A law firm is a business entity comprising a group of lawyers. These lawyers work together to serve clients and protect their interests. It is the most common business form in the legal profession. This type of business entity is also commonly referred to as a partnership. If you want to start your law firm in Abu Dhabi, there are many important things you need to know. Here are these important things you should know.
Provide memorandum of association, lease agreement:
If you’re planning to open your law firm in Abu Dhabi, you’ll need to make several important documents. Among them are a memorandum of association, a lease agreement, and a company license. These documents must be notarized before you can start your business. Moreover, you’ll need to employ at least one resident in the emirate.
Seek government approval:
The first step to starting a law firm is to seek government approval. You’ll need a valid professional license, a current practicing certificate, and copies of each lawyer’s passport. You’ll also need to register your firm with the Department of Legal Affairs.
Get a license from the ministry of justice:
Getting a license is a prerequisite for any business in UAE. The Ministry of justice issues the license, which identifies your legal activity. You’ll also need to register with the Dubai Financial Services Authority (DFSA). The Ministry of justice issues other documents. And you’ll also need an office space for your legal business. This office space needs to be at least 40 square feet.
Choose a location:
There are several options for setting up a law firm in UAE. You can choose to set up in a free zone, which will require more capital but offers greater flexibility in dealing with banks and government agencies. The advantage of this option is that it will also allow you to apply for a residence permit and tax residence certificate. In addition, you will have the support of free business advisors in setting up a law firm in Sharjah.
Costs of setting up a law firm:
There are various costs associated with setting up a law firm. These include the license cost, office space, and visa quota. Additionally, there are many legal consultancy costs. These fees are typically AED 20,000 to 25,000.