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Offshore company set up in Dubai

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Article last update on May 27 2016 08:58 PM

What is an offshore company?


Located or based outside of one's national boundaries. The term offshore is used to describe foreign banks, corporations, investments and deposits. A company may legitimately move offshore for the purpose of tax avoidance or to enjoy relaxed regulations.


Features of an offshore company


As most other companies, an offshore company may enter into contracts, open bank accounts, purchase and sell various products and services, own property. A typical offshore entity, also known as an international business company (or an offshore IBC) does not pay taxes in its home jurisdiction. At the same time, it must also operate outside of the country of incorporation. A typical IBC is effectively a corporation with a limited liability. This liability is limited only by company shares. Shares are owned by one or more shareholders while the company is managed by director(s).


General uses of an offshore company:-  


Consultancy,  Professional Services, Agency.


Employment of Expatriate Staff.


Property Owning & investment Companies.


Copyrights, Patents and Trademarks.


Asset protection.


International trading, especially where the owner has no fixed residence .


Captive insurance.


Yacht registration.


Tax avoidance.


Succession planning .


Confidentiality (non-criminal) Dubai Offshore


The regulations are made by the chairman of the Dubai port, customs and free zone Corporation in accordance with the authority given to him by Dubai laws numbers 1 & 4 of 2004.


Features


1. The capital of the company can be any amount divided into any denomination.


2. Minimum one shareholder is required


3. The minimum number of directors are two


4. All shares must be fully paid when allocated and no bearer shares or differential classes of shares are allowed. However, there is no requirement to deposit the capital in bank.


5. 100% foreign ownership permitted and 100% tax and duty exemption exists on Dubai off shore incorporation companies.


6. Opening a corporate bank account in a bank at Dubai, UAE is permitted.


7. A registered agent (legal firms, auditors, consultants) is required to be appointed by the Company from the approved list of registered agents maintained by Jebel Ali Free Zone.


8. The Offshore domicile is located in the Jebel Ali Free Zone.


9. The investors need not visit the authority to incorporate the company; however the documents need to be signed in the registered agent's office.


10. Audited financials will be requested only in case of suspicion.


Document required forming the company


1. Bank Reference letter


2. Copy of passport


3. Resume from the share holder/s


4. Address proof (any utility bills/certificates)


5. Application and documentation


Final Requirements


1. The company has to have 2 directors minimum


2. Shareholders have to visit physically the authority to sign the documents.


Duration required processing the company


The duration for process & formation of the company will be 2 to 3 working days. The Packages includes the following


1. Bank account


2. Assistance to open a bank account


3. Assistance to open a PO Box independent


4. Registered Address


5. Incorporation Certificate


6. Incumbency certificate


Expenses to know more, kindly contact at +971562213525


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