Public Joint Stock Company
Public Joint Stock Company (PJSC) is defined as an organization whose capital is divided into negotiable shares of equal value and a partner therein shall be liable only to the extent of his share in the capital of the company, in accordance with the UAE Federal Commercial Companies Law (the ‘Law”). The Law requires a minimum share capital of AED 10,000,000 of which a minimum of twenty-five percent (25%) must be settled on subscription. In addition, fifty-one percent (51%) of shares of PJSC shall belong to a UAE national and a minimum of fifty-five percent (55%) of shares must be offered to the general public.
Furthermore, PJSC should have at least 10 founding members, except in cases where the government entity is involved. Also, any company in which the State or Public Institutions hold any share should be formed as Public Joint Stock Company. The Board of Directors must have a minimum of three and no more than twelve board members. The chairman, as well as a majority of the board, must be UAE nationals.
At Mimo Legal Consulting we have the expertise you need to setup your business in the UAE. We will help you to choose the right legal structure and license based on your requirements and business objectives. We can also assist you in opening your bank account and acquiring residency visas in the UAE. If you are interested in setting up your business in the UAE, please contact us for further information.