UAE Company Setup

The process to complete UAE company set up is time consuming and complicated, and this is reflected in the UAE's ranking of 33rd in the World Bank's Doing Business 2012 Survey. That said, Healy Consultants endeavours to minimise the inconvenience of UAE company setup. The following is a typical engagement timeline for UAE company set up:
1.	Healy Consultants' Accounting Department receives UAE company setup fees.
2.	Healy Consultants' Compliance Team receives the required corporate and personal due diligence information from our client prior to UAE company set up. Our client also signs Healy Consultants' engagement letter (confirming the UAE corporate structure) and returns the original to our Singapore office.
3.	Healy Consultants emails our Client a Power of Attorney for his signature in front of his local UAE Embassy. The Power of Attorney is returned to Healy Consultants by courier. This step allows Healy Consultants to proceed on behalf of the client with UAE company set up in the UAE.
4.	Healy Consultants and our client sign a virtual office agreement (if required) which comes into effect after the setup of a UAE company.
5.	For an offshore company, Healy Consultants applies for a Certificate of Incorporation from the relevant Free Zone authority. We also pay the relevant annual UAE company registration fees to the UAE government. Healy Consultants provides our client with the original UAE government receipt as evidence of the payment of the UAE company setup fees.
6.	Upon completion of UAE company set up, Healy Consultants' visits the UAE bank to i) submit the corporate bank account forms ii) attend a bank interview and iii) submit our clients' corporate Internet banking application. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank.
7.	For a UAE Free Trade Zone company, Healy Consultants receives the next installment of client engagement fees, to cover miscellaneous expenses incurred during UAE company set up.
8.	Healy Consultants receives bank confirmation that the corporate account has been approved. Healy Consultants emails the following to our client: i) corporate bank account number, ii) the business card of the dedicated corporate bank account officer and iii) a photocopy of the completed, signed, bank approved corporate bank account opening forms, which were submitted to the bank on our client's behalf.
9.	Meanwhile, for a UAE Free Trade Zone company, our clients sign a tenancy agreement with the relevant Free Zone authority.
10.	For the UAE Free Trade Zone company, our client signs a tenancy agreement and transfers deposit and first installment of rent to the property owner.
11.	After a UAE company set up, the UAE bank mails the following to Healy Consultants' Singapore office or to our client (depending on our clients' choice): i) a corporate bank account welcome pack, ii) a corporate cheque book, iii) internet username and iv) passwords in sealed envelopes.
12.	For a UAE LLC, Healy Consultants visits the bank to submit a complete bank application, together with name approval. The bank will then open a 'Call' (Temporary) Account and the initial deposit of US$81,700 is lodged. The bank then issues a letter in the name of the LLC to the incorporating authority confirming the deposit.
13.	After UAE company set up, Healy Consultants express couriers to our client the following UAE offshore company documentation: i) original copy of Certificate of Incorporation, ii) original copy of Memorandum and Articles of Association, iii) unopened bank correspondence and original share certificates for your safekeeping.
14.	Before UAE company set up, Healy Consultants submits to the emirate authority i) the UAE LLC application ii) initial LLC approval from the UAE Chamber of Commerce iii) a notarised copy of the LLC's Memorandum of Association iv) the Service Agent Contract for the LLC v) a tenancy agreement for the LLC and vi) a copy of the bank guarantee of US$81,700 from the UAE Ministry of Economy.
15.	The relevant authority issues a business license for the UAE LLC. The required government fees will be paid. Healy Consultants will take the necessary documentation (inclusive of the license) to the UAE Department of Naturalisation and Residency to open a company file.
16.	Following completion of the above, the UAE LLC is entered in the commercial register and its Memorandum of Association is published in the Ministry of Economy and Commerce Bulletin.
17.	Healy Consultants takes the license to the UAE Chamber of Commerce to register the new entity with the Chamber.
Contact Us
For additional information on UAE company company set up email email@healyconsultants.com or call us at (+65) 6735 0120.
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