Single Owner LLC Formation in Dubai
Single Owner LLC in Dubai
Undoubtedly, Dubai is one of the affluent places where you can find some incredible business opportunities. It comes under the category of most suitable business destination all across the world. If you are planning to initiate your business in the UAE, then you will be entitled to many benefits as well. The scope of growth for any business is remarkable in Dubai. A single-member limited liability company (SMLLC) is another good option for single owners with limited liability protection and tax benefits. If you have a sole proprietorship, you can convert your business into an SMLLC if you require by undergoing some paper works. You have to treat it as a separate business entity to maintain your liability protection after forming a single owner LLC.
We have fair experience in this field as we have helped many clients in the past in the formation of their companies. To learn more about the details of single-owner LLC and related knowledge, you can contact us.
Benefits of Single Member LLC
There are many benefits of forming a single-owner limited liability company in Dubai. Along with varied business opportunities, some of the advantages are mentioned down below:
- 100% owned by single foreign individual/corporate investor for commercial/trading & industrial license
- Increased liability protection
- Flexibility to bring on new members in the company
- Flexible federal income tax filing, i.e., the owner can choose to file taxes a sole proprietorship or a corporation
- The owner can pass the ownership of the company to others as well, such as family members
- The assets of the members remain protected from liability
Procedure for the SMLLC Formation
To form a single-member limited liability company, you are required to do the following tasks:
- Register the name of your business
- Prepare Memorandum of Articles & Association (MOAA)
- Appoint a manager in MOAA
- Get the single member LLC license
- Prepare an establishment card
- Open a business bank account
Documents Required For One Member LLC Formation in Dubai
To legally set up a one member LLC in Dubai, you are required to have several necessary documents. To know about them, you can consider the below-mentioned list:
- Company proposed name of the single member LLC
- MOAA, i.e., Memorandum of Article & Association issued and validated by the notary public / DED
- Passport copy & visit/tourist/residence visa copy of the shareholder
- Manager passport copy with visa page
Why Should You Have Single Owner LLC in Dubai?
Single Owner LLC, or Single Member Limited Liability Company, has several advantages as compared to sole proprietorship company. From the year 2003, it is considered as the legally recognized business entity in Dubai. Under this form of company, the business’s promotor holds all the control upon the matters of the company, and along with this, the owner’s liability gets limited to the contribution they have made in the business. The promotor of the company acts as the director and shareholder both. However, there is no scope of equity funding or issuing employee stocks in single-member LLC company formation.
How Can Bytes Help You?
With our business setup services, you can easily have a One Member LLC Formation in Dubai. We have experts in our team who can help you with the significant formalities and consultations that are required before you apply for a single owner LLC in Dubai.
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