open company for oil gas project
Oil and Gas trading is a key business in UAE, a handful entrepreneurs think to start oil trading business as it is known to be highly profitable. UAE takes the 4th place in exporting crude oil right after Saudi Arabia, Iran and Iraq. As a part of OPEC, UAE also carries a global responsibility to provide the supply against the global demand of crude oil and also balance the prices. Setting up the crude oil and gas business trading seems to be a right choice for most investors. While setting up the business on Dubai Mainland has its own procedures, rules and advantages.
Setting up a business at free zone allows you to have a full ownership of the business and this provides more sense of control to the owner. Being a Free Zone company, an expat is allowed to own 100% of the shares in the company as a Sole owner or a partnership between multiple investors is also possible. Oil industry in Dubai and Sharjah
The Freezone or offshore companies are not allowed to conduct the business activities of oil and gas in Abu Dhabi Only onshore companies either as a Limited Liability Company [LLC] or Foreign Branch that are registered with the Department of Economic Development in Abu Dhabi are allowed to conduct this activity. The foreign nationals hold up to 49% of shares in the company and 51% by the UAE Nationals. A Foreign Branch setup requires a local agent but with 100% ownership of the company.