Offshore Company Set Up in UAE

The term “offshore” refers to a business model, where a business entity manages and operates a business in foreign countries. At Musthafa Abdul Hameed Auditing of Accounts, we help individuals and business entities to establish offshore businesses in the UAE.

Advantages of Establishing an Offshore Business in UA

• No Corporate Taxes: Authorities in the UAE do not impose taxes on offshore companies unless they deal with products and services like oil and foreign banks. However, offshore companies will have to pay duties and Municipal fees for dealing with products like liquor and tobacco.
• Enjoy Complete Ownership: According to the International Companies Regulations, a foreign investor does not require any local partner or shareholder to set up an offshore business in UAE.
• Easy to Register and Cost-Effective: The process of registration is simple, and it may take 3-4 days to complete the process following the submission of all required documents. The cost of incorporation in this process is lower than what it takes for free zone or mainland business.
• Low Operational Cost: Unlike other business types, offshore companies are not entitled to maintain any registration conditions related to the leasing of premises, employment of workers and the provision of guarantees. An offshore company may run the offshore business through registered agents like accountant and law firms. An offshore company can maintain communication in this way.
• Share Capital: You will not have to pay the minimum share capital to set up an offshore business in the UAE. However, the paid up capital of the offshore company should match its proposed activities.
• Manageable Shares: You can manage and transfer the share of your company by a written instrument conveniently.
• Minimum Liability: Shareholders are entitled to take limited liability to their part in the capital of the offshore company. However, the name of the company should end with the term “Limited.”
• Other Benefits: A Company can use its offshore business in UAE for asset protection, international trade, acquiring real estate properties, tax planning, acquiring shares of other companies, starting joint ventures, trust funds and others. Offshore companies enjoy the provision of opening and operating bank account in the UAE. An offshore company can follow the governing law either of the UAE of the country of its origin.

What Can You Expect from Your Offshore Company in UAE?

• Buy or rent real estate properties in some of the best places in the UAE
• Open and maintain a bank account in UAE
• A valid license from an authorized department can enable an offshore company to business with other companies in the UAE

Key Requirement to Set Up an Offshore Company in UAE

• The submission of an application along with supporting documents to the registrar of offshore companies
• State the objectives and the proposed capital in the application
• Include the details of shareholders and directors including name and address
• Details of the registered agents
• Include the proposed memorandum and articles of association

For Individual Applicant

• Personal details of the applicant
• A copy of the passport of the applicant
• Residential certificate
• Bank reference latter
• A copy of the director’s passport
• Power of attorney in favour of Musthafa Abdul Hameed Auditing of Account’s office to go ahead with the incorporation process

For Corporate Applicant:

• Company’s registration certificate
• Good standing certificate of the company
• Memorandum and Article of Association of the applicant company
• Latter of Bank transfer
• Resolution of the board regarding the appointment of directors and Musthafa Abdul Hameed Auditing of Accounts as legal representative.

All the copies of the documents mentioned above should be duly legalized and attested by the Embassy of the UAE in the country of the company’s origin.

How Can We Help You?

We can help you with the following:

• Registered office with a valid address
• A registered local agent
• We will prepare the Memorandum and Articles of Association for you
• We will provide registration forms and incorporation certificate
• Guiding you to open a multi-currency bank account
• Submitting applications and documents before the registrar of companies