Things to Remember in Registering a Branch of a Foreign Company.
There are many expat entrepreneurs who think upon and worry about establishing themselves all over again in a new Market scenario. But actually there is a way around to protect their brand and the Goodwill as it is in the new Market by establishing a Branch of a Foreign / Parent Company.
There are n numbers of questions which arise when people start thinking of a branch of a foreign company. This Blog will give the answers to all the queries regarding a Branch registration.
A well reputed organization in the Home country, looking to grow its operation overseas will look at the following factors.
– A Local market presence in overseas gives an insight to identify and exploit the prospects in the Target market.
– A branch will any day give a flexibility to control the operations.
– Evaluating the potentiality of the growth prospects against the required investments.
Considering the regulations of setting up a Branch in Dubai, the external bodies involved in the approvals are the Ministry of Economy and Commerce and the Ministry of Justice in additional to the normal process of establishing a company in Dubai. Before actually starting the process, the first thing to process is getting all the original documents of the parent company to be attested from the Ministry of Foreign Affairs Home Country and UAE Embassy in Home country as this is the basic norm from any foreign document to be valid in UAE. After getting these arranges the same set of documents has to pass the Ministry of Foreign affairs in UAE and the Ministry of Justice for an attestation. This is most important and the must to do process in a branch registration. Along with the Parent companies documents, the Owners of the parent company also need to pass a Board resolution to establish a foreign Branch and appoint a manager to act on behalf of the company. As the Local Language in Dubai is Arabic, all the documents above mentioned will be legally translated to Arabic by a legal Translator.
Once these set of documents are ready, the actual process is initiated by taking the necessary approvals from the Department of economic development, Ministry of Economy and Commerce, Dubai Courts etc. This registration of the Branch Company can be further boiled down to seven major steps.
– The foreign entity will file in the application with the Dubai Economic development, with all the necessary information filled in it.
– This file is then routed to the ministry of the economy and commerce for the further approval on the activity to perform in the local market.
– The authority internally takes the approval from the Federal Foreign Companies Committee.
– After the approvals are attained an approved document is issued from the Ministry of Economy and commerce to proceed with the Department of Economic development by charging the approval charges.
– We can further proceed with the documents to be notarized in the courts for the branch company.
– When finally submitted with all the approvals, the Commercial License is issued from the Department of Economic development.
– Finally a Dubai Chamber certificate and Industry would be obtained for the Branch office to be officially registered.
To run through the whole process an expert advice is very essential for the documentation. We at Flying Colour Business setup services can get the process simplified and hassle free. Contact us at flyingcolour.net or reach us at 00971-4-4542366.
