The United Arab Emirates encourages investment in all its forms. Recently, it has enacted laws that encourage young people to enter the field of investment strongly and through establishing a company in the Emirates. Minors and those who have reached the age of majority or who have completed 18 full years of age have the right to establish their own company from now on in order to achieve huge profits through the expansion of investment opportunities in Dubai and in the Emirates.
Law enabling minors to establish companies
The UAE Ministry of Investment and International Cooperation confirmed that the new project of the Companies Establishment Law regulates the stages of an individual’s life, the stages of his maturity and mental awareness, and how to acquire the experiences that qualify him for financial work, especially in the field of establishing companies, as it involves a branch of financial speculation, and therefore the matter is not without the possibility of risk in order to achieve profit and avoid loss.
The report continues that the conditions for starting a business are that the founder must be of legal age, i.e. 21 full Gregorian years, and it is also assumed that the individual has broadened his awareness and acquired cumulative experiences that qualify him to practice commercial activity.
The report indicated that the legislator has permitted a minor, upon reaching the age of 18 years, with the permission of the competent court, to begin engaging in commercial activities, including establishing companies, within the limits and conditions stated in the permission. In this case, he is called a minor authorized to trade.
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ToggleCost of establishing a company for minors in the Emirates
The cost of establishing a company in the Emirates for minors varies according to your choices and the specified areas, as well as the place you will choose to establish a company in Dubai for foreigners, and knowing the areas in which the projects will be established. There is also choosing the place according to the type of activity, and there are also free zones in which the prices of companies and projects are more different, as establishing a company in Dubai for locals differs from establishing a company in Dubai for foreigners, and so on. There are several points to know the costs of establishing a company in the free zone and minors, which are:
- Paying the fees for renting the area or location of the company to be established.
- Paying business activity fees to the relevant institutions.
- Payment of trade name and commercial registration fees.
- Payment of all bank dues for the stages of practicing the commercial activity of its free zones.
- Determine the value of profits and conduct a complete feasibility study to reach the best results after paying taxes and state dues.
- Paying the price of the commercial license in Dubai or the value of the instant license in Dubai if the place of investment in Dubai is in one of the free zones such as Jebel Ali Free Zone.
- You must adhere to everything that is approved by the UAE legal authority and strictly apply all fees that may be imposed.
Steps to establish a company for a minor:
In order to reach a high level of professionalism, before you think about establishing a company in Dubai, you must know everything related to the steps of investment in Dubai. There are many steps for establishing a company for a minor that must be adhered to and followed to achieve the greatest return on investment in Dubai. These steps include:
Determine the purpose of investment : It is to renew in any field in which you want to invest your money. Here you seek to determine the activity that is compatible with the capital you specify. This is considered the most important step to know how to manage your money correctly and direct your money in the correct investment and know in which field you will put your capital. There are many fields, including the commercial, industrial, professional stock market or the real estate field. The real estate field in Dubai is distinguished by being one of the most important targeted investments due to its strong return on profit and clear economic stability.
Conducting a feasibility study for the project : This is a plan that consists of conducting a feasibility study for the project and determining the capital required for investment in Dubai in a large and accurate manner, as well as creating a reserve for it, as every economist must have a large economic portfolio so as not to be exposed to economic loss in the crises that his company or the project that he is starting to implement may be exposed to, and to make profit forecasts through a modern and advanced methodological study.
Studying the economic market dynamics : This is represented in knowing what the market needs. There are some places that need industrial projects such as industrial areas such as establishing a company in Jebel Ali, which is characterized by an open market. You should also know the steps to invest in Jebel Ali, as it is one of the most important free zones in the country where you can establish a company in the free zone. You should also know whether it is compatible with its market needs or not, and also whether it requires multiple activities. You must know and determine the categories of consumers of the products that you will provide to them and know how to market them in an appropriate manner and also in a manner that achieves the highest profit for the company or facility that you are establishing.
Conditions for establishing a company in Dubai
In order to establish a company in Dubai or establish a company in Jebel Ali, there are several important steps that must be followed, through which Arab investors can benefit from all the advantages of investing in the Emirates. Here are the conditions for establishing a company in Dubai:
- Choosing the activity : This is the first step to establishing a company in Dubai or establishing a company in the free zone, where you start by determining what the appropriate activity is, and this will be determined by the place where you will establish the broad base from which you will choose from all economic fields, professional, commercial, industrial, the field that is appropriate for you.
- Commercial registration : This is the second step and is linked to the first stage. Your company’s trade name is what distinguishes it commercially from other companies in the same field. There are some conditions for obtaining the approval of the Department of Economic Development for registration.
- Initial approval : This is the third step after determining the activity, commercial registration, and choosing the name of the activity. Before the initial approval to establish a company in Dubai for foreigners, you must obtain the approval of the General Directorate of Residency and Foreigners Affairs.
- Choosing the company’s headquarters : All companies in the UAE must have a fixed address in the UAE, whether establishing a company in the Dubai Free Zone, such as establishing a company in Jebel Ali, or outside it, will require you to provide a lease contract certified by the Real Estate Regulatory Authority in Dubai, and you can add a license to your current activity.
- Obtaining approvals from the entities concerned with the facility : such as legal consultations, insurance and transportation activities.
- Get a trade license in Dubai : To get a trade license in Dubai.
Establishing a company in the free zone for minors
Minors investing in the free zones in the United Arab Emirates is the opportunity that many young investors and pioneers in the field are waiting for, who want to establish a company in the emerging free zone that is their own, without the need to communicate with a local sponsor. The investment authorities determine the conditions for establishing a company in Dubai in cooperation with the Gulf Cooperation Council, and this type of company has been designated to serve the idea of foreign and Arab investment, as it encourages investors to establish their own companies here in the Emirates, as this system is characterized by ease and also low establishment costs.
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