UAE: Curiosity – Illegal Virtual Offices in Dubai
Companies must be registered at existing, physical office address
Companies registered in Dubai must have physical premises and an actual office space for their business operations. Regardless of this fact, Emirates news regularly display advertisements offering investors the opportunity to set up private companies and to obtain an official license in an easy way, with lower fees. Agencies provide an address for the company which can be used as proof of their business space, however in reality the company will not be based at the given location, and the office will technically only exist on paper.
In order to warn investors, the Dubai Department of Economic Development, recently issued a statement declaring that such practice constitute fraud. Authorities regularly visit companies to check whether the registered office space is actually in use and in case of non-compliance the company is liable for penalties. Investors are advised to stay compliant with the law and avoid dubious services.
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