Define which Business you are opening up?
The business which I would like to open within UAE is Real Estate developer as Public Joint Stock Company. The business of Real Estate is the profession of buying; selling, buildings or housing, or renting land, and having it open as public joint stock company it’s with much more benefit. The public joint stock company is a business entity which is owned by shareholders. The shareholders of a public joint stock company are liable only to the value of their shares in the capital of the company.This allows for the unequal ownership of a business with some shareholders owning a larger proportion of a company than others.Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.
List Down the business requirement for the specific business company you are starting and include whether you are a GCC National, Expat, etc. starting up the business?
For opening real estate developer as an Expat in a way of public joint stock company there are some laws for real estate developer and even public joint stock company. The laws for public joint stock company which should be taking care ofare:-
1. In public joint stock company the legal liability are limited to share
2. The nominal value of each share of a public joint stock company should not be less than Dhs 1 and not more than Dhs 100
3. The minimum share capital should be 10 million
4. The number of persons required should be minimum of 10 founder members
5. A public joint stock company is required to have a chairman of the board of directors who must be a UAE National.
6. At least 10 percent of the net profit should be allocated to a reserve account until such reserve account amounts to half of the total paid-up capital of the company.
7. UAE nationals should hold at least 51% of the shares of the public