UAE company registration is time consuming and complex, and this is reflected in the UAE's poor ranking of 68th in the World Bank's Doing Business 2008 Survey. That said, Healy Consultants endeavours to minimise the inconvenience of UAE company registration. For a UAE limited liability company (LLC), Healy Consultants will legally complete UAE company start up within 14 weeks, while for an offshore company the timeframe is up to nine weeks. The following is a typical engagement timeline for UAE company registration:
1. Healy Consultants' Accounting Department receives UAE company start up fees.
2. Healy Consultants Compliance Team receives the required corporate and personal due diligence information from our client prior to UAE company registration. Our client also signs Healy Consultants' engagement letter (confirming the UAE corporate structure) and returns the original to our
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 with UAE company start up without our client's presence in the UAE.
4. Healy Consultants and our client sign a virtual office agreement (if required) which comes into effect after UAE company registration.
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 that UAE company start up fees have been paid.
6. After starting a company in the UAE, 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 start up.
8. After starting an offshore company in the UAE, 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;
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. Following UAE company start 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 passwords in sealed envelopes;
11. 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.
12. After starting a company in the UAE, 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; iv) Original share certificates for your safekeeping.
13. 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.
14. Prior to UAE company start 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.
18. Following UAE company registration, Healy Consultants sends our Client a Customer Satisfaction Survey to obtain frank and honest feedback as to how efficiently and effectively the engagement was completed.
19. Following UAE company start up, Healy Consultants offers human resource support services such as staff recruitment, payroll support, and local business address details for invoicing purposes, together with telephone, fax and email support.
20. After UAE company registration, Healy Consultants offers marketing services such as business website building, search engine advertising, stationery design, market research and media advertising support.
21. After starting a company in the UAE, Healy Consultants assists our Clients to obtain corporate finance, trade finance and establish merchant accounts.
22. After starting a company in the UAE, Healy Consultants provides IT Support services including hardware purchasing and configuration, office network configuration, business website design and maintenance and server maintenance.
23. Following UAE company start up, Healy Consultants offers Consulting Services including merger and acquisition advisory, business due diligence, internal audit support and business process re-engineering.
24. After UAE company registration, Healy Consultants offers assistance with UAE property purchase.