Offshore Company
Formation in UAE
As one of the world’s fastest-growing economies and a well-established commercial destination, the UAE offers all basic and advanced business amenities. It is the best place for business expansion. Investors and entrepreneurs from all over the world are aiming to set up their dream businesses in UAE. The main reason for this is the unlimited business facilities that attract them. In addition to the mainland and free zone company setup, you can also go for offshore company formation in UAE.
Dubai, being the fastest growing and the best place to do business in the world, your offshore company in Dubai can make your business growth extraordinary.
What is an Offshore Company?
An offshore company is considered an independent company that does not need much office space. An offshore company cannot conduct business activities in its home country. It is also commonly referred to as a non-native company. Offshore companies are formed under no-tax jurisdiction to enhance one’s wealth management and reduce any kinds of tax payments legally.
There are several purposes for building offshore companies in Dubai, the most important of which are money management and growth.
Benefits of Offshore Company Formation in UAE
- Offshore company shareholders can be UAE, non-UAE, or corporate resident
- Can maintain UAE or worldwide deposits and bank accounts
- No need for a special license to conduct banking and insurance business
- No need for the shareholder/director to be physically available in the UAE for company incorporation
- No need for a physical office in UAE
- No need to carry on business within the UAE
- No need to obtain a UAE residency visa
- Minimize Taxation
- International trading facility
- Multiple shareholders for your offshore company
- Financial sustainability
- Flexible procedures to transfer shares
- Low business setup cost
- Easy documentation processes
How to Start an Offshore Company in UAE?
Setting up an Offshore company in Dubai is an easy process. Offshore companies do not need any operating license but a certificate which makes the formation process easy.
Firstly, you should select the perfect jurisdiction for starting your offshore company. Then you can consult any professional business consultants in UAE like Booming Bytes, who can guide and take care of all the procedures for offshore company setup in UAE. Then you can open a bank account for your new offshore company.
- Attested passport copy of the shareholder
- Residential proof
- Original bank reference document
- Details of the owner/shareholder
- Minimum 3 options for trade name
- Activities of the newly formed offshore company
- Hierarchy of shareholders
- Board of resolution
- MOAA
- Parent company certificate mentioning shareholder name and duly attested
- Hierarchy of beneficiaries
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Ras Al Khaimah (RAK), Jebel Ali Free Zone, and Ajman Free Zone are three important offshore jurisdictions in the UAE. Costs vary by region.
In Dubai’s Jebel Ali port, the Jebel Ali Free Zone is a free economic zone where enterprises don’t pay corporate taxes and can have 100% foreign ownership. There are no limits on international talent recruiting or capital repatriation.
RAK ICC is a UAE company registered. Like in the JAFZA, RAK ICC offshore firms don’t pay personal or corporate income tax and can be 100% foreign-owned.
Ajman Offshore operates in the UAE’s Ajman Free Zone, like JAFZA Offshore. Ajman Free Zone Authority offshore enterprises don’t pay corporation taxes and can be 100% foreign-owned.
Offshore Company Setup with Booming Bytes
At Booming Bytes, we have a team of professional business setup consultants who can help you with offshore company setup in the UAE. Get a free consultation today and start your business today!