A Corporate Service Advisor, also known as a Corporate Services Provider (CSP), is a professional or a firm that offers specialized services and guidance to businesses in various corporate matters. CSP can provide businesses with various corporate services, including company formation, registration, trade license application, visa processing, accounting, bookkeeping, bank account opening, tax filing, document attestation, EJARI services, and other administrative tasks.
As a Corporate Service Advisor, your primary role is to offer comprehensive solutions and support to companies, enabling them to establish and maintain their operations effectively. In addition, you can help businesses streamline their management processes, ensure compliance with relevant laws and regulations, and provide guidance on best practices for corporate governance.
7010.93 – Corporate Services Provider
Apply for a license under the Activities of Head Offices and choose Corporate Services Provider with activity code 7010.93.
With a Corporate Services license from Meydan Free Zone, you can provide various administrative services to companies and establishments. Among your tasks is assisting these entities in registering their businesses and obtaining the required licenses from relevant authorities. This involves handling the necessary paperwork, submitting applications, and liaising with the appropriate government agencies on behalf of your clients.
Additionally, as a Corporate Services business, you can help companies establish partnerships with foreign companies. This includes facilitating connections, conducting due diligence, and providing guidance on forming such alliances’ legal and regulatory requirements.
Exclusions
Corporate Services activity excludes the provision of any kind of legal services and the activities of certain holding companies.
In Dubai, a holding company is a company that holds the majority of the shares in other companies, known as subsidiaries. The holding company’s primary purpose is controlling and managing its subsidiaries’ operations and assets rather than engaging in operational activities. The specific requirements and regulations for setting up a holding company in Dubai may vary depending on the type of company and its activities. However, when you conduct a CSP business, you cannot manage certain activities of holding companies, such as units that have the assets (owning controlling levels of equity) of a group of subsidiary corporations whose principal activity is owning the group. In addition, you cannot provide any other service to the businesses where the equity is held, i.e., you cannot manage other companies.
Third-Party Approvals
The activities of Corporate Service Advisors/Providers (CSPs) do not need approval from third parties.
ESR
Engaging in a Corporate Services business does not entail regulatory obligations such as Ultimate Beneficial Ownership (UBO) or Economic Substance Regulations (ESR). However, it is essential to note that Corporate service providers offering financing and leasing services and dealing with intellectual property must comply with ESR regulations. These regulations mandate that companies demonstrate a sufficient level of economic activity within the UAE, which includes maintaining an appropriate number of employees, physical premises, and expenditures in the country. To avoid penalties and legal consequences, it is crucial for CSPs in these specific areas to adhere to these regulations.
AML
If your Corporate Services business engages in financial transactions, such as accepting client payments, it is crucial to ensure compliance with Anti-Money Laundering (AML) regulations. This may entail conducting customer due diligence, maintaining records of financial transactions, and promptly reporting any suspicious activities to the appropriate authorities. Adhering to AML regulations is crucial for preventing money laundering and other illicit economic activities within your business operations.
