Documents
Individual Shareholder

• Passport copy
• Visit visa or resident visa copy (For resident visa holder, No Objection Certificate will be required from the employer/sponsor).
• Emirates ID (for resident visa holder)
• Options on Trade Name / Company Names (To check their availability)

NOTE: Additional documents may be required for any external approval from other government bodies depending on the business activity.

Employee / Labor Terms

• The Labor Department must open the company’s labor file & issue labor computer card, only after which employees can be hired.
• For the issuance of the labor file, the company to must have a PO BOX & get it updated on the business license.
• For resident visa application & stamping, individuals under the company need to have medical insurance.
• The labor computer card, new PO BOX number & updates, employment visa, medical & emirates ID will be at an additional cost as mentioned below:
  – Labor Computer Card: AED 3,900
  – New PO BOX: TBD
  – Update of PO BOX on license: AED 560
  – Employment Visa: AED 3,000 (refundable deposit) + AED 4,000 approx.
  – Medical & Emirates ID: AED 710 approx. (VIP service will be extra)

Shareholders / Sponsorship Terms

• For sole establishments/ Civil Company, corporate shareholders are not allowed.
• In case of more than one shareholder the company will be a Civil Partnership Company.
• At the time of license renewal, sponsorship fees may increase in case the company holds more than 20 visas.
• For each partner/ investor will be charge AED 500 as partner fee by Dubai Economic Department.
• Additional notary fees will be applicable based on the share capital of the company.
• Wave is not responsible for any delay due to process of Govt. approvals or due to the delay by clients to provide payments/necessary documents.
• Wave is not responsible for any rejection from the Authorities.
• Advance payments are not refundable.
• Sponsorship fee payable at the time of signing MOA / LSA in court.
• Wave is not responsible for any increase in the Govt. fees.

Obligatory Terms

• Few business categories must have approval from designated government authorities. Additional government fee may be applicable.
• To establish a company, share capital / minimum capital must be not less than AED 100,000 (only on papers – This amount is not required to be deposited neither shown in the bank account).
• Leasing office space or a flexi desk is compulsory to obtain the business license from DED.
• For consultancy licenses, the authorized company manager must have a mandatory certification with the American University. In case if the manager is unable to clear the examination for the certification, he / she will have to take up a course & reappear for the exam.
• The cost for the examination & course will be additional as mentioned below:
  – Examination: AED 2,000 approx.
  – Course: AED 10,000 approx.

Nationality Terms

• Certain nationalities may have to undergo security check for business license & visa formality.
• The timeframe to complete the business setup process may increase for selected nationalities due to additional approvals or security check.

Benefits

• Investor Benefits
• Investors have 100% ownership in the company.
• Investor’s visa provides an upgraded status & family benefits.
• Investor can solely monitor the business without any interference of the local Emirati sponsor.
• Investor can benefit as the assets & capital will under the company name and not in the name of the Emirati Sponsor.

Banking Benefits

• Sole investors can freely open a bank account for his / her company.
• Investor has complete authority to operate the bank account.
• The investors will not need the assistance of the local partner to make banking transactions.
• The Emirati partner cannot open a bank account under the company as he will only be a “Local Service Agent” for the company.