Embarking on a business journey in Dubai offers vast opportunities but requires careful adherence to legal requirements. Here’s a concise guide on the necessary legal contracts and documents for establishing a business in Dubai in 2024.
How Legal Contract differs in Dubai?
A legal contract is a legally binding agreement between two or more parties. There must be an offer and an acceptance of that offer, which creates a meeting of the minds. The offer cannot be illegal, and both parties must have the capacity to understand the contract. Consideration, or something of value, must be exchanged for the promise made in the contract. The contract must be in writing and signed by both parties.
Trade License
A fundamental requirement, the type of license needed—commercial, professional or industrial—depends on your business activity.
Memorandum of Association (MOA)
This foundational document outlines the company’s structure, objectives and shareholders' roles. It must be notarised and submitted to the Department of Economic Development (DED).
Articles of Association (AOA)
Complementing the MOA, the AOA details the internal management and regulations of the company.
Establishment Cards
Issued by the Ministry of Human Resources and Emiratisation (MOHRE), these cards are essential for compliance with labor laws and for various administrative purposes.
Shareholder and Partnership Agreements
These agreements ensure transparency and harmonious relations among shareholders and partners, detailing aspects like profit sharing and dispute resolution.
Joint Venture and Investment Agreements
For collaborations and external investments, these agreements specify terms, contributions and profit-sharing arrangements.
Power of Attorney
This document authorises a representative to act on your behalf for legal and administrative tasks.
Lease Agreement
Necessary for renting commercial premises, this agreement should comply with local laws.
Employment Contracts
Legally compliant contracts defining terms of employment are essential for hiring staff.
Sponsorship and Visa Documents
Required for foreign business owners and employees to work and reside in Dubai.
Will and Asset Protection
While not mandatory, a will ensures your business and personal assets are distributed according to your wishes.
The Importance of Having the Right Legal Contracts & Documentation for Your Chosen Business
Having the right legal contracts and documents is crucial for aligning your business structure with its activities, ensuring compliance as per the UAE laws, protecting your interests and fostering trust among stakeholders.
This is where partnering with a seasoned company formation business like Open Hub becomes invaluable. At Open Hub, we specialise in guiding entrepreneurs through the complexities of legal documentation, offering tailored solutions to meet the unique needs of your business. From obtaining trade licenses to drafting MOAs and employment contracts, our expertise ensures a smooth and legally sound setup for your venture.
Open Hub is the best choice for businesses because of our wealth of experience and expertise. We have knowledge of the UAE’s business laws and regulation that includes shareholder agreements, contractual disputes, service contracts, employment contracts, confidentiality agreements, sales contracts and partnership agreements.
We understand businesses must save time and money, so we offer legal contract services. We also know that businesses need expert advice regarding legal contracts, so we have a team of experts who can help with legal contract needs. Open Hub has a proven track record of successful contract drafting and negotiation.
Contact us today to learn how we can help you with your business's legal contract needs.