The key facts to consider for LLC Formation in Abu Dhabi

An Abu Dhabi LLC is the right formation through which to take advantage of possibilities in various areas since Abu Dhabi’s economy is experiencing a growth phase with remarkable new projects launched in the oil, gas, and construction industries as well as the tourism industry. A Limited Liability Company Formation in Abu Dhabi is the best option for investors. HLB HAMT professionals are delighted to help you through each step of company formation. In this blog, we discuss Limited Liability Formation in Abu Dhabi and its features.

What is an LLC?

LLC Business Formation in Abu Dhabi is the most widely used structure for businesses looking to do business outside of a UAE Free Zone. A Limited Liability Company (LLC) is a formation in which the liability of its shareholders is limited to their capital shares.

UAE Commercial Companies Laws Changes Concerning Limited Liability Companies

• The New CCL was first published as Federal Law No. 2 of 2015 concerning Commercial Corporations in July 2015.
• As a result, it has replaced the previous Commercial Corporations Federal Law No. 8 of 1984.
• Due to the new UAE CCL Commercial Corporations Law, previous legislation has undergone significant revisions.

The latest regulations for establishing an LLC in Abu Dhabi, United Arab Emirates, are as follows:

Shareholder Information

An LLC’s stockholders’ data, including dates of birth, should be listed in the articles. The previous legislation did not include this as a condition.

Sole Shareholder

An LLC’s sole shareholder might be a single individual or a business organization. To incorporate an LLC in Abu Dhabi, UAE, the previous legislation needs a minimum of two stockholders.

Directors and Managers

LLCs in Abu Dhabi are now able to nominate more than five Managers or Directors, and they need to amend their Articles to reflect the increase in governance positions.

Share Pledges

Limited Liability Company shareholders are permitted to pledge their shares. The pledges must be made in compliance with the establishment’s articles of the company, and they must be notarized.

Accounting

Abu Dhabi’s Limited Liability Companies are required to adhere to international accounting standards. In the past, the Old CCL permitted the use of any standard.

Benefits of an Abu Dhabi LLC

• The establishment of an Abu Dhabi LLC is a good strategy for foreign businesspeople seeking big deals in Abu Dhabi.
• You can open a local corporate bank account, obtain local visas, rent office space in Abu Dhabi, and get a UAE trade license from the Abu Dhabi Chamber of Commerce and Industry via an LLC.
• An Abu Dhabi LLC that exports national industrial items is free from all taxes and export fees.
• There are no defined minimum capital requirements.
• Investors in Abu Dhabi receive investor visas, which grant them and their families investor status.
• For his/her activities, the investor might establish further branches in other locations.
• The assets and money developed will be registered in the name of the firm.

Process for Establishing an LLC Company in Abu Dhabi

If both parties have a common business goal in the UAE, an LLC firm is the best choice for a joint venture between a foreign investor and a UAE party. HLB HAMT expert professionals can help in the Process of Establishing an LLC Company in Abu Dhabi. Let us now examine how to set up your LLC Company – in Abu Dhabi.

•  Initial Approval

  Get preliminary authorization from Abu Dhabi DED for the trade name and commercial activity.

• Further Approval

  If your business requires more clearances, here is the phase where you receive them. Get authorization from the appropriate authorities based on your activities.

• MOA

  The Memorandum of Association of the business should be written and approved by the courts.

• Tenancy Agreement

  Complete the office tenancy agreement and get it attested by the Real Estate Regulatory Agency.

• Submit the paperwork

  Submit the application form, preliminary approval, and further papers to the DED Abu Dhabi, including MOAs and tenancy agreements.

• Registering a trading name

  The trade name will be registered in the Commercial Registry following a legal department review, and the Memorandum of Association will be listed in the Ministry of Economy Bulletin.

• License

  The DED Abu Dhabi will issue the license after receiving the necessary fees.

• Company Registration

  Registration of the Firm with the Department of Immigration and the Ministry of Labor.

• Custom Code

  The Customs Code is issued after registration with the Dubai Customs Department.

HLB HAMT to Assist

Setting up a Limited Liability Company (LLC) in Abu Dhabi calls for good company formation services. At HLB HAMT we provide business setup and company setup services in UAE. From the first to the last step, our professionals at HLB HAMT work directly with customers to incorporate an LLC in Abu Dhabi and also provide them with strategic guidance. Contact us right now for further details. We would be pleased to help you.

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