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Setting Up a Company in Sharjah Airport International Free (SAIF) Zone

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Setting Up a Company in Sharjah Airport International Free Zone Established in 1996, Sharjah Airport International Free (SAIF) Zone is one of the oldest UAE zones located next to Sharjah International Airport. With a well-developed infrastructure and strategic location makes company setup in SAIF Zone ideal for setting up trading, manufacturing and logistics businesses. It offers ready-to-move facilities such as fully air-conditioned and furnished executive suites with reception, pre-built warehouses in four sizes with adjacent office space and lease land for unrestricted private development, bunkers, container parking area and temporary storage space. Categories of Licenses Available in SAIF ZONE Trading License – This license is issued to businesses concerned with industrial and manufacturing activities. Commercial License – Import, export, distribution, consolidation, storage, or warehousing of goods are specified in the license. Also, the maximum permitted limit is three similar product lines or company activities. Service License – Allows the holder to carry out activities specified in the license only within the SAIF zone. Industrial License – This license permits the import of raw materials, fabrication, processing, assembling, packaging, and export of finished goods. Benefits of Setting up a Business in SAIF Zone No corporate or personal income tax Fast and affordable licensing including 4-hour licensing service option. No need for share capital Easy access to seaports and airports 100% repatriation of capital and profits 100% foreign ownership permitted without any requirement for partners A wide range of options available for all types of businesses: warehouses, single offices, manufacturing units, and industrial plots. Company Setup in SAIF Zone Company formation in SAIF Zone can be done by owners or by Power of Attorney holders. License will be issued quickly on the day of application. Documents Required for Company Incorporation Passport Passport size photo Residential address, contact number and email ID of the owner Documents Issued by SAIF after Company Registration include: Certificate of Incorporation License Memorandum and Articles of Association Investment Service Agreement Share Certificate Lease agreement Corpin Consultants can assist you in the entire process of company incorporation in SAIF zone. Our experts handle the entire Banking, Visa, Legal, and Licensing formalities, so you can focus on the other aspects of your business.[/vc_column_text][/vc_column][/vc_row]

Blogs

A Quick Guide to Renew Your Trade License in the UAE

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A Quick Guide to Renew Your Trade License in the UAE Every business in the UAE needs renewal of their Trade license every year as each license issuing authority issues it for just one year. Therefore, license renewal is necessary for avoiding legal complications such as investor visa suspensions, bank account holdups and no renewals on employee visa. We have prepared a quick guide for helping you to renew your business license in the UAE. The renewal process includes submission of legal documents and paying renewal fee to the Department of Economic Development (for Dubai mainland LLC (Limited Liability company) firms) or the respective Free Zone Authority (for free zone companies). Trade license can be renewed through Authorized Service Centers or with the help of authorized business licensing service providers. Documents required for trade license renewal: Listed below are the documents required for renewing your trade license renewal in the UAE: Typed application Form Tenancy Contract copy and copy of EJARI Registration Certificate or Co- working space Current Business/Trade License Copy Copies of Passports of all business partners Important Steps of Trade License Renewal Step 1: Ensure that tenancy contract of your company is valid for a period of at least one month from the date of application. It is an important step before submitting the trade license renewal application to the DED/Free Zone. Step 2: Submit your application with all necessary documents at a DED service centre/Free Zone authority. Step 3: Collect your payment voucher from the Authority and make your payment. After the payment is made, the renewed license will be printed and ready for you to collect. If all documents given have accurate information, you will receive your payment voucher within 1-2 working days. Once you complete the payment, the renewed license will be printed and ready for collection. If the documents given have accurate information, you will receive your payment voucher within three to four working days. Trade License renewal is mandatory for business owners in the UAE and should be done yearly. If you fail to do the same, it may not only lead to unwanted financial penalties, but also other displeasing consequences, some of which may even end up in the conclusion of your business activities. It is better to hire a professional agency that will assist you with the process and save you a lot of time and hassle. Corpin Consultants have an expert time who can assist you with the entire process of documentation and application of trade license renewal. Contact us today for a free consultation![/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

Ras Al Khaimah Offshore Company Formation Tips

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Ras Al Khaimah Offshore Company Formation Tips Ras Al Khaimah has one of the most developed and well-regulated financial sectors in the world. Here, business owners can get 100% foreign ownership of an international company. The place has a world-class infrastructure with easy access to international airports. The main advantage of RAK international companies is that the corporate income taxation at this place is 0%. Ras Al Khaimah offshore company formation is also a whitelisted offshore jurisdiction that meets the standards of international regulations. There are certain factors to keep in mind before forming a Ras Al Khaimah Offshore Company, which are discussed below:  Conditions for Selecting a RAK Offshore Company Name The name of a newly incorporated company in Ras Al Khaimah has to meet the following conditions: Should not contain more than one hundred permitted characters. A limited company’s name should end with the words “Limited”, “Incorporated” or their abbreviations “Ltd”, “Inc”. Should not be similar to names of existing companies or names that appeared in the reserved name list of the Registrar. Should not contain the restricted list of words such as bank, council, credit, fund, forex Should not be offensive or questioning public policy or public interest. Documents Required for Ras Al Khaimah Offshore Company Formation For individual director/shareholder Certified, valid passport copies of all directors/shareholders; 3 proposed names of the company Personal and business profiles of each shareholder, curriculum vitae. Certified copy of utility bill/local authority tax bill/tenancy agreement or bank statement with the address of all directors/shareholders. For corporate shareholder Attested copy of the corporate documents including Certificate of Incumbency, Memorandum, and Articles of Association; Attested Certificate of Incumbency/ Certificate of Good Standing; Name of shareholders and Ultimate Beneficial Owners; Attested copy of corporate resolution stating new incorporation approval in RAK. Requirements for Annual Company Maintenance One director/shareholder; Local registered agent and registered address; Filing annual return. Corpin Consultants can assist you in handling the entire procedure of company incorporation such as documentation, registration, follow-up, approval, and renewals. Contact us for a free consultation today.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business

Requirements for Setting Up a Holding Company in Dubai

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Requirements for Setting Up a Holding Company in Dubai A holding company is a company that owns the shares or stocks of other companies.  Such a company neither provides services nor manufactures any product or involve in any form of trading. The main advantage of these companies is to reduce the risk of owners but at the same time allows ownership and control of numerous companies. The registration process of a holding company is the same as the incorporation of any other type of entity. One can register any of these business forms as a holding company in Dubai: Limited Liability Companies. Joint-Stock Companies. Free Zone Companies. Offshore Holding Companies Listed below are the requirements for setting up a holding company in Dubai: 1. Select the location and jurisdiction If you wish to set up a holding company, the first step is to choose your location and jurisdiction whether it is a free zone or mainland Dubai or Offshore depending on your investment. The right location and jurisdiction are crucial. 2. Fulfil the registration requirements For setting up a holding company, one must abide by the standards of the Dubai company act. Requirements depend upon the structure of the holding company.  The application process can be delayed if there are any omissions or errors in your application. 3. Appointing a managing board Appoint a managing board that ensures the creation of a policy that needs to be followed by the subsidiaries. 4. Share capital requisites Ensure that the company’s capital requirements are meeting its subsidiaries’ operational requirements. 5. Registration The registration process of a holding company does not take much time irrespective of its location; mainland Dubai or a free zone or offshore. Documentation requirements for a holding company in Dubai Passport copies of the shareholder with a validity of at least 7 months from the date of application. A proof of address document is required for each shareholder and director. This can be in the form of a: Utility bill A bank statement A tenancy contract A phone bill with the shareholder’s address (less than 3 months old) The team of experts at Corpin Consultants can guide you through all aspects of the holding company set up, including all licensing and regulatory approvals, employee and investor residency and visa requirements. Contact us today for a free consultation.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business

Few Facts to Consider Before Setting up a Private Clinic in Dubai

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Few Facts to Consider Before Setting up a Private Clinic in Dubai The UAE government always provides a supportive environment for the healthcare industry to develop world-class healthcare facilities and research centers. Over the past few decades, the healthcare industry in Dubai has reached greater heights, enabling many foreign players to make a mark in this country. From a business perspective, starting a private clinic in Dubai is a rewarding move as the ratio of doctors to the population of Dubai is relatively low. If you are planning a private clinic setup in Dubai, listed below are a few facts to consider: 1. Register a trade name or business name The trade name should follow the standard rules and regulations of naming in the UAE. It should not be a copy of existing healthcare companies which are operating in the country for avoiding trademark issues. After selecting a trade name, the investor must file an online application with the DED for reserving the trade name. After name registration, you can initiate the next process. 2. Get initial approval from the DED After obtaining the trade name, an investor needs to file one more application with the DED to get initial approval from the authorities. Submit the application form along with necessary documents and a passport photocopy. An approval from the Dubai Municipality for the layout plan of the clinic is also required. 3. Apply and obtain approval from the DHA Apply and receive approval certification from the DHA, Dubai Health Authority, the main regulatory body managing the healthcare services in Dubai. It takes 10 days for initial approval. Listed below are a few requirements for obtaining initial approval from the DHA: ● Passport and Visa copies of the owner and partners ● Emirates ID of the owner/ partners ● Layout/floor plan for the clinic ● Proposal letter from the owner/partners ● Affection plan of the facility from Dubai Municipality ● Copy of the facility’s trade name reservation letter from the DED or free zone ● DHA undertaking letter, signed by the owner/partners ● Name of Engineering consultant 4. Submit all essential documents The business owner or investor must submit all documents to the authorities such as the Memorandum of Association (MOA), lease agreement, etc. for the registration of a private clinic. 5. Obtain Final Approval From the DED The owner/ investor should prepare all documents for final approval. A photocopy of the initial approval and a registration fee along with the following documents are required: ● Final trade license issued by the DED or free zone authority ● No objection certificate (NOC) from the owner to assign Medical Director (MD) ● List of the medical director and healthcare professionals ● A valid building contract ● List of the medical director and healthcare professional ● A valid building contract 6. Obtain your Clinical License from the DHA Create an account in the DHA portal for getting the DHA license. The owner must submit the details of all the medical professionals and the consultants who will be working in the clinic. The DHA will verify all these documents and issue a license for the private clinic setup in Dubai. Getting approvals from DHA is a tedious task, but Corpin Consultants prior experience in dealing with government authorities is an added advantage for foreign investors. Contact us at +971 55 843 2911or info@corpinconsultants.com for a hassle-free business setup process in Dubai.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

Few Guidelines for Setting Up A Business in Fujairah

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Few Guidelines for Setting Up A Business in Fujairah Fujairah is one of the less populated states in the UAE located along the Gulf of Oman. It has a seaport and airport which makes this an ideal destination for import and export businesses. Also, due to the rising living costs in Dubai and Abu Dhabi, Fujairah is gaining immense popularity for business setup. If you are planning to setup your business in Fujairah, we have compiled a list of guidelines for making your journey smooth: Select the right jurisdiction Make sure to choose the right jurisdiction based on your business model.  There are two jurisdictions in Fujairah: free zone and mainland Business Setup in Fujairah Free Zone There are three free zones in Fujairah: Fujairah Free Zone Authority (FFZA), Fujairah Creative City (FCC), and International Free Zone Authority (IFZA). Setting up your business in any of these free zones will give you the right to own 100% of your company shares and exempts you from corporate and income taxes. Business Setup in Fujairah Mainland By setting up your business in the Fujairah Mainland you can access the entire UAE marketplace, giving you a wider chance to grow locally as well as internationally. A local partner will hold 51% of share in the business and an expat partner can hold 49% of the share in the company. Obtain the right license according to your business setup model Types of Business Licenses Issued in Fujairah General Trading License – It allows businesses to freely import and export of products inside and outside the UAE. Service License – This license permits businesses to offer services such as accounting, law, and business consulting. Trading or Commercial License – It allows a business to trade in specific products according to the rules of license issuing authority. Warehousing License – This license allows you for availing warehouse facilities. Industrial License – This license allows you to import raw materials, manufacture stated products and export finished products to any country. Manufacturing License – This license is issued when the free zone authority accepts a project, implemented, and fully insured for human resources and machinery. Manufacturing license is also subjected to: Built-up area and open space of the project Water, Electricity and workforce supplies Environmental aspects related to the project Documents required for registering a business in Fujairah Passport copy of shareholders, and directors Attested Board Resolution (For corporate ownership) Attested MoA & AOA (For corporate ownership) Valid business license (For corporate ownership) Suggested trade names Personal information of shareholders and investors Proposed Activities Fujairah is the perfect place to set up any kind of business. Foreign investors and local entrepreneurs can make use of its unique advantages and hassle-free business setup processes. If you require any assistance in business setup, feel free to contact us at +971 55 843 2911 or info@corpinconsultants.com.[/vc_column_text][/vc_column][/vc_row]

Blogs, Business, Business Consultancy

All You Need to Know About Company Liquidation in the UAE

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All You Need to Know About Company Liquidation in the UAE Due to certain unforeseen circumstances and liabilities, when a business is not able to conquer the market as expected, the company owners would consider the company liquidation process. It is all about winding up the company’s operations and selling its assets for repaying liabilities or financial obligations. It is required to file a petition to the court for the same. Few Situations When A Company Is Liquidated When it is unable to pay creditors When the company has no cash or liquidity for financing The company is not able to procure any form of revenue or business When the company’s losses exceed the profits The directors decide to vote for liquidation at the board meeting. Types of Liquidation Voluntary Liquidation – In this process, the shareholders of a company decide to liquidate the company when it is not able to generate profits. The board of directors with the consent of lenders decides to liquidate all assets to pay its creditors. For example, selling all machinery of the company for repaying the debts. Compulsory Liquidation by the court – When a company is under financial distress If a company is under financial distress and its debts are not paid on time, creditors may request the court to liquidate the company’s assets in order to collect their dues. As a result, the court may make it mandatory for a company to liquidate and sell its assets for paying all outstanding debts. This process is known as compulsory liquidation. Benefits of Company Liquidation Debt will be paid to the lenders and owners won’t have to worry about the money issue. The management and directors will be saved from prospective legal actions. Documents required for Company Liquidation Firstly, the company must produce the Board Resolution for proving that the decision to liquidate has been taken. This resolution will include the name of the appointed liquidator. The original registration certificate should be provided, along with the liquidator’s credentials. All these documents require notarization. After the first steps of the liquidation have been completed, the business should also cancel any special permits or licenses it has obtained for performing different economic activities in the UAE. Branches need to produce the original documents from the parent company. Apart from these the following documents are also required: A letter showing the company liquidation is approved The license of the appointed liquidator for the company that performs the process The dissolution documents of the company in the UAE Documents of company owners that it is subject to liquidation Clearance letter from government departments like immigration, labor, customs etc Bank closure letter If you require any assistance for company liquidation in UAE to limited liability company, free zone company and offshore company, Corpin Consultants can assist you from scratch to end. Contact us at +971 55 843 2911 or info@corpinconsultants.com to know more.

Blogs, Business Consultancy

6 Benefits of Setting Up A Cloud Kitchen in Dubai

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6 Benefits of Setting Up A Cloud Kitchen in Dubai Currently, cloud kitchen or virtual kitchen has a popular demand in the UAE as food delivery is expected to have annual growth rate of 6% in the next 5 years. If you are wondering what is a cloud kitchen, here is the answer. For restaurant entrepreneurs, the cost of investment for setting up a full-fledged luxurious restaurant is quite high. However, in a cloud kitchen, they can get shared kitchen spaces with ultra-modern facilities at a minimal cost. Listed below are a few benefits of setting up a cloud kitchen in Dubai:   Save infrastructure and operational costs The infrastructure cost for a brick-and-mortar restaurant in Dubai is quite high considering the rental costs in a prime location with high footfall. In cloud kitchen, one can avail shared kitchen spaces along with the option for modifying the kitchen unit as per requirements. Quite often FOH (front of house) labor cost takes up to 50% of the average restaurant’s monthly revenue. This can also be saved through cloud kitchens.   Expansion Opportunities Once your brand is accepted by a wider audience, you can open multiple branches and expand it at a minimal risk.   Cuts down advertising costs As cloud kitchen has an online business model, you will receive orders mostly from third-party food delivery apps. So, all you need is to put in some efforts for creating an attractive menu and exciting offers. Social media marketing will also prove beneficial for marketing your brand.   Higher profit margin Cloud kitchens can leverage their profit margins for providing a better competitive pricing. They can price their menus more reasonably unlike traditional restaurants for building a loyal customer base.   Chances for experimentation Cloud kitchen business model allows restaurants to experiment with multiple concepts without a high expansion budget. One can operate brands by making use of the same kitchen infrastructure and marketing platform.   Minimal Closing costs Even if things do not work out properly as you have planned, business closure will also do not cost you much as expected. For traditional restaurants, closing the venture will lead to a major expense due to the massive investment involved.   If you are planning to set up a cloud kitchen in Dubai and is not sure about which location you should choose or have any query regarding the licenses required, Corpin Consultants can provide end-to-end assistance. Contact us at +971 55 843 2911 or info@corpinconsultants.com to know more.

Blogs, Business Consultancy

How to Get an Instant Trade License in Dubai?

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How to Get an Instant Trade License in Dubai Dubai is considered as one of the best destinations for establishing a new business or expanding the operations of an existing foreign business. The strategic location and investor-friendly environment of this Emirate attract millions of investors every year. According to the ‘2018 Top FDI Performers Report’ by FDI Intelligence, Dubai ranked no. 1 globally in terms of foreign investment. It is mandatory for every business to obtain a trade license before setting up a company in Dubai. Instant trade license facility was introduced in Dubai by UAE Government for economy boost. What is An Instant Trade License? Trade license also referred to as a commercial license is issued by the Department of Economic Development (DED) in Dubai. It is required for carrying out commercial activities such as import and export of goods, sale of goods and services. Professionals offering services in a specific industry are also supposed to obtain this license. From July 2017, the UAE Government has introduced the facility of instant trade license in Dubai for boosting the country’s economy. This will help entrepreneurs to obtain their trade license in just five minutes. Advantages of obtaining an Instant Trade License Easy and Fast to obtain when compared to a general trade license that takes up to 5 working days. Instant trade license can be issued in just 5-10 minutes. Less paperwork. One can start business activities immediately after obtaining an instant trade license. Trade name registration is non-mandatory for the first year of operation. Memorandum of Association and Rent contract for the first year is not required at the time of applying. It can be submitted at the time of license renewal. Online or In-person application.  Who all are eligible for an Instant Trade License in Dubai? Limited Liability Company Single Person LLC Sole Proprietorship Civil Company Documents required for obtaining Instant Trade License If you are applying through the DED’s e-channel portal: Original ID for creating an account, for those who do not have a UAE Pass ID, they are supposed to create one before applying. If applying through service centres, smart lounges, or happiness lounges: Passport copies of all license parties (partners and managers) UAE visit visa copy of foreign partners, If not having a residence visa A copy of residence visa and NOC from the current sponsor A copy of your visa When you apply for an instant trade license, it requires a sound knowledge of the process and should be free from errors. If you are finding the process complex, it is recommended to seek help from a reliable company formation expert. Corpin Consultants can assist you in obtaining an instant trade license in Dubai. Contact us at +971 55 843 2911 or ek@corpinconsultants.com to know more.

Blogs

6 New Year’s Resolutions For Businesses Success in 2020

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6 New Year’s Resolutions For Businesses Success in 2020 New Year is the time for new hopes and resolutions. You may have already made up your mind to get back in shape, travel more, or spend quality time with the family. However, resolutions are not just restricted to personal life, it is essential to set apart some impactful resolutions for your business as well. Here are 10 powerful resolutions to build a better and brighter future for your business in 2020: 1. Delegation is the key When you own a business,  quite often you end up wearing many hats and at times, this makes you feel exhausted or eats up a tremendous amount of time. If you wish to maintain a healthy work-life balance, try delegating the work to someone else or automate the process for a change. By doing this, you can improve your physical, mental, and emotional wellbeing. 2. Improve your digital footprint If you wish to stand out from your competitors, it’s essential to maintain a strong online presence. It can also help acquire more customers and build better conversion rates. When it comes to business promotion, focus on quality rather than quantity. Create a marketing plan and follow it religiously. Focus on search engine optimization, get press coverage, utilize quora effectively, share videos or post stories with clickable URLs on social media profiles. 3. Drop what’s not working and move on If a product, a marketing technique, or partnership is not working for you, it’s necessary to bid goodbye. Do not waste your money, time or energy anymore behind it. You never know something better may turn up. 4. Manage your cash flow wisely Trying to run a business without managing cash flow is like building a house of cards. It plays a major role in your future spending decisions and determines the direction of your business. Plan and monitor your cash flow by acquiring financial skills or getting expert guidance. Reduce your outgoing expenses, sell any unused assets, monitor stock levels, and build a cash reserve for emergencies. 5. Perform weekly business planning Business planning is a vital step that helps you know where you stand and allow you to have a clear hold on your business. Set apart a day every week to review your strategies so you will come to know what worked and whatnot. 6.Attend networking events Approach networking events with a clear strategy for turning it to be a successful experience. Attend events that’s big in your industry and connect with like-minded people. Try to collect at least 10 business cards and send follow up emails the next day. When you enter this new decade, commit to something you always say you’ll do but always fail to start. It’s the right time to take that first step now.  In fact, we’re here to help you make them happen in 2020. To know more about business setup services contact +971558432911 or email at ek@corpinconsultants.com.

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