Offshore Company Formation in UAE
Offshore company formation in Dubai or any other emirate of UAE opens up a world of opportunity in the international markets. Unlike freezone and mainland, offshore company setup is meant for trade outside the registered jurisdiction. Offshore companies are registered under one freezone, but companies cannot trade within the jurisdiction of the freezone. It means, all the business activities must be carried outside the UAE frontiers.
Entrepreneurs can pursue offshore company formation in UAE without the need to ensure any particular minimum balance as paid up capital, and the process of incorporation is pretty fast as well.
Why should you go for UAE offshore company formation?
Not only is an offshore company the easiest way to explore the markets of the Middle East, Africa, and Europe, this mode of company formation is also much hassle-free from the others. Nil formal capital requirement, a fast incorporation process, and the exemption for all kinds of taxes make offshore company registration in Dubai or in other emirates of UAE a wonderful opportunity.
These are the reasons why you should go for Offshore Company Formation UAE:
- No sorts of tax
- 100% ownership for foreign individuals
- Asset protection
- Availability of virtual business infrastructure
- Unlimited tax exemption of capital gains
- Exemption from minimum balance formality
- No mandatory public share record needed
- Gateway to international trade
- Business-friendly legal structure
- Opportunity for global funding
- Can avail multi-currency bank account
What is Offshore company formation in UAE?
Forming an offshore company in UAE means setting up a business in any of the offshore locations owned by different free zones in the UAE. Free zones have offshore options. For instance, JAFZA, one of the most prominent offshores was created in 1985 near Jabel Ali Port. The Jebel Ali Free Zone Authority (JAFZA) in association with the Dubai Government. It gives several trade benefits including tax-free transactions and 100% foreign ownership.
Offshore company formation in Dubai & around UAE - Here’s how to start?
Albeit offshore business setup UAE is much more hassle-free as compared to other modes of business setup in UAE. Despite this, it is very important to know those few simple steps precisely. Mismanagement or a wrong step can lead to unnecessary penalties and other financial burdens which clients would like to avoid at all costs. RAS Global Advisors can help you with business setup in UAE offshore. With an experienced staff, rest assured your work will be done in a jiffy so that you can take care that matters more.
To start with, here is a preliminary sketch about how to start offshore company in UAE?
- Select your company name that will end with Ltd. or Incorporated
- Gather important documents like passport, residence proof, and others
- Fill the application form
- Submit it to the concerned authority
- Draft Memorandum of Association (MoA) upon application approval
- Wait for final approval
- Launch your business
Best locations for offshore company setup in UAE?
The whole of UAE is a great location for offshore company formation. However, if some offshore zones must be named above the other then they must be the following:
- Ras Al Khaimah (RAK ICC)
- Jebel Ali Free Zone (JAFZA)
- Ajman Offshore and
- The British Virgin Islands
Which Documents Are Essential for Offshore Company Registration in Dubai, UAE?
Here’s a list of documents that every offshore startup would need. However, for a more detailed and elaborate document requirement, contact RAS Global Advisors.
- Trade license
- Passport copy
- By-laws of the company defining a governing function
- Will (asset testament)
- Establishment card
- Certificate of trademark registration
- NDA or Non-Disclosure Agreements
- Offer letters and employee contracts (if applicable)
- SIDE AGREEMENT WITH LOCAL SPONSOR (if applicable)
How RAS Global Advisors Will Help You Minimize UAE Offshore Business Setup Cost?
RAS Global Advisors is known for its collaborative approach with clients. It means every project will be taken care of with the highest levels of discussions, advisory, and so on. All these to ensure, none of our client’s points are missed. RAS Global masters business consultancy service in Dubai and can assist in a business set up anywhere in the UAE. However, our prices remain competitive.
Many people confuse between freezone and offshore company formation in UAE. However, there are some difference between the two:
Offshore companies are registered under free zones
Offshore companies can conduct business within the UAE.
Offshore companies can open a bank account in a bank from the UAE, that too a multi-currency account.
Offshore companies need not to pay a fixed deposit for company formation.
Freezone companies are not registered under any type of greater business entity. They’re autonomous
Free zone companies mostly cannot conduct business outside the respective free zone, not even UAE mainland without any distributor.
Bank account for free zones come with certain restrictions
Most free zones require a certain amount to be mandatorily deposited in form of paid up capital.
How Long Does It Take To Register offshore Companies in UAE?
The majority of the time needed during offshore company setup goes into collecting, filing and attesting the needful document. That said, once the documents are ready, processing them is usually done within a week or so. Sometimes the time may differ, but those are mostly unforeseen circumstances depends on the jurisdictions of registration and nationalities. After the legal incorporation has been done from the offshore district, it takes another 2-6 days for the documents to reach you.
Types of businesses One Can Setup in UAE offshore
Different offshore in the UAE offer different business setup options. For instance, if you choose to set up a business in UAE offshore, then you an explore the following possibilities:
- Real estate
- Holding company with foreign assets
- Professional services
- Intellectual services
- Cinematography and more