It is well known that the UAE is a popular and attractive destination for entrepreneurs and investors from all around the world. However, the UAE also has some attractive options for the local citizens as well.
One such option is the Partnership in Commendam company formation where two UAE nationals are required. Additionally, there are various benefits to this organization that we are going to look into today.
Partnership in Commendam is an established request comprises of one extra joint prevalent buddy whose obligation for the liabilities incorporates their advantages.
The Partnership in this kind of an organization comprises of some other in order aim’s associate whose capital proportion interest covers his obligation closer to liabilities jointly responsible for all income or misfortune acquired.
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What is Partnership-en-Commendam in Dubai?
The Partnership-en-Commendam company formation in Dubai is a unique type of company structure. This is because it is a combination of a general partnership and a limited liability company. Additionally, it will also have all the benefits of starting a business in the UAE like tax exemptions, full repatriation, etc.
Here are the two types of partners that a Partnership-en-Commendam company formation in the UAE will have:
- General partners will have unlimited liability and will be responsible for the company’s profits , losses and obligations.
- Limited partners will have limited liability and will receive profits and losses according to the respective shares they have in the company.
This setup allows the general partners of the Partnership-en-Commendam company to raise funds for the business without losing a majority of the ownership of the company.
What are the Process of Partnership-en-Commendam Company Formation?
The process of starting a Partnership-en-Commendam company formation in Dubai is straightforward. However, if this is your first time starting a business in the UAE, then you might feel a bit lost.
But do not worry, because Company Setup experts are here to help you out. All you need to do is provide the required information and documents and we will handle the rest.
Here are the steps you need to follow in order to set up your own Partnership-en-Commendam company formation in Dubai:
1. Select the Business Activities You Want to Perform
The first step of starting any business in the UAE is to select the business activities you want to perform through your company. This is because the business activities will determine which business trade license you need to apply for.
The most popular business trade licenses in the UAE right now are the Commercial Trade License, the Professional Trade License, the Industrial Trade License, and the Tourism Trade License.
2. Select a Trading Name for the Company
You need to select a trading name for the company. However, keep in mind that you need to select the name according to the regulations set by the government. If you avoid any racial or inappropriate words in the name, then you will be fine. Additionally, you need to select a name that is unique inside the UAE.
3. Select an Economic Jurisdiction
There are three types of economic jurisdictions in the UAE, each with its own advantages. They are the mainland, the free zones, and the offshore companies. Take your time and research to find out which economic jurisdiction will be best for your needs.
The best economic jurisdictions for UAE nationals to start a Partnership-en-Commendam company are the mainland and the various free zones that can be found all over Dubai.
4. Get the Initial Approval from the DED
If you want to start your Partnership-en-Commendam company formation in Dubai mainland, then you need to get your trade license from the Department of Economic Development in Dubai. The first step is to get the initial approval from them by providing the necessary information in the application form that they will provide.
5. Get an Office Space
The Ejari and the tenancy agreement are mandatory documents required by the Department of Economic Development in Dubai. That is why you need to get an office space when starting your company.
However, if your business does not require physical space for operation then you can opt for a virtual office. Other than that, the most popular types of office spaces in Dubai are serviced offices, coworking spaces, and shared office spaces.
6. Get the External Approvals
You need to get a few external approvals from various government bodies and agencies depending on the business activities you chose. For example, if you are starting a saloon then you need to get the space approved by the Planning Section in the Dubai Municipality.
7. Provide the Necessary Documents
You need to provide a few documents for regulatory purposes. The documents that you need to provide will depend on the business activities you chose. However, there are a few documents that are commonly required like passport copies, visa copies, and Memorandum of Association (MOA).
These documents will help connect you to your business so that you can seek legal assistance should the need arise.
8. Complete the Payment and Receive the Trade License
After you have provided the required documents to the Department of Economic Development in Dubai, they will provide a payment voucher. After that, you need to complete the payment connected to that payment voucher. If everything checks out, they will provide the trade license to you within a few days.
Benefits of Partnership-en-Commendam Company Formation
There are several of starting a Partnership-en-Commendam company in the UAE. Additionally, there are numerous inherent benefits of starting a business anywhere in the UAE.
This is because the government of the UAE has undertaken a long-term plan of changing the economic focus of the country from the oil and gas industry. As a result, they are providing various benefits to people looking to start their business in the country.
Here are the benefits of starting a Partnership-en-Commendam company in the UAE:
- Raise funds easily
- More versatility
- Tax benefits
- Ownership benefits
- Better profit and loss sharing
- World-class infrastructure
How can Company Setup Cconsultants help you?
If you want to get started with your Partnership-en-Commendam company formation in Dubai but you do not know where to get started, then you are in the right place. This is because Company Setup Consultants have started various types of companies all over the UAE.
As a result, they have the necessary knowledge and expertise required to start your business without any hiccups. Contact us today and hit the ground running.
To Speak with our Experienced Business Consultants for further information and assistance, call us at +971582595164. Send a WhatsApp Message for Chat Query on +971 582595164 or email us at info@companysetup.ae.
