Business Set-up and Legal
Commit FZE was established as the consultancy division of JAXA Chartered Accountants’ (a member of international accounting group) by professionals with a vision to provide world class management advisory services, Accounting, Feasibility studies and Management and Software Consultancy to several facets of enterprises in the private, Government, Non-Government and academic sectors.
The Federal Law stipulates a total local equity of not less than 51% in any commercial company and defines seven categories of business organisation, which can be established in the UAE. It sets out the requirements in terms of shareholders, directors, minimum capital levels and incorporation procedures. The seven categories of business organisation defined by the Law are:
* General partnership company
* Joint venture company
* Public shareholding company
* Private shareholding company
* Limited liability company (LLC)
* Share partnership company
Out of these seven activities LLCs are more commonly used by the foreign investors.