Hey there! Have you heard the exciting news? The UAE has recently made a significant change to their company’s law, allowing 100% ownership for all foreign nationals. This means big things for existing businesses and new ventures. Now, you have the power to be the absolute owner of your own business without the need for a local sponsor. So, how does it work? Well, you simply need to head over to the Dubai Economic Department to amend your license and become the proud 100% owner.
Feeling a bit confused? Don’t worry! Avyanco is here to lend a helping hand. We are your one-stop solution for all your corporate needs. Whether it’s business setup, bookkeeping, accountancy, financial reporting, trademark audit, or assurance, we’ve got you covered. Let us handle the process and take away the hassle. So why wait? Get in touch with us and let’s make your dream of being a 100% owner a reality.
Amend Your Existing Business License with 100% Foreign Ownership in UAE
Introduction to the new company law
The UAE has recently introduced a new company law that allows 100% foreign ownership for all businesses. This is a significant change that has great implications for both existing businesses and new entrepreneurs. With the new law in place, you no longer require a local national to sponsor your company, giving you the opportunity to be the sole owner of your own business.
Implications for existing businesses
For existing businesses in the UAE, the new company law provides a unique opportunity to amend their business licenses and become 100% foreign owned. This allows business owners to have complete control and decision-making authority over their operations, without the need for a local partner. With this amendment, existing businesses can drive growth, expand their operations, and explore new avenues without any restrictions imposed by the local sponsorship requirement.
Implications for new businesses
For new entrepreneurs planning to start a business in the UAE, the ability to have 100% foreign ownership is a game-changer. This opens up a world of possibilities, as you no longer need to rely on a local sponsor to establish your business. You can now start your venture with complete ownership and control, giving you the flexibility to shape your business according to your vision and goals. This change in the company law makes the UAE an even more attractive destination for aspiring entrepreneurs looking to set up their business in a thriving market.
Benefits of 100% foreign ownership
The new company law in the UAE offers several key benefits for businesses opting for 100% foreign ownership. Firstly, it eliminates the need for a local sponsor, ensuring that you have complete control and ownership over your business. This gives you the freedom to make decisions independently, without any external influence. Additionally, having 100% foreign ownership provides greater opportunities for growth and expansion, as you have the flexibility to diversify your operations and explore new markets. This change in ownership regulations further strengthens the UAE’s position as a business-friendly destination for foreign investors.
Procedure for amending your business license
To take advantage of the new company law and amend your business license to 100% foreign ownership, you will need to visit the Dubai Economic Department (DED). The DED is the government entity responsible for regulating economic activity in Dubai. It is here that you can initiate the amendment process and make the necessary changes to your business license.
Visiting Dubai Economic Department
During your visit to the Dubai Economic Department, you will be guided through the process of amending your business license. The department’s staff are knowledgeable and well-equipped to assist you with any queries or concerns you may have regarding the amendment process. They will ensure that you have a clear understanding of the requirements and procedures involved in achieving 100% foreign ownership for your business.
Documents required for amending your license
To successfully amend your business license, you will need to provide certain documents to the Dubai Economic Department. These documents typically include your existing business license, a copy of your passport, and any relevant business documents. It is essential to have all the necessary paperwork in order to expedite the amendment process and avoid unnecessary delays.
Application process
Once you have gathered all the required documents, you will need to submit an application for amending your business license. The DED will review your application and evaluate the eligibility criteria. It is crucial to ensure that your application is complete and accurate to avoid any complications in the process. The DED may request additional information or documents, which should be promptly provided to facilitate a smooth and efficient amendment process.
Timeline for amendment
The timeline for amending your business license to 100% foreign ownership can vary depending on the specific circumstances and workload at the Dubai Economic Department. Generally, the process takes a few weeks to complete, during which time the DED will review your application, perform any necessary checks, and make the necessary changes to your business license. It is important to remain patient throughout the process and follow up with the DED for updates on the status of your application.
Costs involved
Amending your business license to 100% foreign ownership incurs certain costs, including government fees and professional service fees. The exact cost will depend on various factors, such as the nature of your business and the services you require. It is advisable to consult with a reputable service provider, such as Avianco, who can provide you with a detailed breakdown of the costs involved and assist you in navigating the financial aspect of the amendment process.
Avianco’s role in handling the amendment process
Avianco is a trusted partner for businesses in the UAE, providing comprehensive services for all corporate needs. When it comes to amending your business license for 100% foreign ownership, Avianco can handle the entire process on your behalf. Their team of experts is well-versed in the amendment process and possesses deep knowledge of the regulatory requirements. Avianco will ensure that your application is accurately prepared, submitted in a timely manner, and followed up with the Dubai Economic Department until the amendment is successfully completed.
Avianco’s services for corporate needs
Avianco offers a wide range of services to cater to the diverse needs of businesses in the UAE. From business setup and bookkeeping to accountancy, financial reporting, trademark audit, and assurance, Avianco is a one-stop solution for all your corporate requirements. Their team of professionals is dedicated to providing exceptional service and delivering tailored solutions to help businesses thrive in the UAE’s competitive market. Partnering with Avianco ensures that you have the support and expertise required to navigate the complexities of the business landscape and achieve your goals.
In conclusion, the recent change in the company law in the UAE allowing 100% foreign ownership presents a significant opportunity for both existing businesses and new entrepreneurs. By amending your business license at the Dubai Economic Department, you can become the sole owner of your business and enjoy the benefits of complete control and decision-making authority. Avianco, with its expertise and comprehensive services, can help you navigate the amendment process seamlessly, allowing you to focus on growing your business in the vibrant and business-friendly UAE market.