hi i need to know what kind of legal formalities...

We would like to inform you that Foreigners may invest in the United Arab Emirates and can establish companies according to the following conditions:

1) Obtaining approval from the General Directorate for Residency and Foreigners Affairs (if you are a foreigner)

2) Obtain the approval of the Department of Economic Development and you can register the trade name by reviewing the following link:

 dubaided

3) Selection of the headquarters of the company and it is necessary to show the lease contract at this stage which also should be certified by the Real Estate Regulatory Authority

4) Obtain the approval of the competent authority according to the type of investment, as follows:

If it is related to insurance, you need approval from the Ministry of Economy.

If it is related to transportation, you need the approval of the Ministry of the Interior.

If the activity is related to legal consultations, you need approval from the Ministry of Justice.

5) You then bring all the previous documents, go to the Department of Economic Development and pay the prescribed fees and apply for a license

6) After receiving the license, you should go to the Chamber of Commerce in the emirate it belongs to and register as a member of the Chamber.

 Second: Obtaining a loan to establish the company

  We would like to inform you that if you applied to get business\ commercial loan, then it will be under review and after that a decision will be issued whether to accept or refuse. After accept the loan agreement will be signed and the payment process.

The loan stages are as below:

·         The client submits an application to obtain credit facilities, provided that the types of these facilities, their amounts, their purpose, how and how long they are paid, and the guarantees that can be offered are specified in the request.

·         The personal interview and the field visit to the applicant, with the aim of identifying his personality and experience in the field of activity, the nature of this activity, the project site, machinery and equipment, steps of the production process, the degree of technology used, storage systems and sales methods and the most important customers and suppliers

·         Inquire about the client in terms of his reputation, transactions, and the extent to which he fulfills his obligations with suppliers and customers and with the banks he deals with, and whether legal measures were taken against him or not. The inquiry stage is considered one of the most important stages of making credit decisions, as it is assumed that the procedures are not completed if the inquiry shows that the customer does not fulfill his obligations.

·         The first examination of the request, in terms of the absence of reservations on dealing with the customer, the absence of reservations on financing the quality of the activity, the extent of the application's compatibility with the bank's credit policy and the extent of its completion of the requirements of the credit study

·         Granting credit or not is according to the credit powers schedule, and the credit decision usually takes one of two ways.