An offshore company in the UAE is the most beneficial way to start or expand your business. Since the emergence of offshore company formation in Dubai or in the UAE in 2003, the UAE has become an ideal hub for businesses and MNCs around the world. Offshore companies in the UAE are well organized and duly supported by the UAE government; they not only receive tax and custom-free benefits but also other financial advantages.
Procedure to Start an Offshore Company
Offshore Company formation in Dubai is an easy and straight-forward process. It can be completed in a matter of weeks. The steps are as follows;
- Select a company Name. Name of the company must be initially verified with the Registrar. The company name must not include the following words: insurance, bank, building society, cooperative, fund, Municipal, Chamber of Commerce, trust, Royal chartered, finance, mutual fund, Emirate and Emirates. At the end the company name shall have Ltd or Incorporated
- Fill an application. To do this you’ll need several documents. These include an attested passport copy for all individual shareholders, proof of residency, preferred name of the company being formed, and details of the business activities that will be undertaken by the newly formed company
- The completed application form must be submitted to the concerned authorities who will review it
- Next once the form is approved, draft a Memorandum of Association (MoA). Memorandum and Articles are provided in English language which is very practical for international business
- Once MoA is drafted and documents are reviewed by the authority, upon approval, you can officially start your company
- You must open an offshore bank account after the registration
Remember that, an offshore company cannot carry out any business activities on the territory of the UAE except opening offshore bank account in Dubai and purchase of real estate.