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Set up Your business remotely
What happens
The process.
All over the world people are trying to minimize the effect that COVID – 19 has had on their businesses. The pandemic has made everyone realize now more than ever, just how important it is to carry on with company operations in any way possible, no matter the capacity, and while still following the appropriate global health practices. With this in mind, foreign investors have been questioning if it is still possible to open their business and bank accounts across the UAE.
Here at Connectfz our experts will help you set up your UAE business and corporate bank account remotely. Companies are able to continue their regular operations despite self-quarantine and social distancing regulations due to the wide reach of the internet and telework capabilities. It is also these that make setting up remotely in the UAE possible.
We take into consideration all aspects of your business needs including, activity, budget, location and time frame. This will help us to compare the many Free Zones making sure we find the best fit for you. This guide will help you to understand everything you need to know about setting up your company and corporate bank account in the UAE remotely.
Step 1 - Understanding Your Needs
- Business activity: What is the nature of your company? This will be a big deciding factor when it comes to what Free Zone would be suitable. The amount of activities that can come under one trade license differs with each.
- What infrastructure does your company require? The type of business you are opening is a big deciding factor when it comes to where you can conduct your operations. An example of this would be a you setting up a branch office or a Limited Liability Company (LLC)
- What space does your business need? Depending on your business needs various locations offer access to different types of commercial spaces, office space, flexi desks and more. In some cases companies only require a virtual office space.
Step 2 - Free Zones ​
- When the logistics of your company is clear the professionals here at Connectfz will help you to understand which Free Zones is best for you.
- The UAE has over 50 Free Zones. They are extremely attractive options for foreign investors and each one is governed by its own rules and regulations. Companies operating within a Free Zone can trade, provide services or operate within their Free Zone and international markets. Once you register in a Free Zone, your business is only permitted to operate within the Free Zone jurisdiction and internationally. This is why it is important to know where your current or target clients/customers will be located.
- Primary benefits to establishing a free zone entity include 100% foreign ownership, 0% personal and corporate tax, 100% exemption from import and export duties, access to international markets, and much more.
Step 3 - Documents
- The flexibility of procedures has made business continuity possible during this pandemic. Some of the Free Zones and authorities here in the UAE have revised the requirements they need in order to facilitate new company registrations and renewals, and changes made to trade licenses. The experts here at Connectfz can help you to set up your business and remain operational while adhering to these changes. Some of the changes may include:
- Appointing a representative in the UAE to act on behalf of the shareholders/company manager
- Navigating the E-signature process
- Foreign corporate documents
- No Objection Certificates (NOCs)
- Opening your corporate bank account
The Process
Passport copy
We will need a copy of your passport to send to the Free Zone in order for them to handle the security checks.
Business names
3-5 business names are needed depending on where you are planning to set up. This is just to make sure we can still start with the process if your first few choices are unavailable.
Entry stamp
A copy of your previous UAE entry stamp is needed to go with your passport copy for security checks.
Security Approval Form
This form will ask you details such as Qualifications, Mother and fathers full name and marital status. Once you have filled out this form you will need to send it back along with a copy of your attested degree.
Registration & licensing application form
This will include all of the standard information a Free Zone should know when setting up your license e.g. Full name, date of birth, share percentage, etc.
Specimen signature form
For this form you will have to fill out the name, designation, contact phone number and a signature for each shareholder of the company.