Offshore Company Formation in the UAE
Offshore Company Dubai, UAE is a legal business entity, where you can do the business internationally, outside the UAE Jurisdiction. UAE Offshore companies can hold properties and companies in any part of the world including UAE. Offshore Companies in the UAE should not be confused with UAE Free Zone companies.
Unlike any other company, for setting up an Offshore company it mandatorily requires a Registered Agent. Emirates Chartered Accountants Group is a Registered Agent for setting up Offshore Companies anywhere in UAE. Offshore Company Formation is the process in which the company operated or managed outside of the country in which it is registered or outside of the country in which owners and shareholders have residence.
Offshore Company Setup in Dubai, UAE
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At present, there is no personal tax or corporation tax imposed neither at the Emirates level nor at the federal level with limited exceptions, such as oil and foreign banks. However, Municipal fees and duties are imposed in relation to certain special commodities, such as liquor and tobacco and this freedom from the tax will equally apply to offshore companies.
The International Companies Regulations requires no local shareholding in an offshore company as opposed to the companies incorporated in the mainland of UAE, which requires mandatory local shareholding. Therefore, foreign investors either individual or corporate entities may own 100% share equity.
The registration process is simple and expeditious and can be completed within 3 to 4 working days upon submission of the required documentation. Incorporation cost is relatively low as compared with other entities incorporated in free zones or the mainland of individual emirates.
Offshore Companies are not subject to any registration conditions with regard to the leasing of premises, the provision of guarantees and employment of staff. Offshore Companies may conduct the offshore company business through the office of registered agents like Law Firms and Accountant approved by the registrar and through whom communication with the company can be maintained.
There is no requirement for any minimum share capital, although the registrar may require that the paid-up capital of the company be commensurate with its proposed activities.
Shares in offshore companies are easily and freely transferable by a written instrument.
The liability of shareholders in an offshore company is limited to their share in the capital of the company. The regulation requires that the name of the offshore company shall end with “Limited”.
An Offshore Company formation in UAE can be used for international trading, asset protection, tax planning, acquiring real estate properties in the designated areas of UAE, holding, becoming partners and acquiring shares of the other companies, trust funds etc. Capital requirement is only symbolic. Identity of beneficial owners will be kept confidential by law unless there is suspicion of criminal activity. An Offshore Company may open an account in the UAE bank/s and operate such accounts. The offshore company shall also have the option of choosing the governing law, either the UAE Law or the law of the applicant country.
Offshore Company formation in the UAE process is initiated by one or more persons, who may be either natural or juristic, submitting a signed application form to the registrar of offshore companies, together with the relevant prescribed supporting documents.
It is sufficient to state that the object of the offshore company is to engage in any lawful act or activity for which offshore companies may be organized under the regulations. The proposed capital of the offshore company shall be stated in the application form. The information required on an application form should include the full names and addresses of the shareholders, the number of shares proposed to be held by them and the value of the shareholdings. In addition the names and addresses of the directors (minimum 1 director shall be nominated, shareholders may nominate any other person/persons to act as director/s of the company), name and addresses of the registered agents and any other particulars that the registrar may require. The application form should also be accompanied by the offshore company’s proposed memorandum and articles of association.
In addition to the application for registration of the offshore company and the proposed memorandum and article of association, the following documents need to be submitted to the Registrar:
Upon submission of all the required documents and payment of the prescribed fees, the registrar issues a certificate of incorporation evidencing the incorporation and also allocates a registration number to the offshore company.
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People usually ask
In Dubai, there is only one offshore that is Jedal Ali Offshore. You can form an offshore company through a registered agent with JAFZA offshore.
Different offshore jurisdiction in UAE is Jedal Ali Offshore, RAKICC OFFSHORE, and Ajman Offshore. You can form an offshore company through a registered agent. The cost will vary from a different jurisdiction. A UAE Offshore company can do business only outside UAE and can hold property in UAE.
Different offshore jurisdictions in UAE are Jedal Ali Offshore, RAKICC OFFSHORE, and Ajman Offshore. You can form an offshore company through a registered agent. The cost will vary from a different jurisdiction.
Normally offshore companies can buy property in Dubai and UAE. But it totally depends upon approval from the land dept from different emirates.