Dubai offshore company formation is one of the most popular business formations among investors in the UAE. Establishing an offshore company in Dubai is a tax-efficient and cost-effective business entity to conduct international trade. Since the rise of offshore company formation in Dubai, the UAE has become an ideal hub for businesses from all over the world for entrepreneurs and investors.
An offshore company in Dubai is a business establishment registered in Dubai but is permitted to establish its headquarters and operations in offshore locations located outside of Dubai. An investor can form a Dubai offshore company in any of the following business entity types:
· Limited Liability Companies
· Limited Companies
· Limited Partnerships
An offshore company is also referred to as a non-resident company that allows foreign investors to conduct international trade without any legal or administrative obligations. An offshore company in Dubai is simply a wholly-owned LLC that is legally tax-exempt and does not have any annual accounting or tax obligations. Furthermore, business investors have the freedom to conduct international transactions through an offshore bank account. Offshore companies in the UAE are also allowed to open multi-currency accounts to carry out international transactions without any currency restrictions.
The procedure of Offshore Company Formation in Dubai
Ras Al Khaimah (RAK) and the Jebel Ali Free Zone are the two main jurisdictions in the UAE that allow the formation of offshore companies (JAFZA). The process of forming an offshore company is very simple, and it can often be incorporated within a few weeks. The following are the steps you must take to register your offshore company in Dubai.
Pick a Trade Name
The first step is to choose a relevant and appropriate trading name for your offshore company, which will reflect the corporate activities. There are a few restrictions to follow when selecting a company name in the UAE, such as:
The name of your business entity should not be similar to the company name of any established entity in the country.
You cannot use words such as banking, insurance, reinsurance, and so on in your trading name. Consult with a professional business consulting company in Dubai to meet all the guidelines while picking an offshore company name.
Application Form Submission
The next step is to submit the company application form, along with all supporting documentation, to the appropriate business authorities. Documents required for offshore company formation in Dubai include:
Mandatory documents for an individual applicant
· A CV of the shareholder (s)
· A bank reference letter
· Passport copies of all the shareholders in the company
· A copy of the visa or UAE entry stamp page
· Proof of residence
Mandatory documents for corporate shareholders
· Certificate of incorporation
· Articles of Association and MoA of the Parent Company
· A board resolution authorizing offshore company formation in Dubai
· Certificate of company profile showcasing its good standing
Application review by relevant authorities
The relevant documents must be submitted along with the business registration form to the appropriate authority, who will review them and approve or reject the application, depending on the company formation criteria in the country.
Open an Offshore Bank Account
Once your trade name is approved and the declaration form has been obtained from the authorities, the next step is to open an offshore bank account. Opening an offshore bank account allows a person to conduct international transactions and invest in the global market.
If you are still unsure about the offshore company formation process, Socialite Consultancy Services can assist you. Our certified business consultants and advisors have industry experience and can assist you in establishing your business by providing customized solutions as per your specific requirements. Give us a call to talk to our experts.
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