Benefits of Professional License.

As per UAE Banking Policy and Current situation we recommend Professional License with below highlighted benefits:

• Corporate Bank Relationship. One of most important concern is to establish corporate bank Account relationship for your company with several Banks in UAE. Professional License or any license issued by Dubai Economic Department authority will be hassle free or victorious decision to establish corporate bank Account relationship with several Banks.

• 100% Foreign Ownership. This is one of the most attractive features of the license, meaning you can own and operate your business, without the need to deal with an additional shareholder.

• Wide Range of Activities. The list of activities eligible for a Professional License is considerable, and growing all the time. If you are a specialist in your field and want to start your own business, the chances are there is already an activity that fits your profile.

• Cost Effective. Like an LLC, you can choose to locate your office anywhere onshore, so you are not tied into leases with specific authorities. For companies who are starting out, they often choose to use serviced offices, or in some cases co-working spaces, that allow them to obtain their license, provide a flexible working area, and reduce overhead costs. Again, the market fee of 2.5% now makes this more affordable.

• Flexible Market. Again similar to the LLC, your onshore Professional License allows you to engage with a wide range of clients and markets. You can service end user clients, as well as contract with large companies, education institutes and government agencies

Brief on Professional License.

Essentially if the foundations of your business is your knowledge or a particular skill, whether you are offering applied services or providing consultancy services you will be requiring a Professional License issued from the Department of Economic Development (DED) Dubai.

Basically Professional Licenses fall into a number of activity groups, ranging from business support services, to sports training services as well as entertainment and artistic performance etc. As a result, there are a large range of business activities available under the license type. Most important point is that Professional License can be 100% foreign owned, without the need for a local (Sponsor) shareholding. However, a Professional License still requires a Local Service Agent a UAE National who acts as your sponsor for residency visas and other PRO services. The other key difference of a Professional License is that it has unlimited liability. Unlike an LLC, in which the liability of the owners is limited to the paid-up share capital, the Professional License has unlimited liability to the owner. As a owner of a Professional License, you could be liable for any debt that the company generates, and creditors will potentially be able to take your personal assets in an attempt to recover their losses. Hence you are Owner of your dream business without any kind of interference of third party or person.

Approvals

The approval process is used as a means to ensure that a new company/Business meets a certain standard in the ability to provide the services for which they are applying for a license.

It is also important to note that your type of activity may require an approval on your office space. For example if you are going to be doing training activities, you may be required to have a suitable classroom area in your office, along with relevant materials to support learning, such as screens and boards etc.

Regulated Activities

On top of the approval requirements, few activities are regulated, and have strict minimum requirements that must be as per specified requirement to allow formation of the business.