There are a lot of businesses that you can decide on, and as we have discussed how to setup a business in general in Dubai in our previous articles, we are now presenting you a notion of setting up a business in UAE without being here. It’s called “offshore company,” but to be more detailed, please read on.
What is Offshore Company?
Basically, an offshore company is a corporation that is formed outside its home country’s jurisdiction. It is registered in the country they choose to be but not physically present there. All shareholders do not hold any resident visas in that country. In the United Arab Emirates (UAE), offshore companies don’t need to have a business license as doing business here does not consent for the offshore companies; however, they do need to get a certificate of incorporation.
How to incorporate an Offshore Company in Dubai, UAE?
In every step we take in the business world, pros and cons are going to chase us no matter what. The important thing to always keep in mind is that we simply need to balance out everything, considering all the alternatives and weighing the pros and cons of each decision that can eventually either lead to the boon or bane of the business we’re trying to hold.
In light of this, we have found 10 reasons to start an offshore company in Dubai, UAE for you. Please take a read of them to help you with your decision in setting up a business in Dubai.
- Full Ownership: There is 100% ownership.
- Bank Account: Holding a bank account in UAE can be possible.
- Protection: Assets can be legally protected from possible claims by others.
- Foreign investment friendly: Setting up an offshore corporation in Dubai gives off an aura of a good image to your clients and people you deal with.
- Confidentiality: The registration of shareholders and directors publicly is not needed.
- Quick and hassle free process: Starting an offshore company in Dubai takes a little time to setup.
- Rule & Regulation: This also gives you freedom from state regulation.
- Tax-free: Having an offshore company in Dubai means being under the no tax jurisdiction law that merely has the drive to improve a person’s wealth management legally.
- Secrecy: This also provides complete confidentiality regarding financial matters.
- Physical Existence: Having an office in the country is not required.
Choose from two of the best free zones to form your Offshore Company in UAE
Forming an offshore company here in Dubai is indeed a good idea as it offers a wide range of pros, making it easy for you to have your business conducted within the Middle East. Jebel Ali Free Zone Authority (JAFZA) and Ras Al Khaimah (RAK) free zone are the two best places in the UAE to conduct your offshore company.
However, to be able to start an offshore company here, you will need an approved and registered agent to deal with the authorities in those free zones areas. FAR – Farahat Office & Co. is a registered agent that offers packages in setting up a business in Dubai (JAFZA and RAK free zones). We will be the one to liaise with JAFZA and RAK free zones on your behalf, doing all the work for you to save you time and energy. We have been active here in Dubai since 1985 and would be glad to advise you regarding the setup of your offshore company.