Professional Firm Setup In Abu Dhabi
As a general rule, but with a few exceptions, a professional firm that carries out only professional as opposed to commercial activities is permitted to be wholly owned by non-UAE nationals. Professional firms may be in the form of a sole proprietorship or a civil company; both these corporate forms have unlimited liability. Such firms may engage in professional or artisan activities.
Advantages on the legal form:-
- 100% ownership for the foreign partner.
- Limited to few professional activities.
* Under a UAE cabinet resolution, Gulf Co-operation Council (GCC) nationals enjoy preferential treatment and may hold up to 100 per cent of a UAE company, provided there are no non-GCC shareholders in the company. If any non-GCC national becomes a shareholder in any UAE company, UAE nationals must then hold at least 51 per cent of the issued share capital.
Guidelines to form a professional firm:-
- UAE national must be appointed as local service agent for sole proprietorship.
- The agent shall have no direct involvement in the business and is paid a lump sum and/or percentage of profits or turnover.
- The UAE Nationals role is similar to that of the agent appointed by a branch of a foreign company, as set out above.
- Appointment of a UAE national as your local service agent.
- The local service agent will have no direct involvement in the business.
- Local service agent is paid a lump sum or a percentage of profits or on turnover.
While associating with HLB Hamt, you get the combination of our deep in-depth local knowledge expertise and extensive experience, which gives us the ability to precisely understand the unique needs of your business. We are thus able to recommend the best possible options and ensure that your business is set up with minimal hassles and effort.
Advantages of Professional firm incorporation
- No personal income and capital taxes
- No corporate taxation
- 100% repatriation of capital and profits
- No currency restrictions
- Competitive import duties (5% with many exemptions).
- Abundant and economic energy supply
- Simple staff recruitment procedures
- Competitive freight charges.