UAE law stipulates that every registered entity must have a General Manager. The GM has specific, mandatory sign off authority. Aldridges’ clients in UAE use us for a full life service: during incorporation, when operating but wishing to keep their workforce clear of the administrative burden or, when closing down and wanting to move to minimum manning.
The regulatory requirement to appoint a board of directors is less clear in the UAE than it is in regard to a GM and there is considerable overlap in responsibility between the GM, the Shareholder and any board of directors.
Aldridges provides Company Secretary services to clients who recognise the need to maintain a company’s “good standing” in the UAE to ensure good management practice, maintain effective (and reportable) governance and that economic substance and local reporting obligations are met.
Recent changes in law in relation to foreign ownership mean that there are a wide range of options in relation to the registration and incorporation of a Branch, Subsidiary or Privately Held Entity in the UAE. These include both onshore and offshore as well as within the numerous free zones in the UAE.
Office leasing and renewal is a core consideration when choosing where and how to operate within the UAE. Almost every licensing authority has a requirement for companies to lease office space and there are many different types of lease available to clients ranging from virtual offices through to multi-floor or whole buildings. Aldridges can support its clients on the best option.
Aldridges clients often find that getting banking facilities in the UAE organised is a whole lot more complex than it would be elsewhere and that there is a difference between advertised services and actual offerings. Aldridges can help with account opening and maintenance.
Aldridges has substantial experience in managing the visa process for our clients, including the Golden (10 year) Visa for senior staff and business owners. Working closely with the client’s Human Resources department, Aldridges submits the necessary paperwork to the relevant authorities within the UAE and guides the individuals through the process. This service extends to registered “dependents” of the client’s staff which provides valuable support to the families of the expatriate employees. Aldridges can also manage the application for EIDs that are tied to all visas.
Aldridges has a number of clients who use our core services (GM and Directors) during the close down process. We are both more cost effective than maintaining a full time member of staff whilst that happens – particularly it is a drawn out process due to litigation, debtor management etc – and also understand how to manage the relationships and communication between our clients, their advisors, liquidators and so on, as well as managing the banks and, where necessary, dealing with the repatriation of funds or other assets.
Whilst not every UAE licensing authority explicitly requires companies to maintain accurate/up to date bookkeeping and management accounts there is a stipulation in UAE Law (Commercial Companies Law and new Tax Law) for companies to keep accurate accounts for at least 5 years. Furthermore some licensing authorities require that accounts are audited on an annual basis and submitted to the authority for inspection. Aldridges is able to manage this activity and, where required, works with a number of qualified auditors to ensure returns are accurate and submitted on time.