Dubai Offshore
Home  > Dubai Offshore
Get Business Consulting Services Today
Dubai Offshore
An offshore company formation in Dubai refers to the process of establishing a business entity in Dubai, United Arab Emirates (UAE) that is specifically designed for conducting business outside the UAE.
Key characteristics and features of UAE offshore company
An offshore company in Dubai is typically located in a designated offshore jurisdiction within the UAE, such as the Ras Al Khaimah International Corporate Centre (RAK ICC) or Jebel Ali Free Zone Authority (JAFZA). These jurisdictions are designed for offshore businesses and offer certain regulatory advantages.
Offshore companies in Dubai allow for 100% foreign ownership, meaning that non-UAE residents can own the company entirely. There is no requirement for a local sponsor or partner.
These companies are not subject to corporate taxes, income taxes, or value-added tax (VAT) within the UAE. This makes them attractive for businesses seeking tax planning and optimization.
A UAE offshore company is typically restricted in the scope of business activities which it can undertake within the UAE. The structure is primarily designed for international business operations and it is not permitted to engage in certain activities that are reserved for mainland or free zone companies.
Offshore companies can offer asset protection benefits, helping to separate and protect personal assets from business liabilities.
A UAE offshore company can open multi-currency bank accounts both within the UAE and internationally, making it convenient for international trade and financial transactions. Offshore jurisdictions in Dubai often provide a high level of confidentiality and privacy for business owners.
The process of an offshore company formation in Dubai is generally straightforward and can be completed relatively quickly.
The process of setting up an offshore business in Dubai, like in many other jurisdictions, involves specific documentation and steps. Below is an outline of the typical documents required and the general process for offshore business setup in Dubai:
Documentation required for Offshore company formation in Dubai
- Passport Copies: Clear copies of the passports of all shareholders and directors involved in the company.
- Proof of Residence: Original proof of residence for each shareholder and director. This can typically include utility bills or other documents that verify their residential address.
- Bank Reference Letters: Original bank reference letters for each shareholder and director, often from their respective banks confirming their financial standing and good standing.
- CVs: English-language CVs (Curriculum Vitae) for all shareholders and directors outlining their professional backgrounds and qualifications.
- Memorandum of Association (MOA): The MOA is a crucial document that outlines the company’s activities, share capital, and other key details. It is essential for the formation of an offshore company.
- Application for Offshore Company Setup: A formal application for setting up the offshore company, including details about the proposed company name and structure.
The General Process of UAE Offshore Company Formation
Choose a Registered Agent
Select a registered agent or a business setup service provider in Dubai to assist with the process. The registered agent acts as a liaison between your company and the relevant authorities.
Name Reservation
Ensure that the proposed company name is unique and complies with the naming regulations in Dubai’s offshore jurisdiction. Reserve the name with the help of your registered agent.
Document Preparation
Gather and prepare all the required documents, including passport copies, proof of residence, bank reference letters, CVs, MOA, and the application for company setup.
Document Submission
Submit the prepared documents to the relevant authorities, typically the offshore jurisdiction’s regulatory body, such as the Ras Al Khaimah International Corporate Centre (RAK ICC) or Jebel Ali Free Zone Authority (JAFZA).
Review and Approval
The authorities will review your documents for compliance and accuracy. If everything is in order, the registration process can typically be completed in a few days.
Signing of Documents
After approval, the Memorandum and Articles of Association (MOA) will be prepared, and you will be required to sign these documents.
Payment of Fees
Pay the necessary fees for company registration, license issuance, and any additional services you may have requested.
Receive Business License
Once all the requirements are met and the fees are paid, you will receive your offshore business license.
Bank Account Opening
If necessary, you can proceed to open a business bank account in Dubai or internationally.
It’s important to note that while an offshore company formation in Dubai has various advantages, it is subject to specific regulations and restrictions, and primarily intended for international business activities. Therefore, businesses interested in establishing an offshore company in Dubai can consult with us at LINKS CORPORATE CONSULTANTS to ensure compliance with all applicable laws and regulations.