Dubai is a quick, convenient, and transparent process if you’re as well-versed with the process. BSB Legal is the best law firm of Dubai with top lawyers engaging in company formation, drafting documents, and obtaining necessary approvals. To register your company with BSB Legal, contact us below.