For those looking to set up a business in the UAE, your way offshore company formation yes, the best option. But many people get confused about what is an offshore company. An offshore company is a legal business entity that operates outside the country of its own jurisdiction. Offshore companies offer businesses and individuals many benefits such as tax savings, asset protection, confidentiality, and create international access.
For many people, it is an attractive choice to establish offshore entities in countries that impose minimal or no taxes. The UAE has become famous for this reason having businesses can take advantage of low and low tax conditions.
Limited liability companies limited partnerships and limited companies are all permissible business structures in Dubai offshore companies. Now let’s discuss the steps involved in establishing your own offshore company in Dubai.
How to establish an offshore company in Dubai
If you’re thinking of setting up an offshore company on the way, there are a few steps you need to take.
Choose an option jurisdiction firstly you need to choose a suitable offshore jurisdiction that meets your requirements. For a successful UAE offshore company incorporation, enlisting a local offshore agent is important.
Choose a corporate number and submit your application
After that select a corporate name for your offshore company. You must register it with the local authorities. Naming your offshore company must include the words Ltd or limited to signify its legal identity as an offshore company. Next, you have to complete your application and gather the required documents.
Get Professional Help from Offshore Company Formation Specialists
Establishing an offshore company is efficient and straightforward forward and takes just several weeks to complete. It’s best to work with an offshore company formation specialist to do your application process. ebs consultants can lend a hand with other associated tasks such as obtaining visas for employees and investors also opening corporate bank accounts.
Documents Required to Set Up Your Offshore Company
Along with doctor of steps you have to prepare a few documents prior to setting up your offshore company in Dubai. Use documents include:
- Passbook piece and CV software registered shareholders.
- Copy of the offshore company articles of association.
- A comprehensive business plan.
- Relevant Emirates ID cards.
- A certified copy of recent bank statements.
- Three potential brand or business names for the company.
- Proof of address of my utility bill.
- Details of the business activity of the company.
- Unique features of an offshore company in the UAE
An offshore company is different from other companies, in some features. This includes the following:
Offshore corporate bank account access
establishing an offshore bank account is a simple process in the UAE. A corporate bank account will protect your business operations. It will also help you to manage your money securely. Both individual and corporate banking options are available in the UAE for streaming offshore accounts without any tension. It just beneficial in the long term for your business to hold an offshore bank account for your company as it allows international trading.
The Know Your Customer (KYC) process
When forming an offshore company in the UAE you must follow the Know Your Customer (KYC) process. As a business owner, your responsibilities include providing documents such as proof of address, passport copies and reference letters, and data of investors to the jurisdiction governing authority. The KYC procedure helps banks verify investor data while preventing any attempts at identity theft, money laundering activities, or financial fraudulence that may occur.
Jurisdiction benefits
When it comes to offshore company incorporation in Dubai and the UAE there are three limited jurisdictions available. Each offers businesses its own benefits that can be tailored to your corporate needs. So, it’s essential to assess all three options before deciding which one is best for your organization.
UAE Jurisdictions Available for Offshore Company Formation
Of all seven Emirates, there are only three that have the authority to establish offshore companies. These are Ajman Free Zone, Ras AI Khaimah, and Jebel Ali Free Zone.
Ajman Free Zone
Ajman Free Zone has cost-effective and competitive offshore incorporation services that ensure your business is well-poised to succeed. Here are some features of the Ajman free zone that make it a worthwhile consideration for your offshore business.
Establishing an Ajman offshore company is a highly economical option and requires a minimal expenditure on operational costs.
A minimum director and one shareholder are required for offshore incorporation, this role can be fulfilled by the same individually.
Making alterations to your business structure is simple quick changes such as our new corporate shareholder to be made in just seven days.
Ras Al Khaimah International Corporate Centre (RAK ICC)
Boasting an exponential growth rate, Ras Al Khaimah has become one of the most thriving Emirates in all of the UAE. RAK and Ajman share many of the same features, making them both powerful jurisdictions for international businesses looking to start an offshore company.
RAK ICC is an outstanding choice, for these reasons:
- Establishing a RAK offshore company is made even easier with no local shareholding requirement.
- RAK offshore companies can be incorporated within 7 days of application.
- RAK offshore companies are authorized to purchase shares of local UAE businesses.
- Like Ajman, one director and one shareholder are required for offshore incorporation.
- There’s also no obligation to submit an annual audit report.
Jebel Ali Free Zone (JAFZA)
JAFZA is a vital trading center located in Dubai and is just an hour away from Abu Dhabi. It was the first free zone in the UAE region known as the JAFZA. Here, businesses of all sizes have access to world-class infrastructure and services that can help them expand their trade opportunities both internationally and locally.
A JAFZA offshore company offers many of the same advantages as other jurisdictions with some slight differences:
- Shareholders was it that you waited physically complete the offshore company incorporation process.
- Offshore company incorporation JAFZA comes at a higher price than others.
- A JAFZA offshore company must have a minimum of two directors and one secretary to be incorporated.
- It is crucial to submit an audit report on your finances and operations to the JAFZA authorities.
Get Your Business Started with ebs
ebs is a leading business setup and consultancy firm in the UAE. They offer a wide range of services, including offshore company establishment. ebs can help you set up your offshore company in a fast and efficient manner, taking care of all the paperwork and legal requirements. They also offer a range of other services to help you get your business up and running, such as visa processing, bank account opening, and tax advice.
If you are considering setting up an offshore company, ebs is a great option. They have a team of experienced professionals who can help you every step of the way. Contact ebs today to learn more about their offshore company establishment services.