New Business Setup
Setting Up A New Company In The UAE
Due to the tax-free income rate, UAE is a lucrative market for many to register their business. There are also no personal or corporate tax.
As laws and legislation can change in the blink of an eye, setting up a new company is not as straight forward as other countries.
Based on your requirements, BUH Consulting will guide you accordingly.
BUH Consulting is constantly updated on changing marketing trends and will inform clients of the most suitable options.
Our company will assist you through the A to Z of your UAE journey, from starting a company, issuing residency visa, apply for bank account and filing of any annual filing required.
First year in a foreign country can be challenging, we are able to assist our clients with how-to questions surrounding the business environment in UAE.
There Are Many Factors To Consider:
Registration Options:
There are over 40+ freezone jurisdictions with different fees for the same license.
Accounting and Auditing:
Certain freezones require mandatory annual audit reports while others do not.
Shared Capital:
99% of businesses activities do not require working capital to be deposited before the license is issued.
Nationality Restrictions:
Select nationals are recommended to strictly register in Dubai, for visa purposes.
Office Requirement:
Most business licenses will come with a shared desk/workstation. Banks may require a physical office in order to open the account for higher risk business activities, such as gold and oil trading.
UAE Bank Account Opening
Considered to be the most challenging part of opening a new business.
*Having a license and visa does not guarantee opening of a bank account.There is more to the bank account opening process in UAE than simply providing your documents. Different banks have different tolerance of risk and acceptance of activity type
Government Liaison
We work with all government entities to assist our clients with formalities so the client can focus their business.
Supporting services include:
Economic Substance Report + Ultimate Beneficial Owner Filing
Corporate Tax
Real Estate Purchases and Transfers
Registration of Company with External Parties
Annual Tax Filing And Bookkeeping
As UAE is starting to regulate the country’s businesses more closely, new legislation have been introduced for the country to accurately understand the country’s growth.
While certain freezones both in and out of Dubai do not require auditing, it is starting to become mandatory, we work with certified accountants and auditors to provide our clients with services in:
Accounting
Audit
Bookkeeping
Tax Filing
Offshore Banking
Diversifying a company/personal finances is just as important as making money. Clients have different requirements and reasons for wanting to keep their income outside of their country of residence.
BUH Consulting is able to offer offshore banking solutions where the client is not required to have any ties to the foreign country nor need to visit the country to open the account.
If there is a special requirement, please get in touch for a private consultation.
Offshore bank accounts are offered in 50+ countries currently including:
Armenia
Bahrain
Bosnia
Bulgaria
Cape Verde
China
Comoros
Croatia
Georgia
Germany
Greece
Hungary
Isle Of Man
Kazakhstan
Luxembourg
Namibia
North Macedonia
Oman
San Marino
Serbia
Spain
Sri Lanka
Taiwan
Thailand
Vietnam
Activities and nationalities deemed high-risk and potentially unwelcome by domestic banks in a client or company’s country of origin are considered and often accepted by offshore banks.
The business model of international offshore banks are designed to accommodate a broader spectrum of clients, often with an elevated risk threshold, differentiating them from local banks.
Global banks providing offshore banking solutions to clients beyond their borders often exhibit different risk appetite concerning nationalities and business activities, as risk level tolerance could be higher or lower compared to banks and other financial institution in the client’s home country.
Opening an offshore bank account is a streamlined process, requiring minimal effort.
For personal accounts, it is not necessary to:
- Reside in the country where the bank is located
- Hold any kind of residency status such as visa permit, residency permit, or local identification (ID) cards.
To open a business account, it is not necessary to:
- Have supplies or customers in the country where the bank is located
- Setup an office, register a branch or a new company in order to open an offshore business bank account.
No physical presence or in-person visits to the bank are required to open an account.
In most cases, it is not necessary to travel to the country where the bank is located in order to open a bank account remotely. This means an offshore bank account can be virtually opened, digitally.
Some international offshore banks require a personal person visit before the account can be opened.
Potential lower fees, as offshore banks offer competitive pricing in order to attract business away from domestic local banks from the clients country.
It’s important to note however, some offshore banks may charge higher banking fees when compared to traditional banks operating within a client’s home country, to service clientele who face difficult in opening a bank account when considering factors such as nationality and business activity.
Electronic Money Institution (EMI)
What is EMI?
Electronic Money Institutions (EMIs) is a type of financial institution that provides similar facilities as a bank. The difference being EMIs do not provide loans and keeps customers’ funds at high street banks. What is a high street bank? High Street banks are major global banks, often with international presence and are world renown leaders in the financial sector, such as HSBC, Citibank and Standard Chartered.
Company Acquisitions
Whether if you want to purchase a shelf company with an existing bank account or acquire an operational company, BUH Consulting will support you from start to finish
Identification of Suitable Companies for Acquisitions
How to purchase a shelf company in UAE
There are many advantages and reasons to buy an existing company in UAE instead of incorporation a brand new business entity.
Companies with bank accounts for sale in UAE
There are many reasons why an investor would want to purchase an existing company rather than setting up a new one in any of the Emirates the United Arab Emirates. The main reason being immediate access to a bank account that has a track record of conducting business in the same business activity that you are interested in.
Shelf companies for sale in dubai
Different licenses are available for sale in Dubai by companies located in Dubai Freezones and Mainland shelf companies with licenses issued by DET – Dubai Economic and Tourism Department, previously known as Dubai Economic Department, DED.
Abu Dhabi Free Zone Companies for sale
Abu Dhabi has a number of free zones and it is possible to purchase a running, operational company that can be used immediately or upon ownership transfer.
Shelf Companies For Sale in Ajman
Individuals and businesses who have decided to purchase an existing company in Ajman instead of registering a new entity, will find it beneficial in a number of ways.
Company Liquidation
When it is decided that it is time for a company to wind up their operations in UAE, the business must under-go formalities to ensure the entity is properly de-registered. We are able to assist in this process to ensure of a smooth and hassle free experience.
Closing of bank account
Cancellation of any company visas
De-registration of the company with the respective licensing authority and obtaining confirmation
Issuing newspaper notice informing any potential creditors of the company’s closure
Corporate Structure Advisory
Setting up the business with the most suitable structure can be confusing when there are multiple parties involved, BUH Consulting will advise accordingly to provide the optimal solution.