Dubai has been well known for years for its amazing tourist attractions. From an economic perspective, Dubai has become a competitive state, making it a global hub for international trade and business. The city is also known for many free zones or free trade zones that offer investors various benefits and exemptions.
Free zones are one of the top attractions in Dubai and have gained popularity for many reasons. Each free zone has its collection of documents which is mandatory to meet its specific requirements.
Importance of Documents for Dubai Free Zone Company Setup
A company must maintain documents of its transactions and business. The papers are the primary "evidence" that a company can rely on in case of any dispute. In addition, the documents provide legal proof of the transactions that took place and are very important for maintaining good financial health.
When starting a new company, you must create pertinent documents to ensure its sanctity. To ensure your business's credibility and general purpose, you may want to ensure that your legal documents are fully-stocked and up-to-date.
After knowing the importance of documents required for free zone company setup, explore the free zones in Dubai.
List of Documents Required for Company Setup in Dubai Free Zone
There are more than 30 free zones, and each free zone differs from the others. Therefore, the documentation and processes change depending on your chosen activity.
Here are a few standard documents one should know while starting a business in Dubai.
- Application form
- Letter of Intent
- Existing company brochure (if available)
- Annual financial report or shareholder(s) 6 months bank statement
- Copy of the manager's passport and CV
- Copy of shareholder(s)' passport and CV
- Original bank reference letter (for each shareholder)
- No Objection letter by the current sponsor for manager (if a resident of UAE and UAE employment visa-holder)
- Business plan
- Initial approval(s) from third-party authorities in case your business activity requires such approval. Example: Media, IT, Pharmaceutical sectors
Along with that, know about How do Companies in Free Zone Dubai Operate Business?
In short, companies need documents because it records all the terms and agreements between the parties involved in business transactions. Documents will not only help you keep the operation running smoothly, but they will also provide you with proper records. Records are essential as they are beneficial at tax time or during audits.
At Business Setup Worldwide, we offer you a wide-ranging service from company incorporation to bank account introduction. Along with the company setup, we provide business ideas that would help the business people create a clear path for their business. Moreover, you can contact us without hesitation if you need assistance in the above-said process.