Offshore Company Setup in Dubai
About Offshore
Offshore entities are allowed to establish bank accounts in the UAE, but they are restricted from obtaining work visas or establishing physical offices within the nation. Typically utilized as holding entities, offshore licenses are primarily formed for conducting business in foreign jurisdictions, aiming for financial, legal, and tax advantages. Under free zones like JAFZA and RAKICC, offshore companies can possess real estate assets in the UAE.
Benefits
- Minimal initial investment required
- Quick company registration process
- Tax-free status
- Full allowance for foreign ownership
- No mandatory share capital or audit obligations
- Option for multiple bank accounts
Key Features
Here are the main characteristics of an offshore company in the UAE:
At least one shareholder must be present, and corporate entities are allowed to be shareholders. International corporate shareholders need to have their company documents authenticated.
At least one director must be present, and corporate directors are allowed. Information about directors is not accessible on the public registry.
Each company is required to have a secretary, with the possibility for a company director to fulfill this role as well.
There is no requirement for a minimum share capital.
Each company is required to maintain accounting records for seven years from its establishment date. However, filing these accounts with the RAK authorities is not obligatory.
Process for offshore license
- Choose business activity
- Finalize company name
- Complete incorporation paperwork
- License issuance
- Open company bank account