- September 1, 2016
- Posted by: aon
- Category: Blog
Setting up an offshore company in UAE
The strategic location of UAE and its diversified open market has helped it grow into a global commercial hub. UAE continues to lure investors because of the high profit margins and business friendly policies, which favour investors largely.
The types of companies
Before setting up your company in UAE, it is important to note that there are different means of company establishment. One can form a Limited Liability company, Branch and Representative Office or an offshore company in UAE. Each of these has a different set of norms and benefits. Out of these, the offshore company formation is considered as one of the most profitable establishments.
How to set up an offshore company
UAE offshore company formation is quick and hassle free and one can get his company incorporated within 24 to 48 hours after completing the formalities. However, before setting up the offshore company one should be aware of the guidelines and the restrictions levied on it.
- The company name can only end with limited or LTD.
- It should not be concerning businesses such as banking and insurance.
- The number of Shareholder, Director and Secretary is limited to one or can be a corporate entity.
- Each of them must have visited UAE in the past 6 months and show an entry stamp on the passport.
Benefits of an offshore company
Setting up an offshore company has several benefits. Each of these is listed below:
- An offshore allows 100% ownership of the company unlike the onshore company where you need to have a local UAE shareholder with 51% share.
- This company can be in virtual form and hence saves the cost of renting space and furniture to set up the office.
- The business of an offshore company can be carried out in complete anonymity. There is a thorough confidentiality in the way these companies function.
- An offshore company is completely tax free and custom duty-free.
- The profit from such companies is wholly transferred to the owner.
- Offshore companies have the fastest incorporation in a span of 24 to 48 hours.
- These companies can open liberal bank accounts. These accounts have huge flexibility and can handle multiple currencies. However, the opening of the account may take some time because of the complex procedure.
- It gives you the freedom to run your operations.
- An investor need not run to the Ministries of Foreign Affairs and embassies to complete the tedious documentation process.
Choose a Consultancy Service for Easy Legal Procedures
Setting up a company on a foreign land can be confusing as one may not be acquainted of all the rules and regulations. One would need to conduct an intense search to be aware of these. This is where one should seek the services of a professional consultancy. These help you in Dubai offshore company registration.
The documentation process and other legal aspects are taken care by them. They act as your registered agents in Dubai and prepare your registration forms and incorporate all the certificates. So, setting up your company becomes easier and faster with the services of such firms.