Offshore Company Formation Dubai
Requirements for Offshore Company Formation in Dubai
The ease of doing business in Dubai is perhaps the biggest incentive for establishing presence in the UAE. The advantages of opting for an offshore company is that in some instances, it may not be necessary for the entrepreneur/s to visit Dubai for the purpose of setting up the business.
A business that intends to cater to clients outside Dubai, and benefit from the tax free regime in Dubai, will find offshore company formation to be the best option. As with company formation requirements globally, there are obligations on the part of the promoters/entrepreneurs that need to be met.
Take a look at some of the requirements; but before that look at three distinct features of offshore company formation in Dubai.
Three features of an offshore company entity
- Offshore company does not have to meet special requirements of ownership/shareholding pattern.
- Offshore companies do not have any obligations in terms of tax remittances.
- Offshore companies cannot do business within the UAE.
Documents required to register a company in the tax haven
The following documents are necessary for offshore company formation in Dubai.
- Proof of residence
- Copy of Passport
- Three choices of name of proposed entity
- Proposed business activities of the offshore company
- Details of promoters/beneficiaries
- Reference letter of Bank
- Trade license
- Shareholders resolution
- Certificate from Embassy about good standing of business entity
- Shareholding pattern of business entity
- Memorandum of Association
Average time required for offshore company formation in Dubai
It is possible for an offshore company to be formed in Dubai in two to three days, subject to the submission of desired documents. The procedures are relatively simple and will not require completion of formalities for VAT due to the tax free nature of operations of an offshore company.
It will also be necessary for a business to open an offshore bank account in Dubai to help businesses carry out smooth operations.
Therefore the total time that may be necessary for operations to commence will also need to consider the time taken for opening a bank account. It is important to note that there are certain requirements, such as nature of businesses that cannot be registered under offshore company entities.
Advantages of using professional company formation services
As an end to end solutions provider, Arab Business Consultant offers businesses professional services in establishing companies in Dubai. This extends to all services and requirements associated with the establishment of business presence in UAE. From virtual offices, to opening of banking accounts, to fulfilling all requirements as mandated by regulations governing establishing of offices, our expert teams handle every single requirement.
We continue to successfully help businesses with effective liaison, proper screening of documents, timely submission, follow up and guidance in all aspects of offshore company formation in Dubai.