How to Start a Corporate Services Provider Business with Meydan Free Zone?

A Corporate Services Provider (CSP) in Dubai is a professional service firm that offers a range of corporate and administrative services to businesses. These services may include company formation, company registration, trade license application, visa processing, accounting, bookkeeping, bank account opening, tax filing, corporate governance services, document attestation, EJARI services and other related services.

CSPs in Dubai help foreign investors and businesses to get started and operate by providing comprehensive support and guidance throughout the process. They ensure that the company complies with all the UAE’s legal and regulatory requirements and assist with document preparation, translation, and other administrative tasks. CSPs also help businesses maintain corporate compliance and meet legal obligations, such as annual filings, tax returns, and other regulatory requirements.

7010.93 – Corporate Services Provider (CSP)

Apply for a professional license under the division Activities of Head Offices and choose Corporate Services Provider with activity code 7010.93.

Obtaining a Corporate Services Provider license in Meydan Free Zone is relatively easy and quick. To begin with, we will assist you in selecting and registering your company name, ensuring that it adheres to the UAE’s naming guidelines. It is crucial to list all the activities you intend to undertake on your business license. In this regard, our team will help you to align your business activities with the approved list from various authorities. Even though the license grants permission for various activities, including visa services, and bank account opening, you must specify the ones you intend to pursue during the application process. We will follow up closely with your license application at every stage of the application process. Upon confirmation of your activities, we will require information about your business, shareholders, proof of address, and identity.

The application forms are completed digitally in Meydan Free Zone, so you need not worry about extra formalities. Once your MOFA-recognised license is issued from Meydan Free Zone, the next step is obtaining your residency or investor visa. Upon receiving a Corporate Services Provider license in Dubai, you can sponsor visas for your employees and close family members, including your spouse, children, parents, and domestic workers. As a final step, we will assist you in opening a corporate bank account for your company, where we offer over 26 local and international banks to choose from. Our banking assistance experts can suggest the most suitable banks based on your needs and arrange meetings to discuss your options.

Inclusions:

This activity includes the businesses that oversee and manage other divisions of the company or enterprise, undertake organizational or strategic planning and decision-making on behalf of the company or enterprise, practice operational control, and supervise the day-to-day activities of their subsidiary branches. For instance, the activities of head offices, centralized administrative offices, corporate offices, district and regional offices, and subsidiary management offices fall under this category.

Exclusions:

This activity excludes 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. They are often established for various reasons, such as holding assets, managing risks, minimising taxes, or facilitating investments in other companies. Due to their many benefits, including tax benefits, asset protection, and reduced liability, they are prevalent in the UAE.

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 engage in managing certain activities of holding companies, such as units that have the assets (owning controlling levels of equity) of a group of subsidiary corporations and whose principal activity is owning the group. They cannot provide any other service to the businesses where the equity is held, i.e., they cannot manage other companies.

Third-Party Approvals:

Corporate Services Providers (CSPs) do not need third-party approval to conduct their activities.

ESR

Performing Corporate Services Providers does not involve any regulatory obligations like UBO or ESR. However, Corporate service providers that offer financing and leasing services and intellectual property must comply with ESR regulations. These regulations require companies to have a certain level of economic activity in the UAE, including having adequate employees, premises, and expenditures in the country. CSPs need to comply with these regulations to avoid penalties and legal consequences.

AML

If your Corporate Services business involves financial transactions, such as accepting payments from clients, then you may need to comply with Anti-Money Laundering (AML) regulations. This may include conducting customer due diligence, keeping records of financial transactions, and reporting suspicious activities to the relevant authorities.

The UAE has strict laws and regulations to prevent money laundering and terrorist financing activities. Additionally, the UAE has implemented ESR to ensure that companies operating in certain industries have sufficient economic substance.

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