A foreign branch is a branch of a parent company based outside of the UAE. Whilst considered an extension of the foreign parent company, it must have a trade licence in order to be legally registered in the country. The business activities on the trade licence must match those of the parent company and the branch is fully owned by the parent company.
The function of a foreign branch office is to offer services to its customers and for the promotion and marketing of the parent company’s products, therefore the commercial activities must be the same as those of the parent company. However, it’s worth noting that a foreign branch will not get a trading activity on its licence.
Yes, upon renewal of the Ministry of Economy (MOE) licence, it is necessary to submit annual audited accounts, without which it won’t be possible to renew the trade licence.
The branch’s accounts should be separate from those of the parent company and must be prepared by a UAE registered auditing company.
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