100 Percent Ownership in Dubai, 100% Business Ownership in Dubai — Spectrum

 

100% Business Ownership in Dubai — For Foreigners

The UAE government published Federal Decree-Law No. (26) of 2020, which allows foreign corporations to now own 100% Business ownnership in Dubai. Guidelines for the processes that allow foreign investors to acquire full ownership have been released by the economy ministry. The procedures must be followed using the Invest in Dubai digital platform or the service channels of Dubai Economy.

Certain sections of the 2015 Federal Law №2 changes have given foreign investors 100 percent ownership in Dubai. These kinds of strategic choices help the UAE to appeal to investors even more.

Following the implementation of the commercial businesses law on June 1st, 59 investors began the processes to acquire 100 percent ownership in Dubai of more than 1,000 commercial and industrial enterprises. The government has further proclaimed that no further fees, guarantees, capital restrictions, or even an Emirati agent are necessary.

Spectrum Accounts

How Spectrum Helps You?

A full-service accounting and auditing firm with a Dubai location, Federal Tax Agency, UAE has recognised Spectrum Auditing and Accounting as a tax agent. We provide VAT Agency & Audit services throughout the UAE, including Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, Fujairah, Ajman, and Umm Al Quwain. In addition to Tax Audit Service, we offer a wide range of Value Added Tax (VAT)-related services, including Tax Advisory Services, VAT Implementation Services, VAT Return Filing, VAT Compliance Review, TAX Consultancy Services, and Tax Agent Services.

What are the advantages of 100% business ownership in Dubai?

More than 1,000 commercial and industrial operations are permitted under the recently modified policy for onshore investors. The only economic activities with a strategic influence are seven.

Within the commercial sector, these activities include general trade, contracting, trading in jewellery, high-end watches, foods, vehicles, and trucks; in the industrial field, these activities include metals, construction, flooring, building materials, food, water production, and painting. Foreign investors are permitted to own 100% business ownership in Dubai of the kindergartens, elementary schools, and middle schools.

According to the Memorandum of Association (MoA) and the partners’ agreement, the status of pre-existing business licences with full ownership of the activities and an Emirati partner would stay intact. The newly modified act permits lowering the Emirati partner’s 51 percent ownership stake or even dissolving the partnership in accordance with the put in place legal requirements.

100 percent ownership in Dubai

Limitations of the Amendment

The prior act’s revision does not allow for a firm to change its legal structure. However, in accordance with DED regulations, the licence may be transferred to a one-person corporation with limited responsibility. Additionally, because they are subject to the Commercial Agencies Law, commercial agencies are not permitted to acquire 100 percent ownership in Dubai.

You can log in to the “Invest in Dubai” platform to obtain a licence or modify a memorandum of association. You can find all the instructions you need to follow to start a business in Dubai on this comprehensive digital platform. The Invest in Dubai portal offers a distinctive experience that enables customers to swiftly finish the licencing procedures. In the modern world, starting a new business in Dubai only takes a few minutes and doesn’t require any professional support.

Your first approvals, trade name reservation, issue of immediate licences, Dubai SME licences, Intelaq licences, and DED Trader licences, as well as licence renewal, can all be assisted by the Invest in Dubai portal.

305, Hamsah — A,
Ansar Gallery, Al Karama,
Dubai, United Arab Emirates.
P.O.Box : 379682

Call us today on Tel: +971 4 269 9329 |
E-Mail: info@spectrumaccounts.com

Website: https://www.spectrumaccounts.com/

Comments

Post a Comment

Popular posts from this blog

How to Start New Company in Dubai, UAE - Spectrum Accounts

  Spectrum Accounts is the perfect resource for entrepreneurs looking to start a new business in Dubai, UAE. Company Formation Dubai Our team of experienced and knowledgeable experts provide a wide range of services tailored to fit your individual business needs. From setting up the right corporate structure, acquiring the required permits and visas, to managing accounting and tax filing requirements; we’ve got you covered. With us by your side, you can have the confidence to focus on growing your business, with peace of mind knowing that your back-office needs are taken care of. Contact us today to see how we can help your business succeed. When starting a business in Dubai, one of the most important steps is to create a company. Company Formation in Duba i Spectrum Accounts can help you do just that. We offer a variety of services to help you form your new company, from creating your company registration documents to providing business advice and support. We also offer a range ...
Read more

Federal Tax Authority - Introduction To Corporate Tax in UAE - Spectrum Accounts

  The Federal Tax Authority (FTA) provides Corporate Tax services in the UAE through their partnership with Spectrum Accounts . Spectrum Accounts assists organizations of all sizes with their tax and accounting needs to ensure full compliance with local regulations. Through their deep knowledge of the region and close partnerships with key stakeholders, Spectrum Accounts is well equipped to provide expertise and tailored guidance on complex financial matters. With their help, organizations in the UAE can stay informed and prepared with all of their Corporate Tax requirements. The Federal Tax Authority is the body that administers and enforces corporate taxation in the United Arab Emirates. The Authority collects corporate tax from both domestic and foreign companies operating in the UAE, and it also administers a number of other taxes, such as value-added tax, Social Security contributions, and customs duties. In addition to corporate taxation, the Federal Tax Authority is responsi...
Read more

Auditing Services in Dubai - Auditing Conflicts Of Interest - Spectrum Accounts

Image
Keen understanding of the client’s third-party transactions is necessary to avoid any conflicts with the audit.It is essential to be aware that one client has businesses involved with another client, represented by the same firm.  Auditing Services in Dubai  , If one firm is representing two or more clients who are interrelated to each other through material transactions, it would be prudent for the firm to keep only one of the clients and let go of the remaining ones. However, to avoid any issues of this sort, it is essential to make sure that the transactions are recorded and correctly accounted for and disclosed in the   financial statements . Affiliates:  For accomplishing a transparent audit, it is necessary to know what a related party is and what types of transactions may occur between relevant parties. If corporation Uno owns and controls corporation Pi then, corporation Uno and Pi are affiliates of each other. Now, if the corporation Pi owns shares of any ot...
Read more