A question about setting up a company.
 

Hi everyone,

As some of you (might) know, I work in the Floricultural / Horticultural import and export business. And was asked to do some research on setting up a company in Sharjah as it's obviously far more cheaper then Dubai is, I'm stuck with a few unanswerd questions.

My questions are:

1. Can a group of none UAE companies 100% own a company in the UAE outside of the free trade zones?
2. Can a group of none UAE companies buy land in the UAE themselves (Outside of the free trade zones)?
3. If yes. can 15 to 20.000 square meters as a single plot easily be bought?
4. I was thinking of a cheap pre-fab building with a commercial life of around 10 years. Are prefabricated buildings easy to get?
5. If going into the shut down phase of a company, are all initial investments and profits allowed to be pulled out of the UAE freely?

Any help is really appreciated.

Frans

Re: A question about setting up a company.
 

1. NO
2. NO
3. -
4. YES
5. DON'T KNOW

Re: A question about setting up a company.
 

Thanks Palm Tree.

A "wee" bit more of the problem solved. Any idea on who I could contact getting question 5 answered? Please don't say Dubai or Sharjah chamber of commerce as none of them are replying.

Frans

Re: A question about setting up a company.
 

I don't think there is an answer to that. Remember, lack of laws? Something that just needs to be dealt with at the time and in this part of the world there are always ways out. :D

Re: A question about setting up a company.
 

I know that myself, but as I have to submit an official investment plan? I need an official answer on it. The "UAE Bubble" I think it was TA5 referring to it in an other thread? Is starting to make (possible) investors a wee bit nervous here in Holland.

Frans

Re: A question about setting up a company.
 

Rumours, nothing but rumours. Has there ever been a serious bubble burst anywhere in the world which didn't recover swiftly? Make some comparisons to other Middle Eastern countries and their property investments. Make up an answer that sounds feasable as long as it won't get you into trouble. Good luck.

Re: A question about setting up a company.
 

Hi Palm Tree,

Didn't want to insult you, or kick your butt either. But a general warning was broadcasted on TV a few months ago. I agree with you, where a bubble bursts an other will soon follow. But I guess a rumour being fed by the big banks, credit insurrance companies like NCM that in phases are raising there risk insurrance premimums? Which is now at a unhear of level of 4.25%? I can understand that for some one who is about to invest € 800.000 to € 1.800.000 want's to cover his business ass to the max.

Frans

Re: A question about setting up a company.
 

Well my friend
First of all,yesterday and today,whenever I was on you were off,and whenever you were on I was just leaving.Fate does not want us to meet.
To answer some of your questions:
1-100% ownership is still unheard of outside the free zones.To have some business clout,you will have to be an LLC entity,and for that,you will get the 51/49 percentage,with you owning the lesser percentage.We are an LLC company,we pay a yearly fixed premium to our sponsor/partner,but he doesnt even know where our company is located,doesnt look at our books,even when it is his payday,he doesnt return our calls.It is a known practice in this country to have a partner like that,but its not officially recognized.Documents are signed at the lawyers office,and thats about it.Many people would disagree on this type of partnership,but its working with many many people for a long time.
2-In your own name,as a foreigner,one cannot buy land,you can lease it for a period of 99 years,Im not sure if it is in your name or in the name of a local and you also make a contract.Or,the local buys it in his name,and leases it to you on 99 year basis.I will have to check on that.
3-Anything can be bought here,as long as you have the appropriate funds.
4-I personally know a company that is their business to make prefab,and also there are about 4-5 other reputable companies in this field.
5-Depends.If you want to do it legally,there are many loopholes.If you want to pack and leave in a moonless night,thats another story.There are many grey areas in this particaular question.
I hope I was clear on some of your questions Frans.And as you said,it is a lot cheaper in Sharjah,maybe more than 50% cheaper operating costs.
Regards
SS

Re: A question about setting up a company.
 

Thanks for the info Habibi,

I will keep it in mind / use it. As for point 5? Nope, ment it as a 100% legal way of pulling out.

How's SS by the way? I heard you ran off towards the hospital rather fast. I hope it wasn't to serious?

Frans

Re: A question about setting up a company.
 

Glad to have helped you a little my friend.
As for point 5,I will give you a more to the point answer by tonight,I will have a meeting with a customer of ours,who also is a Business Consultant,a very standup man,he helps me in a lot of things.
Speaking of the hospital bit,GOD forbid,it wasnt a hospital,just that the wife has a sore throat from yesterday night and so didnt go to her work today,and my son has a little cold that were tryin to prevent from happening,plus he fell down on the side of the sofa yesterday and with the grace of GOD only hurt his eyelid.
But,fortunately as it turned out,everyones ok at Casa Sousou.
How about you??

Re: A question about setting up a company.
 

Tired as hell, went with a big group of people to the auction clocks this morning. A big PR tour, then dropped them off at one of the exporting companies I do work for. Then raced to a meeting. Came home, coffee and some R&R for a few hours. Will go back to the auction to pick them up, have lunch somewhere in Amsterdam and then drop them off at there hotel(s).

Tonight I will be online, hope to hear your reaction on my little clip I sent you?

Frans

Re: A question about setting up a company.
 

I think you will get my reaction in a couple of minutes.
Let me check the mail.

Re: A question about setting up a company.
 

And to top it off? The engine of this borrowed f**king piece of shit called a BMW 325i is starting to act up as well. So off to the damn garage as well. Oooo... The owner? Will smile. A BMW? Hehehehe... Spartparts? Hope you have Bill Gates bankaccount Frans...

Re: A question about setting up a company.
 

Bring it here.The parts are much cheaper.You will get by with your,personal,bank account ;)

Re: A question about setting up a company.
 

Well borrowed from a good friend. And 5 years old, with nearly 297.000 kilometers on it? I guess it's time right? But will get it fixed, orriginal parts and all. No cheating here...