Company Incorporation
and License Renewal
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, and Aldridges can help our clients select the most appropriate location and license as well as navigate bureaucratic demands of the process.
Aldridges will represent the client at the free zone and ensure the relevant documentation is presented in accordance with the demands of the process. Timely support and engagement with the free zones allow our clients to become up and running in the shortest possible time.
Beyond pure incorporation in the UAE there is a requirement to register with various federal and local authorities; some are mandatory for all companies and some are dependent on the business activities the clients wish to operate within. Aldridges supports its clients by working with authorities such as the Federal Tax Authority (FTA), Customs, Abu Dhabi Business Centre and Department of Economic Development and so on.
Lease Management
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 advise clients on the best option
- An enduring small footprint in the UAE with limited
numbers of full-time employees, - Only a handful of employees as an interim solution as
the business develops into a larger organisation over
time, or - A large representation from Day 1.
Aldridges will represent the client in person at the free zone, when required, to facilitate and accelerate the process as well as ensuring that leases are renewed or cancelled within the required time frames. N.B the type of office/lease selected often has a bearing on the willingness or not of local banks to offer facilities
Bank Account Opening
and Management
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. Key considerations include:
- Pre-existing business banking relationships
- OSource of funds and expected source of incoming
and outgoing payments - Nature of the company’s license and activities
- Nature of the company’s office lease.
- Expected and demonstrable turnover and
average monthly balance - Availability or not of credit facilities
At Aldridges we have spent time with a number of local banks to understand what their actual requirements/ tolerances are and can advise on likely options that will actually be available to our clients and help them manage the process of finding banking and maintaining good standing more efficiently than may be the case if they did it themselves.
People Services
Visa
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.
Payroll
The UAE has increasingly robust processes to ensure company’s meet their monthly payroll responsibilities and a failure in this space can quickly lead to sanctions such as license freezing, blocks on future staff recruitment or even restrictions on travel for senior members of staff. With this in mind Aldridges is able to provide a managed solution to ensure payroll obligations are dealt with on time and that any reporting obligations are met.
Accounting
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.
Liquidation Management
and Asset Distribution
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.