Single Owner LLC Formation
in Dubai
Dubai is the world’s best marketplace for investors and thriving businesses. The pace of business growth in Dubai is also remarkable. If you want to do business in Dubai, prepare yourself for the outstanding benefits that can be achieved through a business setup in Dubai. Dubai encourages investors and businessmen from various parts of the world by providing a wide range of facilities and different options for setting up your company. Single Owner LLC Formation in Dubai is one of them.
What is Single Member Limited Liability or SMLLC?
Single Owner LLC is also known as a Single-Member Limited Liability Company (SMLLC). If you’re the sole owner of an LLC, then you will be eligible for a single-member limited liability company (SMLLC) formation. Single Member Limited Liability Company or SMLLC gives any individual the right to own 100% of your business. It provides single owners with limited liability protection and tax benefits.
If you have a Sole Proprietorship in Dubai you can convert it into an SMLLC with the help of a business setup consultant in Dubai. It is an alternative to a sole proprietorship company in Dubai. A Single Owner/Member Limited Liability Company or SMLLC should be treated as a separate commodity to get complete liability protection.
All commercial, industrial, tourism, and professional activities(except consulting activities) will come under Single Owner LLC or SMLLC.
How to Setup a Single Owner LLC in Dubai?
- Choose and register your trade name
- Preparation of MOAA – Memorandum of Articles & Association
- Prepare Establishment Card
- Get the Single Owner LLC license
- Apply for a corporate bank account
- A One-Person Company LLC registration in Dubai can be started and owned by a GCC or UAE national or UAE resident.
- UAE or GCC establishment or organization having 100 percent ownership by UAE or GCC nationals.
According to the new UAE law, a local sponsor has not required to set up a Limited Liability Company in Dubai except for some activities. And a foreign owner can have 100% ownership of his/her LLC company.
- Attested photocopy of the owner’s or shareholder’s passport
- Residential Proof
- Authentic and personal information about the owner/shareholder
- The name of the business you intend to launch
- Memorandum of Agreement (MOA) signed by a notary public,
- A list of the company’s owners (if any)
Benefits of Single Member LLC
- An individual can become 100% owner/director as well as a shareholder of the company.
- A single owner is free to make any decisions for the company’s progress.
- Can add new employees as and when needed
- Increased liability protection.
- Flexible income tax filing. The owner can either be a sole proprietor or a corporation for filing the tax.
- It broader the range of business activities. It makes it easy for individuals to connect and link.
- The owner can freely pass the ownership to others like his family members.
- The assets of the members remain protected from liability.
- If you are not a UAE national it provides you with a three years residence visa.
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Single Owner LLC has several advantages when compared to a sole proprietorship company. An SMLLC provides the company to be managed by a single owner. The owner of the company may, at his own risk, look after the affairs of the company as well as limit his liabilities.
If you want to be a single owner and looking for an SMLLC or a Single Owner LLC Formation in Dubai you can contact Booming Bytes Business Consultancy for our professional business setup services in Dubai. Take free consultations with our experienced business setup consultants and get ready for setting up your business in Dubai.