The Company Formation in Dubai Offshore can offer many advantages to businesses that want to carry out their operations outside of the registered jurisdiction. Establishing a This type of company can be a great alternative for a Free Zone Company since you’re going to be able to obtain outstanding advantages if you’re looking to connect with international and local markets.
One of the greatest benefits of an offshore company is that it can enjoy from a tax haven, but at the same time it has a “white-list” status. Business owners and investors can enjoy an accepted and internationally recognized status with an Offshore Company in Dubai if they have an investor visa. In comparison with other tax haven entities, this type of company is easier to set up and the incorporation process may last a few weeks.
In addition, Dubai Offshore Companies are not forced to have a public register of shareholders, owners, and directors, and they’re not required to reveal information about the company to tax authorities and other countries. With this type of company, you have easy access to conduct business anywhere outside the UAE while you enjoy the outstanding benefits this place has to offer.
Steps for incorporating a Dubai Offshore Company
Carrying out the Business Setup in Dubai Offshore means that you’ll have to follow a few simple steps so you can start your operations in no time.
To incorporate your Required type of company you have to gather the required documentation to carry out the legal formalities. It may take just a few weeks to complete it. You have to start by filling the application and submitting it along with the documents. Once the Authority has issued the approval you have to make the payments and then you can start your operations.
It’s worth noting that a Dubai Offshore Company is different from a Free Zone Company. Free Zone companies are onshore entities that have restrictions regarding their operations. But, an Offshore Company can carry out international operations without limitations.
Documents required for incorporating a Dubai Offshore Company
To carry out the Dubai Offshore Company Setup you must gather the required documentation to ensure you can obtain the expected result.
Here are the documents you need for Offshore Company formation in Dubai:
- Application form
- Proof of address
- Bank reference letter
- Passport copy for each shareholder and owners
- MOA (notarized)
- Business plan
- Owner’s CV
- Passport copy of the designated manager
Requirements for incorporating a Dubai Offshore Company
Before starting the process of offshore company registration in the UAE, you must make sure that you comply with the requirements established by the Authority regarding an Offshore Company.
Regarding the Dubai offshore company requirements, it must have the following key features:
- A minimum of one shareholder
- Shareholders can be either individuals or corporate entities
- It’s mandatory to appoint two directors
- It’s not allowed to appoint corporate directors
- A secretary is mandatory
- There’s not a minimum share capital required
- It should be incorporated by the regulations of Dubai Offshore jurisdictions
- An audit report it’s not mandatory, however, it’s advisable to keep accounting records in case any doubts require the company to submit the report.
- It’s necessary to appoint an auditor
Advantages of a Dubai Offshore Company
- Activities: Offshore companies are allowed to carry out multiple business activities in the commercial and service sector
- Foreign ownership: A foreign investor can have 100% ownership of the offshore company
- No physical space: Investors don’t need to have a physical space to incorporate the company
- Privacy: Offshore companies offer high levels of confidentiality since the details of the owners are not disclosed. Another of the benefits of offshore company Dubai is that you don’t need to register the names and details of shareholders and directors for public record
- Bank accounts: You can have multi-currency bank accounts so as you can see it’s easy to carry out international business transactions
- Tax-free environment: There are no restrictions on the repatriation of funds. There are also tax exemptions on corporate, personal, and income tax and custom duty exemptions
Permitted activities for a Dubai Offshore Company
Unlike Free Zone Companies in Dubai where you had to get a business license to carry out your activities in that jurisdiction, Offshore Companies in Dubai don’t need to have a business license.
In this case, to start your Business in Dubai Offshore you have to select the activities that you want to carry out because you should submit the activities list or business plan when you’re going to incorporate your company. However, keep in mind that an Offshore Company can carry out multiple activities.
Therefore, an Offshore Company Dubai can be used for the following:
- International Trading: establishing an offshore company can allow you to engage in trading activities with international markets.
- Professional Services: you can use your Company to engage in professional activities such as consultancy or counseling. Keep in mind that you can offer International consultancy services with your offshore companies to get clients from international markets.
- Holding: an offshore can be used as a Holding Company.
- Registering copyrights and patents: you can register intellectual property (trademarks, copyright, patents) using your offshore company, and in addition, it can be used to buy or sell these rights.
- Owning real estate: with an offshore company, you can obtain additional benefits if you use it as a property-owning company. This way you can avoid complicated processes related to inheritance and other cases.
- Shipping company: an offshore company can carry out shipping activities and enjoy the several advantages this jurisdiction has to offer.
Offshore Company Formation costs
When registering for this type of company in you must know which expenses you have to consider. In this regard, it’s important to learn about the Dubai offshore company cost.
Here we have the costs of the Dubai Offshore Company:
- The total company set up cost: AED 62,000
- Incorporation and government fees: starts from AED 4,000
- Minimum share capital required: There are no minimum capital requirements