A large number of individuals want to start businesses and establish their own companies in the United Arab Emirates, so they need to know the procedures for establishing a solidarity company in the Investment Authority, and the Emirates is one of the fastest growing countries in the world, it is full of opportunities that make it suitable for investment, as well as It has great investment potential, and in this article we will talk about the procedures for establishing a partnership company at the Investment Authority 2022.
What is a solidarity company?
It is one of the types of people company, which is basically based on mutual trust between the partners, and it is a company established by at least 2 people in order to practice a certain business activity.
The liability in joint liability companies is joint and personal for the debts of the company, which means that in the event of any debts owed by the company, it will be paid from the funds of the partners themselves.
In terms of ease or difficulty of incorporation, we find that solidarity companies are one of the easiest types of companies that can be established, and it is easy to adjust the capital in them and acquire the status of a merchant.
Procedures for establishing a solidarity company 2022
There are a number of basic procedures that must be followed when wanting to establish a partnership company. The following are the most important procedures for establishing a partnership company, and individuals must follow when establishing a partnership company:
- Writing the company’s contract and a summary of the contract through a lawyer, and then a legal review of the company’s contract and summary, in order to verify the terms and seal the contract.
- Copies of passport and valid ID for partners and directors.
- Initial approval certificate from the department.
- Company name registration certificate.
- No objection certificate from all partners.
- The official address of the company
Steps to establish a partnership company in the Investment Authority 2022
In order to be able to establish a partnership company at the Investment Authority, there are a number of basic steps imposed by the United Arab Emirates regarding the establishment of a partnership company at the Investment Authority, and these steps are:
- Determine the nature of the activity that your company will practice.
- Determine the legal form of your company.
- Register your company’s trade name.
- Submit an application for initial approval for your company.
- Providing articles of incorporation and local service agent agreement.
- Determine the location or address of the business
- Obtaining all additional government approvals.
- Submitting the documents for establishing a partnership company with the Investment Authority and paying the fees.
The cost of establishing a partnership company in the Investment Authority 2022
After we got acquainted with the most important procedures for establishing a partnership company at the Investment Authority, you may be wondering about the costs involved in the process of establishing a partnership company at the Investment Authority, and the total costs are on average 5000 dirhams.
There are many official and private agencies that can assist you in the procedures for establishing a partnership company at the Investment Authority, and establishing your own partnership company at the lowest possible costs, and it will perform all the required procedures on your behalf.
Communicate with the Department of Economic Development
The establishment of a solidarity company has become much easier, due to the great facilities that were included in the procedures for establishing a solidarity company in the Investment Authority, and this is due to the desire of the Department of Economic Development to help business owners in launching and developing their businesses without going through a long process.
The economic development in the United Arab Emirates provides more than one way to communicate with it and inquire about all procedures for establishing a solidarity company at the Investment Authority, and the following are the most important ways of communication:
- Phone number: +971 4455 5554
- Official website: here
It is possible to communicate with the Department of Economic Development throughout the week, from seven thirty in the morning until ten in the evening, and there is a group of specialists ready to answer all questions.