Recent economic developments have brought about significant changes, especially in the government and
financial services sector. Keeping up with the pace of change stemming from regulatory and
legislative reform can be a daunting task. The financial market players are faced with increased
regulatory demands on national and international financial centers. The Regulatory Services team
offers professional services with respect to the implementation of and the adherence to the
financial sector's regulatory framework.
We maintain interdisciplinary skills and have extensive expertise at both the national and
international level within our Audit, Tax and Advisory divisions. Our services are complete
solutions that can be adapted and made available to your individual needs. Our team of qualified
financial professional team consisting who offers you a wide range of services as well as support
with the application and interpretation of regulatory requirements in the following areas.
Business Licensing services
Regulatory environment in India requires various organisations to obtain several licences before the
operations commence. We offer our services under which we assist our clients in obtaining various
licence, be it general trade licence or industry specific licence. We have dedicated team whose
expertise lies for liaisoning with government authorities which assures speedy and timely
procurement of licences. our core focus is to reduce the regulatory burden on our clients so that
they can concentrate on business activities.
Entity Incorporation
We have a team of professional dedicated to Incorporation of various entities. Be it Company, LLP
,Partnership Firm or Joint venture, our team is well equipped with all the expertise to ensure that
our clients have not to go through hard phase of Incorporation. We completely deal with all the
regulatory and compliance aspect of entity incorporation and assure our clients that their major
focus continue to remain on business operations.
ROC Compliances
In India, companies are regulated by registrar of companies that require various compliances on part
of companies during pre incorporation and post incorporation phase. These compliance include annual
return filing, maintenance of Statutory registers, other compliances, maintenance of minutes book
etc. We take care of all the compliances that are required to met by company under companies law. We
undertake compliance assignment on annual as well as case to case basis.
Company Formation Outside India
Doing business abroad and growing internationally is an essential part of a company's business
expansion policy. It is governed by a company's aim to diversify its commercial activities across
national frontiers and increase its competitiveness. Hence, planning of manufacturing facilities,
logistical systems, financial flows and marketing policies in such corporations are done by taking
into consideration the entire world as a single market. Due to Globalization, every business house
is expanding its presence across the world by optimizing its capital, manpower, technology and
information.
To aid smooth expansion of clients' business we provide a "TOTAL SOLUTIONS" under one roof to its
global clients to avoid unwarranted hassles, inconvenience, and wastage of time.
Among various value adding services to its global clients', we provides company formation services
outside India i.e. Incorporation of Companies outside India. We have panel of expert professionals
who have several years of experience in providing company formation services.
We are complete solution provider for company formation service outside India wherein we client is
just required to give his assent and rest of the formation formalities like Document drafting,
Document submission to local authorities of respective countries, Document attestation, obtaining
certificate of incorporation, Liaisoning etc. is smoothly taken care by our team. In maximum case we
ensure incorporation of company outside India without requiring our client to go outside India.
We are quality service provider and aim at assisting Indian client base in their requirements of
formation of company outside India.
Company Formation in Dubai
Overview:
Dubai is the second largest of the seven states of the United Arab Emirates (UAE) and is main port
and commercial centre. It is one of the world's few locations where modern city life, sandy beaches
and the desert are all within easy reach. The city has built its wealth mainly on its traditional
role as an international trading centre, and it is less dependent on oil revenue than the other
Emirate states. Dubai's government is now heavily promoting the city for international investment,
commercial and industrial development, and, more recently, tourism. Fifteen free trade zones are
being developed, including the world's first e-business free zone. Dubai has also been rated highly
in three major rankings; 44th among the world's best financial cities, it was recorded as the 33rd
richest city in 2007 and 37th in MasterCard's world's most financial cities 2007 (1st in the Middle
East). These rankings represent a huge achievement for the city as it is one of the most recently
developed on the list.
Advantages of Company Incorporating in Dubai:
There is no income tax, capital gains tax and inheritance tax. Only banks and companies in the oil
sector are subject to corporate taxes.
- Dubai is the 3rd largest re-export centre in the world, and the largest state of the seven
United Arab Emirates.
- Dubai's economy is comparatively flourishing in the wake of the global recession, making it an
opportune time for investors and entrepreneurs to buy into its rebounding economy.
- Dubai is also a safe city with a low crime-rate. It has a fair and stable judicial system.
- Dubai is the fastest growing city in the world and is known as a "gateway for regional
opportunity"
- Availability of more than 15 Free Zones where 100% foreign ownership is allowed.
Attractive Tax Regime
Dubai has fourth best tax regime in the world for businesses and this helped the country to continue
to attract direct foreign investment during the global meltdown. Individuals living in Dubai are not
subject to Income tax. Like most other countries in Middle East most government is funded by revenue
from oil industry. There is also no tax on rental income, capital gains, inheritance or property
transfers (stamp Duty)
Types of Entities
For carrying business, each Emirate is separate and license is required for business to be carried in
each Emirate. Even in case of federal law such as Commercial Companies Law, Implementation is at the
Emirate level by issue of license by the competent authority in each Emirate. Basically, there are
two types of areas where business can be done namely, Non Free Zone Area and Free Zone Area.
Non Free Zone Area :
In non-Free zone area, various forms of entities are as under
Sole Proprietorship
The sole proprietor has unlimited liability for his business. Some professional activities are
permitted to be carried on by foreigners as sole proprietorship subject to fulfillment of
professional qualifications. However, in such cases, local service agent (UAE National) who acts as
a sponsor is also required to be appointed.
General Partnership
This Consist of two or more partners who are jointly and severally liable with respect to all their
assets for obligations of the company. This type of entity is restricted to UAE Nationals. Hence,
this entity is not relevant to foreigners.
Limited Partnerships
This consist of one or more general partners who are jointly and severally liable with respect to all
their assets for obligations of the company, and one or more silent partners who are liable for the
obligation of the company to the extent of their share in the capital. However, all general partners
must be UAE Nationals. Hence, this type of entity is not relevant to foreigners.
Joint Participation Company
This is a company between two or more partners to divide the profits and losses of one or more
commercial enterprises undertaken by one of the partners in his own name. The contract is not
expected to be disclosed to third parties dealing with the venture. Third parties only have recourse
against the partner with whom they have dealt with but if the existence of the Joint Venture is
disclosed to third parties by act of partners, the partners jointly become liable to third parties.
Joint Venture Agreement regulates the obligation between the parties and the method of profits
distribution and this contract is not subject to registration.
Partnership Limited with shares
This is similar to limited partnership but with negotiable shares. This consists of one or more
general partners who are jointly and severally liable with respect to all their assets for the
obligations of the company, and one or more shareholding partners who are liable for the obligations
of the company to the extent of their shares in the capital. Capital of the company is divided into
negotiable shares. However, all general partners must be UAE Nationals. Hence, this type of entity
is not relevant to foreigners.
Public joint Stock Company
This is an entity with capital divided into equal negotiable shares, and the shareholder is liable
only to the extent of his share in the capital. This is similar to a public listed company as known
in common law countries. Minimum capital required to form a PJSC is AED 10 million. A PJSC must have
10 founder members (this may be relaxed by the government in case of government owned companies or
other cases), management vested in a Board of Directors with Chairman and majority directors being
UAE Nationals and 51% shares must be held by UAE Nationals. Founder members must hold at least 20%
of the capital but not more than 45% of the capital. At least 55% is required to be offered to the
public. Considering the various restrictive rules, a PJSC is inappropriate for foreigners.
Private Joint Stock Company
This is similar to Public Joint Stock Company except that there is no invitation to public for share
subscription. Minimum capital required is AED 2 million and minimum number of shareholders is 3.
Chairman and majority of directors have to be UAE Nationals. All provisions applicable to public
joint stock company are applicable to this entity, except the provisions pertaining to public
subscription. Considering the restrictive rules, a private joint stock company is inappropriate for
foreigners.
Limited Liability Company
LLC is closest to the concept to private limited company as understood in common law and is widely
used by foreigners to conduct business in UAE. Where UAE National has not invested any capital,
foreign partner brings in full capital and LLC is usually formed with minimum capital wherein 51%
shares are held in UAE National's name. Additional capital is brought in by the foreign partner by
way of loan capital. As regards 51% shares held in UAE National, a written understanding is signed
with him whereby the rights and benefits relating to 51% shares can be assigned to their foreign
partner if such capital is contributed by the foreign partner
Branch of Foreign Company
A branch of foreign company can be established for carrying the activities of the parent company.
Branch does not have a separate legal entity of its own but is considered a part of the parent
company. Generally, this will be in the form of promotional activities of the parent company or
carrying out non-trading service activities of the parent company. In general, trading activities
(import/export of goods) are not permitted to be carried by the branch.
Free Zone Area
Business can be established in a Free Zone with 100% foreign ownership. Following are the forms which
are available:
- Branch of Foreign Company or an existing UAE based legal entity
- Free Zone Establishment in which sole shareholder is an individual or corporate
- Free Zone Company in which there are two or more shareholders who could be individual or
shareholders
- The following are the few important Free Zones available:
- Sharjah
- DMCC
- Jebel Ali Free Zone
- Ras Al Khaimah
- Ajman
- DAFZA
Off Shore Company:
This is a limited liability company similar to an entity which can be incorporated in any other
offshore jurisdiction. Such an offshore company can be used as holding company vehicle, and for
owning properties in designated areas in Dubai where such foreign ownership of properties is
permitted. Similar to other offshore jurisdiction, Dubai offshore company cannot do business with
resident of Dubai.
Time Period
Usually, Incorporating a Company takes about 12-14 days in Dubai