- November 30, 2016
- Posted by: Aswani
- Category: Blog
Dubai is a business-friendly destination that attracts a large number of businesses. It is home to some of the world’s leading companies. It also provides an ideal business environment to small businesses and start-ups. Over the past few years, several initiatives have been taken by the government to make the entire process setting up a new business smoother and hassle-free.
Although Dubai is a great destination to do business, there are many important decisions that a business needs to make. Setting up a business in Dubai can be a time-consuming and hectic task. One of the best ways to establish a business in Dubai is to set up an offshore company.
Offshore Company- Meaning
An offshore company is a company located in a free zone that is allowed to carry out business activities outside UAE only. Unlike onshore companies in a free zone, offshore companies are not allowed to conduct business inside UAE.
For the uninitiated, a free zone is a special economic zone in Dubai where the companies enjoy several benefits. Here are the four main benefits enjoyed by an offshore company in Dubai-
An offshore company can be set up easily. The entire process of offshore company formation in Dubai is simple and hassle-free.
Offshore companies are legally exempted from corporate tax. They also enjoy exemption from all accounting obligations.
It is not mandatory for the directors and shareholders of the company to register their names for the public record.
In the case of offshore companies, 100% ownership is allowed. The owners don’t have to find a local partner to set up a business.
It makes it easier for a business to present a good image of itself in front of clients and suppliers.
The Process of Offshore Company Formation in UAE
When it comes to establishing an offshore company in uae, it is important for a business to understand the business environment in UAE. Although the overall process of setting up a business is simple, there are several legal hassles that can make things difficult for a business. These legal issues must be identified beforehand. One of the best ways to do so is to avail the services of a reliable business consultancy.
The Role of Business Consultancy in Offshore Company Formation
A business consultancy is equipped with the knowledge required to establish a business successfully in Dubai. It can help a business in the following ways-
A consultancy acts as your registered agent in Dubai.
It prepares Memorandum of Association and Articles of Association.
It makes it easier for a business to prepare registration forms and obtain incorporation certificate.
It makes it easier for a business to open a multi-currency bank account
It identifies and deals with all types of problems that can affect the Dubai offshore company formation process.
All the above-mentioned services can make the task of setting up an offshore company in Dubai easier, hassle-free and less time-consuming. There are many reliable consultancies in Dubai that offer offshore company formation services.