If doing business is what you live for, you should know a lot about the business world. A Limited Liability Company is a little different to your traditional company. It is in the name, as the company holds limited liabilities when it comes to persons involved with the company. in other words, you will not be held responsible for the liabilities and debts incurred by your company. This is opposite of a partnership business, where the founder and partners of the company are all held liable for losses or liabilities incurred. It is evident that forming an LLC company is a great way of doing business if you want to keep a distance from liabilities. However, setting up one in Dubai mainland offers a plethora of benefits to entrepreneurs. If you are planning towards the formation of an LLC company, you should acquire as much information about how things go in Dubai. Here is more on why starting up an LLC company in Dubai is a wonderful idea:
There is no denying that Dubai is the perfect destination for business owners. The city is a huge market for buyers and sellers alike. From tourism to trade, finance to business, Dubai offers the best opportunities for all. This makes it the perfect destination to do business, and what could be better than to initiate n LLC business here? Keep in mind that to do an LLC business, you need to follow some legal procedures. Firstly, you will find a local partner who could hold at least 51% shares of the company. If you are new to Dubai, finding a partner can be a little difficult at first. Keep in mind that people with good PR are more successful here so make friends with entrepreneurs and those who know the industry. When you are done, you can own the remaining 49% yourself or seek another foreign partner to share them with you. Though this is the general practice, some mainland companies do not require a local partner but those cases are rare and it depends on the type of business you intend to run. However, these companies are legally identified as establishments, and not LLCs, though the structure remains the same.
Once you are done with the legalities, you will be required to seek approvals from Dubai ministry and the government. This will take some time so don’t worry if any delays occur. Upon completion of the process, your business will be legally and officially recognized.