It is well known that the UAE is a popular and attractive destination for entrepreneurs and investors from all around the world. However, the UAE also has some attractive options for the local citizens as well.
One such option is the Partnership in Commendam company formation where two UAE nationals are required. Additionally, there are various benefits to this organization that we are going to look into today.
Partnership in Commendam is an established request comprises of one extra joint prevalent buddy whose obligation for the liabilities incorporates their advantages.
The Partnership in this kind of an organization comprises of some other in order aim’s associate whose capital proportion interest covers his obligation closer to liabilities jointly responsible for all income or misfortune acquired.
What is Partnership-en-Commendam in Dubai?
The Partnership in Commendam company formation in Dubai is a unique type of company structure. This is because it is a combination of a general partnership and a limited liability company. Additionally, it will also have all the benefits of starting a business in the UAE like tax exemptions, full repatriation, etc.
Here are the two types of partners that a Partnership-en-Commendam company formation in the UAE will have:
- General partners will have unlimited liability and will be responsible for the company’s profits , losses and obligations.
- Limited partners will have limited liability and will receive profits and losses according to the respective shares they have in the company.
This setup allows the general partners of the Partnership-en-Commendam company to raise funds for the business without losing a majority of the ownership of the company.
What are the Process of Partnership-en-Commendam Company Formation?
The process of starting a Partnership-en-Commendam company formation in Dubai is straightforward. However, if this is your first time starting a business in the UAE, then you might feel a bit lost.
But do not worry, because Company Setup experts are here to help you out. All you need to do is provide the required information and documents and we will handle the rest.
Here are the steps you need to follow in order to set up your own Partnership-en-Commendam company formation in Dubai:
1. Select the Business Activities You Want to Perform
The first step of starting any business in the UAE is to select the business activities you want to perform through your company. This is because the business activities will determine which business trade license you need to apply for.
The most popular business trade licenses in the UAE right now are the Commercial Trade License, the Professional Trade License, the Industrial Trade License, and the Tourism Trade License.
2. Select a Trading Name for the Company
You need to select a trading name for the company. However, keep in mind that you need to select the name according to the regulations set by the government. If you avoid any racial or inappropriate words in the name, then you will be fine. Additionally, you need to select a name that is unique inside the UAE.
3. Select an Economic Jurisdiction
There are three types of economic jurisdictions in the UAE, each with its own advantages. They are the mainland, the free zones, and the offshore companies. Take your time and research to find out which economic jurisdiction will be best for your needs.
The best economic jurisdictions for UAE nationals to start a Partnership-en-Commendam company are the mainland and the various free zones that can be found all over Dubai.
Read More: Partnership-en-Commendam Company Formation
