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Limited Liability Company (LLC) in Ajman - ChoiceUAE.com


Limited Liability Company - Ajman

Limited Liability Company (LLC) in Dubai

Ajman located alongside the Gulf of Persia and situated between Sharjah and Umm Al Quwain, Ajman constitutes one of the seven Emirates of the United Arab Emirates (UAE). Spreads across an area of 260 sq km (100 sq mi), with a population of 8.5 lacs it is the smallest emirate both by area size and by population.

Ajman has been a part of the United Arab Emirates since 1971 and has benefitted to a huge extent with the union of the emirates.

Recently the area witnessed a real estate boom owing to the freehold property ownership concept just like Dubai and got major investors both local and international.

During the late 90’s industrial, trading and building uprising greatly influenced the infrastructure development of this Emirate which resulted in increase in the trade activity and sky-rocketed the property investment average during the last years.

Ajman also hosts agricultural land with fishing and date-trees cultivation in abundance and provides basic means of sustenance to the local population. Ajman also controls a small inland exclave named ‘Masfut’ under its jurisdiction, which is primarily an agricultural stretch.

Ajman has established itself as a favourable destination for property investors and real estate developers mainly due to transparent taxation system and robust infrastructure and state of art development and this reflected today in their stately buildings and world class road network.

Establishing a Limited Liability Company in the Emirate of Ajman

The registration procedures consist of numerous phases described as below:

Initial approval from Department of Economic Development, Ajman [DED]

The first and foremost step is to obtain a necessary trade name approval and submit the Registration & Licensing Application Form [duly completed and signed by all partners] with DED, Ajman for obtaining their initial activity approval for the LLC along with the following documents:
• Passport and family book copy of the UAE national partner
• Passport copy of the expatriate partner.
• NOC for the expatriate partner (in case he has an existing UAE residence visa)
• Passport copy of the expatriate manager [in case different from the partner]
• NOC from the sponsor for the manager [in case he has an existing UAE residence visa]
• If a company will be the 49% partner in the LLC, then corporate documents would be required including Memorandum & Articles of Association, Certificate of Incorporation, Share Certificate and a Board Resolution resolving to set up business operations in Ajman and for appointment of the representative and power of attorney for signing the documents on behalf of the company
• Passport copy of the representative of the Company.

Note:
Corporate documents listed above including Memorandum of Association, certificate of Incorporation, Board resolution and Power of Attorney of the corporate entity need to be notarized and attested by the UAE Embassy in the country of origin. These documents will further need to be attested by the Ministry of Foreign Affairs, Ajman. All corporate documents should be duly translated into Arabic and attested by the Ministry of Justice in Ajman.

Notarisation of Memorandum of Association
Subsequent to the initial trade name and activity approval from DED one would need to prepare and notarize the Memorandum of Association. It is pertinent to note that all the partners or representatives of partners should be present before a Notary Public, Ajman to sign such Memorandum.

Obtaining a tenancy contract
Once the initial trade name and activity approval from DED is obtained, you can simultaneously locate an appropriate commercial premise for carrying out the activity. It is always advisable to obtain a preliminary approval from the Planning Section before signing the tenancy contract and making the payments Furthermore, all lease agreement should be registered with EJARI under Real Estate Regulatory Authority (RERA). Typically the registration with EJARI is processed by the landlord at the time of signing the tenancy contract.

Submission to DED for obtaining license
Thereafter, the business premises are inspected, if relevant. Subsequently, the following papers along with the documents mentioned for activity approval, needs to be submitted to DED, Ajman:
• Approved Registration & Licensing Application Form
• Initial trade name and activity approval provided by the DED
• Notarised Memorandum of Association of the LLC
• Copy of the tenancy contract, Affection Plan, DEWA receipt for the office premises and EJARI Registration Once all documents and papers are accepted and verified, the DED will issue the payment voucher for obtaining the commercial license for the LLC.

Set up costs
The cost for setting up a LLC in the Emirate of Ajman is mentioned in Annexure A.

Time Frame for formation of the LLC
We estimate a time frame of about 10 to 12 working days from the date of receiving the relevant documents to complete the entire process and obtain the license for the LLC.

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