Tuesday, 7 August 2012

Partnership firms Comoan Formation in Dubai . (l.l.c)

This type of company is the most important for non-national partners. The law provides that the share capital of the limited liability company should not be less than Dhs. 150,000/- however, Dubai made the minimum share capital Dhs. 300,000 (Dirhams Three Hundred Thousand only).

The shares of such companies are not open for subscription by the public and are not negotiable. Non-national partners are permitted to hold shares not exceeding 49% of the capital.

However, profits may be divided on other ratios agreed upon, taking into Consideration efforts of non-national partners in management, provision of technology or expertise. The foreign partner may undertake management of the company.

Conditions for establishing LLC

1. The number of partners should not be less than two and not more than fifty.

2. The objectives of the company should not include conducting the business of insurance, banking or investment of money for others.

3. The capital should not be less than three hundred thousand Dirhams (Dhs. 300,000) and it should be divided into equal shares whose value is not less than one thousand Dirhams each. This share shall not be represented by negotiable instruments.

4. The shares of the UAE nationals should not be less than 51% of the capital of the company, taking into consideration the business activities reserved for nationals. Incorporation of such a firm shall be according to the following procedures.

5. Approving the name of the Company

6. Preparation of the Memorandum of Association

7. Authentication of the Memorandum of Association

8. Approval of the Memorandum of Association

9. Inscription in the Commercial Register at the Trade Licensing Department

10. Publishing the Data of the Company

11. Obtaining a Trade License.

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