Sole proprietorship

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UAE, with its constant strive for enhancing its position in the global market as a hub for global innovation, sustainability, entrepreneurship, and many more has launched many strategies. UAE’s readiness to adapt to the rapid global shifts and confront the challenges faced has accelerated its growth as a business hub in the MENA region.

This has in turn created boundless prospects, an ideal situation for many professionals to create a market of their own. Professionals can start a firm of their own in Mainland setup in Dubai, under Sole proprietorship through the Dubai Economic Department (DED). Under Sole Proprietorship company, a professional can be the single owner with 100 % ownership to his/her business with assistance from a local service Agent.

Gains while starting a Sole proprietorship

Under mainland license category, sole proprietorship has one of the economical startup costs.

Foreign nationals can obtain complete ownership of their business and you can the entity with just one shareholder

A professional can practice their service anywhere in UAE, with no regional exemptions. Hence the reach for your potential clients is maximized.

Though there is no requirement for paid-up capital, one can open a corporate bank account in UAE under this license.

Establishing the Sole proprietorship in UAE

Reserve your trade name according to your professional activity
Get the initial approval from the Dubai Economic Department (DED)
Submit the documents requisite along with the application business application form and signature credentials
Payment of the license fee and acquire the registration of license

Assistance of Yes Dubai

Though the sole proprietorship gives a head start for bussing entrepreneurs, they might see past certain points that might shoot back. Following points can be asserted while starting your licensing.

The complete ownership of the entity comes with associated financial liabilities
A reliable or trustworthy Local Service Agent (LSA)
Certificates seconding your qualification of services you have chosen to provide through your business
The limitations on the number of managers to be appointed

In layman terms, all these can be technical jargons difficult to dissertate, hence an expert like Yes Dubai, one can be confident enough to get their venture up and starting at the earliest.