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Every entrepreneur who is planning to start a company in Dubai has got two options, one is to set up a company from scratch and another option is to buy a shelf company. For the former, one needs to apply for registration and await for license approvals for the business activity. For the latter, these formalities are not required. As the name suggests, a shelf company is a company that is formed and kept on the shelf for a future potential sale. By buying such a company, one can save time in the business setup processes such as documentation and registration.
By choosing a shelf company, you can save your precious time getting approvals and certifications from the regulatory authorities. It also reduces the initial cost of company incorporation.
Banks and financial institutions are more ready to offer funds for an established company rather than a startup.
Many bidding processes in UAE require companies to have a minimum duration of establishment before starting bids on government projects. By owning a shelf company, you can directly bid on projects.
A shelf company in UAE has a long operating history that helps retain a solid corporate image and credibility in the market.
By buying a shelf company, you can get business visas and employment visas quickly.
Choosing the right shelf company is a difficult procedure as the list of shelf companies in Dubai is extensive and certain verifications need to be made. It can lead to future complications, if bank records, debt, and obligations are not thoroughly checked before transferring a shelf company from owners.
The Articles of Association should be changed with the names of new owners and shareholders. Then, the business owner can change the trade name of the business and amend the company’s share capital according to the activities. Apart from these, the company may need to apply for the necessary business license, for example, a trading or an industrial license. All changes should be notified to the Trade Register in Dubai.Free zone companies can enjoy 100% ownership for all business activities. There is no need for a local service agent or sponsor.
Polestar Advisory Services can assist you with the selection of a shelf company, its evaluation and offer all the necessary guidance in the process of business transfer of the ownership,getting necessary business licenses, making changes to necessary documents, etc. Contact us to know more.