Sole proprietorship in UAE

Sole proprietorship in Dubai

A legal entity owned and operated by an individual. He will be sole responsible for debts and financial obligations with complete ownership on profits and operations of firm.

Accords

• A commercial or industrial type sole proprietorship can be owned only by UAE nationals or GCC nationals.
• The owner of a consultancy type of sole proprietorship should have a scientific qualification for the activity selected.
• A sole proprietorship firm can have only one manager.
• A sole proprietorship has no minimum requirement for business capital.
• Trade name should be related to the activity.
• A sole proprietorship can have branches, which can perform all activities included in license of parent firm.
• The firm and its branches can be sold but industrial or commercial type of firm can only be sold to UAE nationals or GCC nationals.