The United Arab Emirates offshore is whitelisted jurisdiction. An offshore company formation in the United Arab Emirates has lots of benefits in comparison to other jurisdictions around the globe. The United Arab Emirates (UAE) is considered a leading modern jurisdiction in providing onshore, offshore, and free zone company solutions.
A modern, vibrant economy with a deep pool of human capital and professional service providers meeting every aspect of the Economic Substance Requirements. All types of company formation solutions are available in UAE for all types of investors.
You can register traditional offshore company formation or foundations, special purpose vehicles, premium products, or particular purpose global product solutions
Open an offshore company in Dubai
Below is a complete description of all the aspects that you need to know to open an offshore company in Dubai.
To open an offshore company in Dubai, you should always check with some experts before jumping into something you are not sure about. Learn about the process and all the norms that need to be completed to register your company in the UAE.
Establishing an offshore company in Dubai provides a solution to manage your international business most efficiently. Offshore companies in Dubai are entirely tax-free. All companies of this type can be completely foreign and can open bank accounts both at home and abroad.
IBC companies attract with their prices, they can be registered very quickly – in just a couple of days-, and they are also convenient for many types of businesses, as well as for storing various assets in the UAE and international market.
An offshore company setup in Dubai can participate in almost any business; at the same time, this business must be outside the country. Remember that offshore businesses cannot do business in the country that their economic activities have been set up (that does not apply if they want to open a bank account).
The company must have a connection with a local registered agent to manage an IBC / ICC company. This legal entity cannot import any goods to the UAE market; It cannot rent offices or other business premises or apply for visas for its shareholders and directors.
Offshore companies are useful in providing help for accounting international business transactions, various types of investments, tax planning, group companies restructuring, and asset protection. Therefore, this type of legal entity differs from onshore companies in the free trade zones in the UAE; it costs much less than an onshore company.
These offshore licenses can be upgraded to do business inside UAE if investors choose to do so by paying an up-gradation license fee.
Top Reasons to Establish an Offshore Company in Dubai, UAE
There are many reasons why you should open an offshore in Dubai. So what is the difference to other countries?
- A large number of guests annually travel to the UAE to start a business. Also, in addition to visiting the country to register a company and open an account, you can always meet potential business partners, business opportunities, or see many beautiful places. Therefore, every trip to the United Arab Emirates can be beneficial and enjoyable;
- The UAE offers a wide range of banks, where IBC offshore companies in the UAE can open their account. For this reason, any business can choose a bank in Dubai that best meets its requirements;
- Virtually all people in the UAE speak English, and all documents are available in English: corporate, banking, etc. since it is not necessary to translate any form, and you will not have difficulties to understand them, as well as for oral and written communication;
- The economy of the United Arab Emirates has a good development prospect. The country continues to develop, protects the stability of banking operations, has reliable and stable legislation along with an excellent international image;
- The UAE provides the opportunity to establish various types of companies, and the decision to open an offshore company in the UAE does not attract as much attention as, for example, opening a company in Seychelles or Panama, which are directly related to the offshore business;
- The establishment of IBC in Dubai is swift, the costs associated with it are low, and further administration and renewal are carried out without any difficulty since a registered agent of the company does all these elements.
Legislation on the Registration and Activities of Offshore Companies in Dubai
You can find the rules on UAE offshore companies and other useful information at the RAK International Corporate Center (RAK ICC). Practical examples of how to use a RAK offshore company setup, the United Arab Emirates.
- To access international financial markets, a company can open its accounting firms in Dubai in the United Arab Emirates and around the world for more efficient management of its funds;
- One of the most popular solutions is to use a UAE offshore company for various international companies. This tax-free IBC, along with the offshore company with a bank account, perfectly meets that requirement;
- Obtaining an effective solution to reach international markets: Some countries may have certain restrictions for international business, so registering an offshore company in the UAE provides ideal and profitable access to global markets;
- For parking of private funds and investments, such a legal entity is an excellent means to protect various assets, such as money in accounts, shares, property, etc. For this, it is always good to rely on professional accounting services, such as the one from alphaequitymc.com.
- As a corporate shareholder can quickly establish an offshore company setup in UAE as a legal person with proper UBO form, Without restrictions, a corporate shareholder can register an onshore company in UAE as well as outside UAE;
- Resolution of the confidentiality problem: For all cases where an additional level of protection and confidentiality is required, an offshore IBC company in the UAE is the perfect solution, at the same time its price is better than any other jurisdiction;
- Reservations of various intellectual properties: When there is a goal to register certain rights, a legal entity in Dubai, UAE, is the best because it is inexpensive, it is quickly registered, and it is easily managed to UAE offshore company formation.
- For many other goals: If you have different plans and you don’t know if you can achieve them with an offshore company in the UAE, send us your request, and we will provide you with all the necessary information.
Procedure for Setting up an Offshore Company in Dubai, the United Arab Emirates
In general, for Freezone company formation in UAE, the entire registration procedure, when performed by a qualified registered agent, is very quick and not complicated at all. Depending on the type of shareholders, natural or legal persons, the documents required for registration will be different.
The cost of registration for corporate and individual shareholders is the same; however, in the case of corporate shareholders, there will be additional costs earmarked directly for the preparation of corporate shareholder documents.
Registration of an Offshore Company in Dubai, UAE, by Individual Shareholders
To open an offshore company in Dubai, individual shareholders must submit the following documents:
- Copy of the passport – the original that will be provided at the time of opening an account in the United Arab Emirates;
- Confirmation of residential address: in the form of utility bills from the country of origin;
- Professional experience: a summary of existing work experience;
- A letter from the bank in the form of a reference letter: a model can be provided upon request.
- IBC company name, if required, we assist in choosing the company name.
Registration of an Offshore Company in Dubai, UAE, by Corporate Shareholders
The corporate shareholders of an offshore ICC company must be submitted to authorities, including ultimate beneficiaries (UBO)
- A complete set of the founding documents of IBC: statutes, certificate of registration, etc .;
- Certificate of the absence of tax debts – with the current date;
- The decision to become a shareholder in an offshore company in the United Arab Emirates;
- Corporate shareholder directors’ documents;
- Letter of reference from the bank along with a bank statement;
Registration Procedure – the Name of the UAE Offshore Company
Ideally, the name of an offshore company in Dubai should reflect the corporate activities. There are very few restrictions on choosing an ICC name, as a company in the UAE can have almost any character.
The limitations include the following elements: it is not allowed to use the words: banking, insurance, reinsurance, media, and the like. The names of the cities of the United Arab Emirates, as well as the United Arab Emirates itself, cannot be used, and the ICC company name must not be associated with any government agency of the United Arab Emirates.
The name of an offshore company cannot be the same as that of a company that is already open and is in the company registry.
Taxes on the Income of an ICC Offshore Company Registered in the UAE
As mentioned above, the UAE offshore company uses the regime without taxes and fees, which means that any kind of income from this legal entity is not subject to any tax in the UAE. All types of business income, corporate profit, sales income, dividends, etc. are not taxable in Dubai.
The zero-tax regime and the best registration and renewal cost are the fundamental reasons why international entrepreneurs choose such an offshore IBC company. As far as VAT provisions in concern, such a company is not subject to VAT in the UAE, as all its activities take place outside the UAE, and VAT is applied, when goods are sold within UAE.
If you want to be sure about this, it is always good to rely on an offshore company incorporation service. They will know everything important about this process.
Offshore in Dubai – Registration is Complete – Time for UAE Bank
No business can operate without a reliable and convenient bank account. Considering other offshore areas, such as, for example, Seychelles or Panama, it will also be necessary to find an option to open an account in some other country, and this is a time-consuming and challenging task.
Furthermore, at present, even if the IBC is registered in one state and has an account in another country, it will definitely attract the attention of various regulatory authorities.
In case the UAE company is registered as an offshore ICC, you can open your bank account in UAE. Banking in the UAE is highly reliable and provides an excellent level of service. That is why it is ideal and very effective to have an account there.
All banks now offer Internet banking services, which you can request when opening an account, and then easily access your account via the Internet. Prices for banking services in Dubai are also very reasonable.
To open an offshore bank account it is necessary to provide certain documents. These are the same documents that are provided for IBC offshore company registration in UAE. Some additional documents may also be required, the documents may vary in each specific case.
Remember to inform yourself well on the topic and learn as much as you can about the process. If some things seem too complicated you can always rely on experts that can help in this matter. In th UAE there are many companies, such as Alpha Equity – [email protected]– that you can rely on.
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