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| Types of Incorporation |
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PROFESSIONAL COMPANIES (PROFESSIONAL PARTNERSHIP) |
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A firm shall be regarded as a professional company that practices a profession as its main object and that partners rely on their livelihood on the intellectual effort they exercise more than on profiting from the business of others. On this basis the professional companies are set up between professionals or partisans and carry out non-commercial activities. The firms, which are registered as professional companies or firms may only practice specific activities and not extend that to commercial activities. Such activities include rendering the services of legal practice and consultancy, auditing, organizing and keeping accounting records and books, civil engineering, architecture consultancies and services, managerial and economic consultancy and studies, technical services, medical and curative services, educational services and other similar services.
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SOLE PROPRIETORSHIP FIRM TO PRACTICE A PROFESSION |
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A foreign shareholder is allowed to perform certain types of business activities allowed for non-nationals without having a national partner. Such actions are legal practice and consultancies, computer consultancies, medical services, engineering consultancies and Parallel services provided by only that share holder who has a valid and legal UAE residence visa. Though, there is a provision that company should have national services agents accordingly to service agency agreement authenticated by a Notary Public
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APPOINTING A COMMERCIAL AGENT (EXCLUSIVE DISTRIBUTOR) |
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Foreign shareholder may choose a commercial agent to signify their interests in the U.A.E in place of establishing a permanent existence. The U.A.E. Commercial agency Law (Federal Law No. 18 of 1981, as amended by Federal Law No. 14 of 1988) police and governs the selection of commercial agents, sales representatives, and distributors in the U.A.E. These laws describe a commercial agency as any contract whereby a foreign company is signified by an agent to ", sell, distribute, offer, or supply goods or services within the UAE for a commission or profit". |
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ESTABLISHMENTS BY GCC CITIZENS |
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The United Economic Agreement signed by the UAE, Saudi Arabia, Sultanate of Oman, Qatar, Kuwait and Bahrain(The States of the Gulf Cooperation council) in Riyadh on 7th June 1981, with a vision to organize and monetary, unify economic, financial, commercial and industrial legislations and UAE approved this agreement in 1982. It is restricted as per the Federal Law No. 2 of 1989 relating to permitting the GCC citizen to do a business action in UAE that the shareholder should be a usual person residing in UAE and perform the required activity by himself and have a license to apply the activity in his country of origin. In case the shareholder is a juridical person desireing to conduct retail or wholesale trade then the investor must be in the form of a company of which the share owned by UAE nationals is not less than 50% of the capitals
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