Establishment by GCC Citizen
The states of the Gulf Cooperation Council (the UAE, Saudi Arabia, Sultanate of Oman, Qatar, Kuwait and Bahrain) signed the United Economic Agreement in Riyadh on 7th June 1981, with a view to coordinate and unify economic, financial, monetary, commercial and industrial legislations and UAE endorsed this agreement in 1982.
It is conditional as per the Federal Law No. 2 of 1989 concerning permitting the GCC citizen to conduct a business operation in UAE that the investor should be a natural person residing in UAE and practice the required activity by himself and have a license to practice the activity in his country of origin. Procedure overview of llc establishment.
Setting up of Branch of GCC Companies in Dubai
The dept. of economic Development, Dubai has recently released a circular clarifying the procedures of setting up Branches of GCC companies wholly owned by GCC nationals.
The circular stipulates that Branches of GCC Companies shall be required to register only in the DED and the concerned parties shall not refer to the Ministry of Economy, provided other Government Departments’ approvals may be required for the activities in question.