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Why LLC in Dubai cannot issue Share Certificates?

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Question added by sumanth Kamath , Finance & Accounting Manager , IT PEOPLE GULF
Date Posted: 2014/10/18
Vijayendra Kamble
by Vijayendra Kamble , Designated Partner , Tax Planning and Legal Advisory

Your Question not in full Please ask the Precise Question ... LLC has to be define its a free zone company or main land company or offshore company.

based on this things you will get precise answer 

in Dubal LLC Can issue the Share certificate its Written in Company law in Decree 

i will guide you in full after you write me an email to

MAHMOUD KHAMES
by MAHMOUD KHAMES , Senior Accountant , شركة الثريا لتكرير الزيوت

n a limited-liability company, the minimum number of shareholders is two and the maximum is. The liability of shareholders is limited to their shares in the capital. The company may carry on any type of activities except insurance, banking, or money investment. In UAE, The minimum capital requirement law was abolished onth August. The memorandum of association must include the following: 

 

Trade name of the company, its objectives, head office, duration, names of shareholders, their nationalities, addresses, and places of residence; and Amount of capital, share of each shareholder, and a statement of capital paid in kind (if any), names and nationalities of the company managers, distribution of profits and losses which may not necessarily be in the same proportion as the capital, and the adopted method of notification. 

 

In Dubai, Capital Deposit rule has been cancelled. i.e. Limited Liability Company can be formed without Bank Deposit Certificate and Auditor Certificate. In Abu Dhabi, minimum capital requirement is Dh,. The manager of the company will be allowed to operate the account as soon as the incorporation is completed. The Manager of the company can be more than one and he/they shall have all administrative and financial powers. A shareholder may transfer his share in the company or part of it to another shareholder or to a third party. Management is handled by no more than five designated managers, who are not necessarily members of the company. Non-UAE nationals may own up to per cent of an LLC.

 

In distribution of profit and loss, foreign investor can have% and% local UAE sponsor. 

 

It is imperative that each limited-liability company appoints auditors to satisfy the requirements of the Commercial Companies Act. The law does not permit this form of company to issue share certificates. Evidence of ownership in the company is related and evidenced by the percentage contributed, assigned, or transferred in the share capital.

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