To start a business in Umm Al Quwain (UAQ), you must first choose a suitable business structure. There are a variety of options to consider. The following is a list of the various corporate entities that are permitted in the UAQ:
Limited Liability Company: It's also known as an LLC, and it's the most popular way to start a business. A minimum of two and a maximum of fifty partners are required for this type of setup. Each partner is only liable to the extent of their capital shares.
Partnership Company: Two or more partners are jointly liable for all of the company's obligations in this type of business structure.
Joint Venture: This type of business is set up in UAQ with two or more partners sharing profit and loss. And the company is limited to the partnership relationship; it does not apply to others.
Public Joint Stock Company: The capital is divided into shares with equal value in this type of structure. The partner is only liable to the extent of its contribution to the total money; in such a business, the capital share must be at least ten million Dhs.
Private Joint Stock Company: This type of business requires at least three founding members, who must be fully subscribed to the founding capital and responsible to the extent of their capital shares.
PROCEDURE
Short approval times and short waiting periods make business setup in Umm Al Quwain more accessible. If you're looking for a quick UAQ company registration, here are some quick steps to take.
CHOOSE A BUSINESS: The first and most important step in starting a new business is to finalize the business activity, as this will lead to the license being completed. To obtain a business license, you must first choose an activity. One cannot operate a business without a license.
SELECT AN OFFICE SPACE: This step is all about deciding on a place to work. You are free to choose any location that suits you and is suitable for your work. A variety of work environments are available, including an office, warehouse, workshop, or land. What you want is determined by what you like or require.
FILL APPLICATION FORM: An application form must be completed and submitted to the authorities in this case. You will receive an invoice after submitting your application. The aforementioned sum must be paid to expedite the business registration process in Umm Al Quwain.
REGISTER FOR LICENSE: After you've paid the fees, you can apply for a business license. The authorities will ask for certain documents, which must be submitted. You will be able to easily apply for a residence visa after receiving the license, and you will also be able to open a bank account for yourself.
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