Limited Liability License
Limited Liability License Formation
An LLC License is the best option for business in UAE as it can accommodate almost all the commercial activities in the country. The formation of an LLC company requires at least 2 (& utmost 50) stakeholders. As per UAE law, for a company to acquire an LLC license it should have at least one local partner with a share portion of 51% in the company. However, this local partner can be made a sleeping Partner, i.e., made to be non-active in the decision-making in the company. A sleeping partner will only have the right to the profit of shares he holds.
To apply for an LLC license you will need:
- Trade name of the company
- Registered office location
- Names, nationalities, and addresses of the shareholders
- The share capital of each shareholder
- Names and nationalities of the company managers
- Scheme of distribution of profits and losses, which may not necessarily be in the same proportion as the share capital.