
Ownership of Business Organizations in UAE
Flashcard
•
Business
•
University
•
Hard
Scholar Jakhiya
FREE Resource
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104 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What are the steps to starting a business in the UAE?
Back
1. Identify the business activity. 2. Choose the appropriate legal form. 3. Register the trade name. 4. Obtain initial approval. 5. Draft the Memorandum of Association (MoA) and Local Service Agent (LSA) agreement. 6. Select a business location. 7. Secure additional government approvals. 8. Submit all documents and pay the required fees.
2.
FLASHCARD QUESTION
Front
What are the six main categories of business activities in the UAE?
Back
1. Industrial 2. Commercial 3. Professional services 4. Tourism 5. Agricultural 6. Occupational
3.
FLASHCARD QUESTION
Front
What is the legal form of a business?
Back
The legal form determines the structure of the business and the applicable laws and regulations. In the UAE, options include Sole Proprietorship, Partnership, LLC, PJSC, PrJSC, Civil Company, and Branches.
4.
FLASHCARD QUESTION
Front
What is a Limited Liability Company (LLC)?
Back
An LLC is a business structure that combines features of corporations and partnerships, offering limited liability to its owners, with a minimum of 2 and a maximum of 50 shareholders.
5.
FLASHCARD QUESTION
Front
What are the key benefits of an LLC?
Back
1. Limited liability for owners. 2. No double taxation on profits. 3. Flexibility in ownership.
6.
FLASHCARD QUESTION
Front
What is a Public Joint Stock Company (PJSC)?
Back
A PJSC is a company with a minimum capital of AED 30 million, requiring at least 10 shareholders, and shares that are publicly traded.
7.
FLASHCARD QUESTION
Front
What are the requirements for setting up a PJSC in Dubai?
Back
1. At least 10 shareholders. 2. A board of directors with 3 to 15 members, majority must be Emirati. 3. Minimum capital of AED 30 million.
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