The Middle East, a melting pot of diverse cultures and ethnicities, offers lucrative opportunities to the business owners looking to earn big bucks. Each year more and more foreign businesses are attracted to the land because of not just the huge market but also the number of opportunities the countries have laid out in order to attract such businesses.
In fact, the process of registering your venture as a foreign company is also rather easy and simple, and you get to have complete control over your business. All you need is to get in touch with a national service agent who will be your liaison in the area. So, if these prospects have also attracted you to the region.
Steps to Register a Foreign Company in the Middle East
- Filing for a business license
The first thing that the investor needs to do is file for the business license to the Ministry of Economy and Commerce. Besides this application, the foreign company also needs to submit the Service Agent Agreement, which clarifies whether the agent is from UAE or if the company is completely owned by a UAE national.
- Forwarding the application to the Economic Department
The Ministry forwards the application to the Economic Department for further proceedings. The process starts with the agreement between the business license and the agent. The aim of doing this is to make sure that the foreign organization feels safe with the consent of the local government. You will need to have that approval from a local government in order to run your business in the Middle East.
- Forwarding the application to the FFC committee
After the job of the Economic Department is done, the application is forwarded to the Federal Foreign Companies (FFC) Committee. At this stage, the important thing to establish is the nature of the business. The business needs to have the approval of the Ministry of Economy and Commerce. It is important to mention in this regard that there are a couple of activities that are prohibited in the Middle East. So, before you start any of the procedures, you should check whether or not you are in a business that is allowed in the region.
- Securing the license from the Ministry of Economy and Commerce
After the FCC Committee approves your proposal, you are eligible to secure the license from the Ministry of Economy and Commerce. The Ministry will thoroughly verify your request before issuing you the license. The license will come with all the instructions on the prohibited and valid activities in the region. It will clearly state the activities that you are allowed to undertake in the region.
- Collecting the license from a branch office
The Commercial Registrar from the Economic Department permits the branch office to issue the license, and you can collect it from the branch office.
- Collecting the registration certificate from the respective authorities
You have reached the final step of registering your company in the Middle East. The Certificate of Registration will be issued by the government and sent to the respective authorities. It signifies that the foreign company is now registered, and it can start its operations in the region without any further hassle.
Hopefully, now the steps of registration in UAE are clear to you, and you can start the process of registration.