When you intend to open a professional firm in Dubai, you need to acquire a Professional license in Dubai for your business. Professional license is the provision of non-physical services such as consultancy, web designing etc. It is issued to individual(s) or Limited Liability Company (LLC) to practice any profession in which the business relies on physical talent or intellectual abilities and not on monetary investments alone.
Professional companies may be 100% foreign owned which gives them the advantage of sole proprietorship. They have complete control over their operations and profits. However, it is necessary to appoint a UAE National as a Local Service Agent (Wakeel Khidmat) to complete judicial formalities. Local service agent will not have direct involvement in the business and will be paid a lump sum sponsorship fees per year. He will not have any equity or entitlement towards company’s liabilities. The role of LSA is only limited to assist in obtaining license, visa, labor card etc.
Pros of the License over other Types
The professional license is the only kind that allows expatriates to have 100% ownership of an organization in the Emirates. However, there is one condition; you need to have an Emirati citizen as your service agent also known as Wakeel e Khidmat. This agent will not have any direct interference in the business. His role would be to offer assistance in obtaining a license and handling other legal activities. The agent will, however, not be liable for any of the organization’s debts.
Professional License Activities
Every individual who plans to run a commercial or business activity in Dubai is required to have a license for the following. The Department of Economic Development (DED) in Dubai has put up an administrative system that separates various sectors into categories of licensing, which provides a better opportunity at constructive and regulatory facilities. Hence, to set up a company in Dubai, you need to choose the right license for your type of business. A Professional company set up in Dubai requires a professional license. The term professional refers to any individual or company with trained skills.
Following is the list of individuals who are required to possess a Professional license in Dubai:
Accountants, Auditors and Financial Advisers, Advertising professionals and Entertainment Artists, Architectural Consultants, Teachers and Educational Professors, Business Consultants, Lawyers and Legal Advisers, Medical Representatives, Carpentry and Artisan Activities, Technical Services, Consultancy Services, Printing and Publishing, Internet and Web Design Services, Beauty Salons, Accounting and Auditing Companies, Information Technology Services, Management Consultancy, Health and Medical Services.
This list only describes the common professional activities which require a professional license in Dubai. If you are willing to see the full list of activities that require a Professional License in UAE, it can be picked up from the website or office of the Department of Economic Development (DED). Although, the best option is to consult a business setup company or a business consultant in Dubai to get all the information that you need to accurately decide which business license will best suit your nature of business.
100% Ownership for a Professional Company
A professional company set up in Dubai requires a professional license. Furthermore, the biggest advantage of possessing a professional license in Dubai is 100% ownership of the company. Besides this, a professional license offers a lot of other perks to the license holder as well. In the case of trading companies, the owner requires partnering with a UAE national and is bound to offer a share of 51% or more to the partner. Whereas, this is not the case with professional companies. Professional companies offer 100% ownership with an agreement with a local service agent.
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corporate PRO services in Dubai offers a professional service provided by our team of experts that have all the expertise and know-how that is required to submit your documents consistently and accurately, making the process faster and more cost effective. Global Corporate PRO Services is a one stop shop for all government services in the UAE. We offer a range of high value PRO and government services that can assist all types of companies and ventures to focus on their business plans, while we clear the path with streamlined license, visa and government services. We are Corporate PRO services company in Dubai, We guide our client to decide on the correct location for fixing a corporation and incorporate company compliant with all legal procedures. Product Registration in Dubai is mandatory before distributing in the local market. Any company that wants to import, manufacture, distribute or sell any cosmetic product must independently register that product. Registration validity is on a company level, and requires presence of a Valid Trade / Industrial License in UAE with a related activity. The product must comply with the recommended health & safety specifications highlighted in CPSS (Consumer Products Safety Section). Only then Product Registration Certificate is issued. In case the product gets rejected, the Product Assessment Report is issued and such product is not allowed to be distributed in the local market (not approved product). Forex trading essentially means the buying or selling of currencies simultaneously. The exchange of currencies between different countries is inevitable and the main reason why the forex market is the largest and most liquid financial market in the world. There is no designated centralized marketplace for Forex trading in Dubai but is rather executed electronically over-the-counter (OTC), which means that all transactions are carried out via computer networks between investors worldwide. Also the forex market remains open 24 hours a day and five days a week with the starting of the Asian session till the closing of the US session. Hence the market remains highly volatile at all times with fluctuations in prices within no time.
Offshore or on-shore company in Dubai
The procedure for opening an offshore company in Dubai differs very much from the one necessary for incorporating an on-shore company. If you're not sure at this stage which one you need, please consider the following: A) An offshore company ( Ajman offshore company formation ) does not have any special requirements or limitations regarding the owners/shareholders of the company while. b) An onshore company does not allow full foreign ownership (the company requires a local "sponsor"). For more info on requirements please see: RAK offshore company formation.
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(10 years 6 months)
Shams ConsultantDubai Business Bay