Using nominee services to fulfil corporate functions is a very common and useful practice when incorporating in the UAE. Local UAE nationals are required by law to occupy some corporate roles in certain scenarios. They can also act as nominee directors, shareholders, nominal staff and more while having no beneficial or executive rights in the company but solely carrying out the directions of the beneficial owners who may live abroad. Nominees can shield the identities of beneficial owners from non-governmental inquirers and confirm that the business is managed from the UAE in order to comply with the Economic Substance Act.
You might need Nominee Services for your UAEbusiness to perform the following tasks:
To register amainland company
Provision of a local partner or agentas well as other nominal suitably qualified staff needed to fulfil the licensing criteria for a company.
- A number of commercial licenses - for example, investment and finance activities - require a local partner with a 51% share
- To obtain a professional license the company must contract a local UAE agent, who is not a shareholder, to perform the application process.
- To obtain some special licenses the company must agree labor contracts with staff who are UAE residents with verifiable relevant education and work experience.
To confirm economicsubstance
Provision of a nominee director andnominal staff to prove economic substance in the UAE and that the company is managed in the UAE.
- Senior management who reside permanently in the UAE proves that the businesses are actually managed from within the territory of the Emirates.
- Having UAE residents as key employees of the company proves that the vital control and management decisions occur in the Emirates territory.
- Outsourced technical staff employed in the UAE proves the rationale for the economic substance of the company in the Emirates.
To perform specialfunctions and tasks
Nominee services help to keepbeneficiaries’ information, and their interest in a business, confidential, and to hold non-affiliated entities.
- Having nominee directors submit documents to trading partners means information about the actual owners will not be revealed.
- Increasing the shareholding of the nominee shareholders in a business makes it possible to avoid the requirement of a CFC declaration.
- Nominee services make it possible to use the transfer pricing principle and perform settlements between affiliated entities.
All SORP Group’s services are highly professional and fully licensed. Before beginning a client engagement we sign a Non-Disclosure Agreement. Nominee relations are formalized under executive Nominee Services Agreements that ensure safety for both parties and are drawn up in accordance with the standards for international expertise.
SORP Group’s solutions for comprehensivesupport of your company in the UAE
Company registrationand obtaining relevant licenses
We are registration agents forseveral Free Zones. SORP can process incorporation quickly and smoothly, and for local (mainland) businesses too.
Renewing yourcompany’s business licenses
We can represent you in front ofrelevant regulating UAE authorities for the obligatory annual renewal of licenses and all permissions to operate your business.
Registeredaddress in Dubai for your business
Rent an office or a flexi deskin our 54000 sq. feets of prime office space. Get a prestigious address, help with licensing and space for staff in SORP BC.
Opening corporatebank accounts in the UAE
We guide you through Know YourCustomer procedures with your choice of leading UAE banks. Our know-how gets things done fast with top quality support.
Confirmation of thecompany’s economic substance
Proof of conducting an economicactivity at the place of registration, ownership of a local management control unit and tax residency (tax domicile) confirmation.
Outsorcing thecompany’s admin business processes
It makes sense to use SORP’sexpert professional administrative, recruiting, accounting, PRO and tax competencies, saving the cost of employing highly-paid personnel.
Make best use of SORP’s specialcrisis-management solutions
Local agent or partner
Provided for a one-year period whensetting up a company and renting an office in our Business Center
Tax, accounting and legal support,assistance in obtaining a residency visa in the UAE
‘Virtual Office’ package
Provided to hold meetings withpartners if ordering the nominee services offered by SORP Group.
SORP Group is your reliable partner ready to assistyou in starting a successful business in the UAE
SORP offers comprehensive support for acquired companies and their shareholders: from licensing, maintaining Bank accounts to obtaining the status of a tax resident of the country
Your requirements are unique. That is why we treat every business individually to tailor the right services to achieve your priorities.
15 years of successful work
We have helped thousands of clients acquire, build and develop businesses in the UAE
Assistance in choosing a bank that is suitable for your purposes, support with bank accounts opening and passing KYC procedures (know your customer).
Get a consultation withSORP Group experts
SORP Group’s experts follow the latest global trends and developments very closely indeed, and are ready to provide highly professional support for your business.
Contact our specialists and get prompt assistance in choosing the best fit solution!