Dubai has grabbed millions of eyeballs worldwide for its economic boom. The credit goes to the Dubai government’s policies and many more things. Offshore company setup in Dubai is one of them.
The count of businesses yearning for their corporate presence in this part of the world is reaching the next level every day. Thousands of young entrepreneurs are willing to invest their bottom dollar for this.
Are you a business owner thinking about getting a paper version of your business in this part of the world? We then suggest you read this post. You will get to learn many things about it. For example:
What is offshore company formation in Dubai, UAE?
Businesses move to foreign countries for many reasons. For example:
- Better quality of the infrastructure
- Relaxed regulations
- Tax benefits
It is a corporate structure established in a tax-free destination outside the home country. It is located offshore. Non-residents are the owners of this structure.
Such a structure is not given the permission to conduct corporate or financial activities within the country.
Why Do Companies Go Offshore
Every business has its own set of reasons. Most companies prefer this for the following reasons:
- Reduction in the cost of operations.
- Tax benefits.
- Full ownership.
- Electric fast incorporation process.
- Expansion of corporate wings worldwide.
- Simple procedures.
- Easy access to more global corporate funding.
- Minimum documentation is required.
- Personal information remains confidential.
- Corporate and financial privacy.
- Protection against liabilities from the parent company.
- Legal protection.
- Protection of assets.
- Full control of the company and all activities.
- The structural flexibility.
- Assistance for nominee declaration and succession planning.
- Not many shareholders & directors are required.
The list does not end here only. Every business goes offshore for its own share of reasons.
What Is The Process of Offshore Company Formation In Dubai, UAE
Only a systematically planned approach can help you ensure your company’s paper presence in this part of the world. Let us guide you about the way you can accomplish this incredible feat without scratching your head.
Find A Corporate Consultant
Effective communication with a team of practiced corporate advisors familiar with relevant legalities is essential.
A consultant knows the dos & don’ts to save you time and money that goes into the process. The best will always take care of the proceedings for you. The list includes but is not limited to the legalities, financial formalities, and document preparation & submission only.
Choose Your Trade Name:
You will need to register a trade name. You will have to be selective about it. Your trade name will reflect your business activities. The trade name of your choice must be unique.
The trade name of your choosing must not contain certain words without seeking additional approval from the concerned government authorities.
An experienced consultant can help you choose and register a unique trade name. We will guide you about it in our next post.
Submit Your Application:
You will have to submit your application to the concerned authorities with a complete set of required documents. We suggest you look at the documents you will need to submit.
For individual shareholders:
- Attested copies of the owners’/shareholders’ passports.
- Proof of residence.
- An original copy of a bank reference letter.
- Details of owners/shareholders.
- Trade name of the company likely to be formed.
- Details of the activities of your offshore company.
- The list of beneficiaries.
For the company’s corporate shareholders:
- Board resolution.
- A duly attested parent company certificate displaying the name of all shareholders/directors.
- The complete list of beneficiaries.
The documentation for offshore company setup in Dubai also depends on the total count of shareholders.
Your application will be reviewed and scrutinized by concerned authorities for approval/disapproval.
The inspection process is a multi-step process.
Get an offshore bank account:
Ask your consultant to help you get an offshore bank account opened for hassle-free international financial transactions and investment in the global market.
Are you searching for a group of experienced corporate consultants familiar with all relevant legalities and procedures? You are then at the right place at the right time.
RAS Corporate Advisors offer the best offshore company formation services in Dubai, UAE, to help you spread your corporate wings beyond geographical boundaries.
We are only a message away. Share your expectations and requirements with us. We will then see what we can do for you.