Representative Office
What is an offshore company?
An Offshore Company is a business that is authorized to operate outside its registered juristic location. For example, if you set up an offshore company in Dubai, you will get all the tax benefits of being registered in UAE at the same time you can do business elsewhere in any other country free of their taxes as you are not registered there. The Offshore company law in UAE is such that you are free to do business anywhere you wish except UAE, but your tax filings, bank accounts, etc. must be operated from any of the Emirates.
How to form an offshore company in UAE?
An offshore company formation in Dubai follows pretty much the same steps as other company setups with processes like registering trade names, applying for approval, routine document verification, and opening bank accounts and office space.
What are the characteristics of an offshore company?
- A UAE offshore company provides jurisdictional benefits that are spread across the screen emirates of the UAE.
- An offshore company in the UAE does not get a license, unlike other operating jurisdictions such as mainland companies or free zone companies.
- Need to have memorandum and articles of association as its constitutional documents
- An investor must understand that an offshore authority in the UAE guarantees confidentiality but ensure the legitimacy of the business.
- Offshore companies in the UAE follow the Know Your Customer (KYC) process in-order to refer bank regulations of the investor as well as keep a note as identifying theft, pecuniary frauds, money laundering, etc.
- All offshore are easier to incorporate and companies in the jurisdiction can be established within a week with the required documents.
- Bank accounts need to be created to get an offshore company registration in UAE.
What are the benefits of offshore company formation?
- No account filing is needed.
- No taxes and no regulations of tax department (except for the foreign bank branches and oil-producing companies).
- No information exchange of taxation and agreements with any other company.
- Confidential and highly flexible banking system for high-net-worth global investors.
- No public records of shareholders and directors.
- Strong legislation to protect the identity of investors.
- Comprehensive mitigation of risk.
- Great financial isolation for the investor.
- The configuration is done at a low cost.
- Zero modernized administration and bureaucracy.