OIL & GAS INDUSTRY IN UAE
The United Arab Emirates are well renowned for having a thriving economy. Although the UAE is home to numerous prosperous industries, the oil and gas industry is the one that drives the country’s economy. In actuality, Abu Dhabi is among the world’s top energy producers!
There are several business chances available if you wish to participate in this expanding sector. The UAE’s oil and gas firms require a variety of services, including equipment, oil rigs, logistics, transportation, and more. So, it’s a great place for establishing an oil and gas company. And starting a business has never been simpler thanks to ReCorporate’s specialists!
The UAE’s oil and gas sector is constantly changing. Currently, the region produces and exports a significant amount of oil, an average of 4 million barrels per day. To make up for this, preparations are currently underway to boost crude oil production to 5 million barrels per day by 2030.
Additionally, there are currently being implemented changes to increase refining and petrochemical production, as well as to become self-sufficient in gas production. For investors in technologies, equipment, chemicals, machines, and services, these expansions represent excellent potential.
Opportunities are there in the UAE’s oil and gas industry.
How to Start an Oil and Gas Business in the UAE
The Supreme Petroleum Council must first authorise all oil businesses in the United Arab Emirates. It is advised that businesses request Supreme Petroleum Council permission at the beginning of the incorporation procedure. About 24 to 48 hours will pass before the approval.
Additional stages for setting up an oil and gas firm in the United Arab Emirates are listed below:
Establish the business activities of your organisation.
Select the governing structure. An onshore business might be registered as a Limited Liability Company or Foreign Branch.
Obtain legal forms.
Send in the trade name application.
Look for a rental property.
Get the Service Agent Agreement or Memorandum of Association notarized.
Obtain the Supreme Petroleum Council’s approval of the application.
Get your business licence.
Create a business bank account.
Register with the Ministry of Human Resources and Emiratization (MHRME) and the General Directorate of Residency and Foreign Affairs (GDRFA) (MOHRE).
Register the business with immigration and labour.
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Requirements in the UAE for an Oil & Gas Business
As we previously noted, the Supreme Petroleum Council must approve all oil and gas businesses. The Abu Dhabi Department of Economic Development can help with this (ADDED). To apply for this approval, you will need the work ids of the local sponsor or service agent.
Depending on your company’s business activity, special approvals can be needed.
These businesses are required to obtain a business licence in addition to the following: Oil and gas field and facilities services, both onshore and offshore:
Construction\s Drilling
Activities pertaining to oil and gas and the oil and gas industry
You will want further authorisation from the Critical Infrastructure and Coastal Protection Authority if you need to enter the oil field (CICPA).
Although it can appear complicated, doing this is actually rather easy when you have ReCorporate on your side. We have assisted countless Middle Eastern oil firms in establishing their operations, and we can do the same for you. Our team of professionals will make sure you comply with all the regulations necessary to effectively and trouble-free form your firm.
Why Should I Start a Gas and Oil Company in the UAE?
Establishing an oil and gas company in the UAE has a lot of advantages. The statistics are conclusive:
The natural gas reserves in the United Arab Emirates rank sixth in the world.
UAE is the fourth-largest exporter of crude oil in the area.
The nation generates 4 million barrels of oil and other liquids on average per day.
There are around 100 billion barrels of crude oil reserves.
In addition to starting a business in a sector that is already expanding, setting up shop in the UAE has several benefits, including:
Simple business setup
Zero corporate taxes
There is no income tax
Financial reporting made easier
Excellent placement in the centre of trade routes
Availability of a skilled workforce
Superior infrastructure
Opening a business bank account is simple.
We serve the best work
By initiating your project with ReCorporate, you get a dedicated and skilled team backing you up round-the-clock. All our processes are the customer oriented, designed to reduce the cost of business Set Up.