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An Indian company or Entrepreneurs intend to incorporate a company in the UAE can choose to set up operations as a branch, representative office or registered company, or it can appoint a commercial agent to sell its products in the UAE market or export them. New companies can also choose to conduct their activities from a Free Zone, which is a designated, self-regulated area set up to catalyse economic activity within an emirate and is governed by its own set of rules and regulations. There are around 40 Free Zones in the UAE, with more under development. Foreign ownership restrictions are contained in the Commercial Companies Law (CCL), which requires that UAE nationals or their wholly owned companies hold a minimum of 51% of the shares of all companies established in the UAE. The CCL provides for the establishment of the following business entities for foreign investors: joint stock companies (JSC), limited liability companies (LLC), unincorporated joint ventures and branch offices of foreign companies. The CCL does not apply to companies that are established in the free zones. It is important to have a full understanding of your options before deciding how to establish your company’s presence in the UAE. Overall growth for your company in the UAE can be hampered by making the wrong choice, so consider the following points when deciding the best structure for your needs.
In addition to fulfilling statutory obligations like GST and Income Tax, private limited companies are mandated to adhere to certain regulatory requirements outlined in the Companies Act. These obligations are crucial for maintaining transparency, accountability, and legal standing. Failure to comply with these obligations can lead to penalties and legal repercussions. Here are the key compliance requirements that a private limited company must address without delay:
Within 180 days of incorporation, it is imperative for a private limited company to file the Commencement of Business (COB) e-form INC 20A. This form signifies that the company has commenced its operations and is actively conducting business as per its memorandum and articles of association.
A practicing Chartered Accountant must be appointed as the Statutory Auditor to audit the company's books of accounts and issue audited Annual Financial Statements. This ensures that the financial records are accurate, reliable, and compliant with regulatory standards.
The company is required to file various annual forms with the Registrar of Companies (ROC) to report its financial performance, management structure, and other relevant information. These forms include the Annual Return, Financial Statements, and other documents as prescribed by the Companies Act.
Directors of the company are obligated to undergo electronic Know Your Customer (e-KYC) verification, which involves providing updated personal and professional information. This process helps in maintaining the authenticity and integrity of the directorship
For startup companies, it's essential to allocate additional funds, approximately Rs 40-50K annually, for audit expenses and ROC filings. This financial provision ensures that the company can fulfill its compliance obligations without financial strain. By diligently adhering to these compliance requirements, private limited companies can operate smoothly within the legal framework and uphold their reputation in the business ecosystem.
After Company incorporation, you will receive below documents
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