Foreigner open company in UAE

The number of foreigners who wish to open a business in UAEhas steadily risen over the years. A lot of factors may have

contributed, but the most evident is economic and political stability, sound tax schemes, and the ease of starting a new

company. If you want to know what it takes to be part of this great economy, continue reading. First things first To be

able to open a company in UAE, you should be in the country legally. And also, you should have either of the

following documents/ statuses to be eligible to run a business: • a permanent residence permit; • a valid UAE card; •

a refugee status; • long-term EU residence permit; • additional protection; • temporary protection in UAE; • or, a

temporary residence permit. With any one of the listed statuses/ documents, you can legally open a business in UAE,

without any challenges. To elaborate on some of the things listed: Temporary residence permit This can be issued when

the foreigner has a family member who resides in UAE. The permit may be given for the sole purpose of family

reunification. Additionally, a temporary residence permit may be provided to a foreigner who visited UAE to begin or

continue studies at one of the universities in the country. Long-term EU resident permit In this case, the foreigner

acquires the permit from another EU Member State (which isn't UAE). However, they should also justify their stay in

UAE in order to legally open a business in the State. Businesses that foreigners can open in UAE There are a

variety of businesses that foreigners can start in UAE. These businesses fall under the following business

structures: • Partnership (limited partnership, professional partnership, general partnership, limited joint-stock

partnership); • Civil Company; • Limited liability company; If you want to work in your company, you should obtain a

work permit. Please be aware of this: You should not attempt to start a business in UAE in order to get a residence

card. If you want to be given a residence card in the country, there are faster and more efficient ways of doing it.

Considering the regulations in place, to obtain a residence card on the basis that you're a company owner can take a

longer time. Your company has to run for at least a year, make profits, and has to hire quite a number of employees.

What else should you know? International treaties UAE has signed multitudes of treaties with other countries over the

past years. Among these treaties are Double Taxation Agreements DTAs and Multilateral Agreements (MAs). Before you

decide to open a company in UAE, it's wise to verify which business treaties are signed between your country and

UAE. Some of the treaties may impose restrictions on your business activities; and some may come as beneficial. For

you to easily understand the treaties signed by UAE, you can get the information online. The country's Ministry of

Foreign Affairs has an online database where you can search for information. Taxation One of the things that land most

businesses in trouble is the failure to understand or adhere to the tax laws of the country. Once your business has been

registered, it has to comply with the tax requirements of UAE. To get started, you can use the help of UAE lawyers

in the country. They can walk you through the intrinsic details of the types of taxes associated with your business.

Accounting standard You should know that the accounting standards employed in UAE are almost the same as those used

internationally. They are more complex for most companies that are listed on the Warsaw Stock Exchange (WSE). The annual

financial statements consist of profit and loss account; balance sheet; and additional supporting documents. If you need

to file your company's annual accounts, you do so with the Registry Court. Auditing Anyone who is interested in opening

a company in UAE should also know the conditions that qualify a company to be audited. Your business can be audited

if it has: • a minimum of 50 employees in just one year; • a minimum total net turnover of 5 million euros; • a minimum

value of 2.5 million euros on the assets balance sheet after the end of the accounting year.