Offshore Company Formation in Dubai, UAE
Offshore Company Setup in Dubai JAFZA
Are you considering an offshore company setup in Dubai? UAE offshore companies have become increasingly popular among entrepreneurs and investors due to their tax advantages, privacy protection, and ease of setup.
- Easy business setup process
- Bank account assistance
- Obtain a license
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Offshore Company Setup in Dubai JAFZA
UAE offshore company is a legal entity established in a jurisdiction outside of the UAE mainland. These companies are typically used for international business activities and do not have the same rights and privileges as onshore companies. UAE offshore companies are governed by specific regulations and are subject to certain restrictions on the types of business activities they can engage in.
UAE has become a popular choice for offshore company formation due to its favorable business environment, tax benefits, political stability, and strategic location. With its robust legal framework and well-established infrastructure, the UAE offers foreign investors a secure and attractive destination to set up their offshore companies.
In 2003, JAFZA became the first free zone to introduce offshore company formation in Dubai to lure domestic and foreign investors. It offers a plethora of benefits to offshore companies including a state-of-the-art infrastructure. It is the only offshore company available for purchasing properties and real estate in Dubai.
Features of Offshore Company Setup in Dubai JAFZA
To start an offshore company setup in Dubai JAFZA, it must comply with the norms and requirements listed under Jebel Ali Free Zone Authority Offshore Companies Regulations. Listed below are some of the essential features that your company must follow:
- The company should have atleast two directors and one shareholder.
- Companies must submit accounting details every year.
- It is required that shareholders and directors be physically present and sign the company incorporation documents.
- The JAFZA offshore company setup in Dubai is only issued a certificate of incorporation and not a license.
- JAFZA offshore company is not allowed to undertake business with the UAE residents.
- Undertake banking and insurance-related operations.
- Take interest in real estate properties other than those authorized.
Benefits of Offshore Company Formation in Dubai
Setting up an offshore company in Dubai offers a range of benefits, including:
- Tax Advantages
- Asset Protection
- Confidentiality
- Global Market Access
1. Tax Advantages
Offshore companies in Dubai are not subject to corporate or income tax, making it a cost-effective option for doing business.
2. Asset Protection
By establishing an offshore company setup in dubai, you can protect your assets from potential legal disputes or creditors.
3. Confidentiality
Offshore companies in Dubai offer a high level of confidentiality, as the names of company shareholders and directors are not publicly disclosed.
4. Global Market Access
Dubai's strategic location provides easy access to markets in the Middle East, Africa, and Asia, offering ample opportunities for business expansion.
Steps to Set Up an Offshore Company in Dubai
Setting up an offshore company in Dubai can offer numerous benefits, such as tax efficiency, asset protection, and increased privacy. With our expertise and experience, the process can be smooth and seamless.
- Consultation: The first step is to consult with our experts to discuss your business goals and objectives. We will provide you with personalized guidance on the best offshore company structure for your needs.
- Documentation: Once you have decided on the company structure, we will assist you in preparing all the necessary documentation, including the memorandum and articles of association.
- Company Registration: We will handle the company registration process on your behalf, ensuring that all legal requirements are met.
- Bank Account Opening: Our services also include assistance with opening a corporate bank account for your offshore company in Dubai.
- Ongoing Support: We provide ongoing support and guidance to ensure your offshore company complies with local regulations and laws.
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Legal Requirements for Offshore Company Setup in Dubai JAFZA
To start an offshore company in UAE, several key requirements need to be met. These include:
- Legal Structure: The first step in setting up an offshore company in UAE is to decide on the legal structure of the company. The most common types of structures for offshore companies in the UAE are Free Zone Companies and International Business Companies (IBCs).
- Shareholders: A minimum of one shareholder is required to set up an offshore company in UAE. Shareholders can be individuals or corporate entities, and they can be of any nationality.
- Directors: An offshore company in UAE must have at least one director. Directors can also be shareholders of the company and can be of any nationality.
- Registered Office: An offshore company in UAE must have a registered office in the designated offshore jurisdiction. This office will be the official address of the company for legal and administrative purposes.
- Bank Account: To operate effectively, an offshore company in UAE must have a bank account. Opening a bank account in UAE is a straightforward process, but specific documentation and information will be required.
- Compliance: Compliance with UAE laws and regulations is essential for the successful operation of an offshore company. It is important to ensure that all legal requirements are met to avoid any potential legal issues.
- Annual Reporting: All offshore companies in UAE must submit annual financial statements and reports to the relevant authorities. Maintaining accurate and up-to-date financial records is essential to comply with regulatory requirements.
Required Documents for Offshore Company in UAE
When considering setting up an offshore company in UAE, it is important to gather all the necessary documents to avoid any delays or complications. Here is a list of the required documents you will need to submit:
- Memorandum and Articles of Association: This document outlines the company’s regulations and operations. It should be notarized and legalized by the UAE embassy in your home country.
- Board Resolution: A board resolution is a formal document that approves the establishment of the offshore company and authorizes the designated individuals to act on behalf of the company.
- Passport Copies: Passport copies of all shareholders and directors of the company are required. The copies should be notarized and attested by the UAE embassy in your home country.
- Proof of Address: A recent utility bill or bank statement with the address of each shareholder and director must be provided for verification purposes.
- Bank Reference Letter: A bank reference letter is required to demonstrate the financial stability of the shareholders and directors of the company.
- CV/Resume: A copy of the CV or resume of each shareholder and director, outlining their qualifications and experience in business.
- NOC (No Objection Certificate): If the shareholder or director is employed elsewhere, a No Objection Certificate from their current employer is required.
- Power of Attorney: A Power of Attorney document is necessary if you will be appointing a representative to handle the company’s affairs on your behalf.
- Lease Agreement: A copy of the lease agreement for the office space in UAE, which will serve as the registered office of the company.
- Bank Statement: A bank statement showing the initial capital investment of the company is required for the incorporation process.
Steps to Setup an Offshore Company in JAFZA Dubai
Setting up an offshore company in Dubai involves the following steps:
- Choose a Business Structure
- Select a Jurisdiction
- Engage a Business Setup Consultant
- Open a Corporate Bank Account
- Obtain Permits and Licenses
1. Choose a Business Structure
Decide on the most suitable business structure for your offshore company setup in Dubai, such as a Free Zone Company or a Mainland Company.
2. Select a Jurisdiction
Dubai offers several offshore jurisdictions, each with its own unique features and benefits. Choose the jurisdiction that best suits your business needs.
3. Engage a Business Setup Consultant
It is advisable to engage the services of a reputable business setup consultant who can guide you through the process of offshore company formation in JAFZA Dubai.
4. Open a Corporate Bank Account
Once your offshore company setup is registered, you will need to open a corporate bank account in Dubai to conduct business transactions.
5. Obtain Permits and Licenses
Depending on the nature of your business, you may need to obtain additional permits and licenses to operate legally in Dubai.
Opening a Bank Account for an Offshore Company in UAE
UAE is known for its strong banking system, political stability, and business-friendly environment. Opening a bank account for your offshore company in UAE can provide numerous benefits, including:
- Tax Efficiency: UAE offers a tax-friendly environment for offshore companies, with no corporate or personal income taxes.
- Confidentiality: The UAE banking system is known for its strict privacy laws, ensuring the confidentiality of your financial information.
- Global Access: With a UAE bank account, you can enjoy access to a wide range of global banking services and investment opportunities.
- Currency Options: UAE banks offer multi-currency accounts, allowing you to transact in various currencies.
- Ease of Doing Business: Setting up a bank account for your offshore company in UAE is relatively straightforward, with minimal paperwork and requirements.
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Requirements for Opening a Bank Account in UAE
Before you can open a bank account for your offshore company in UAE, you will need to meet certain requirements. These may include:
- Legal Entity: Your offshore company must be a legal entity registered in a jurisdiction approved by UAE authorities.
- Corporate Documents: You will need to provide corporate documents such as the certificate of incorporation, memorandum and articles of association, and board resolution authorizing the opening of a bank account.
- Personal Documents: You will need to submit personal documents, including proof of identity, address, and source of funds.
- Business Plan: Some UAE banks may require a business plan outlining your company’s activities and financial projections.
- Minimum Deposit: Most UAE banks require a minimum deposit to open a bank account for an offshore company.
Connect with Neeja Corporate Services
Are you looking to start your company in Dubai but feeling overcome by the registration process? Don’t worry, you’re not alone. Setting up a business in a foreign country can be challenging, but with the right guidance and support, it doesn’t have to be a stressful experience. Neeja’s business setup services offers complete support and serve as a one-stop shop for company setup in Dubai. We provide a wide range of value-added services, such as Offshore company Formation in Dubai, UAE and VAT registration. Over the years, we have successfully advised many new entrepreneurs to make their business dreams a reality.
To book a free consultation, call on +971 43243031. You can also send a WhatsApp message at +971 50 465 2843. To connect over email, send us your query at incorp@neejacs.com.
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FAQ - Frequently Asked Questions on Company Setup in JAFZA Dubai
Offshoring refers to the business activities that companies undertake outside their home base. Offshore companies in Dubai are those that are registered as business entities in Dubai but are allowed to base themselves in locations that are outside Dubai. You are allowed to start an offshore company in Dubai as individual shareholders or corporate shareholders.
JAFZA is the only free zone that allows offshore companies to purchase and own properties and real estate in Dubai. Such offshore companies are allowed to hold shares of both free zone and LLCs. The Jebel Ali Free Zone Authority allows individual shareholders and corporate shareholders to incorporate an offshore business. The shareholders and directors must appear physically before the registrar while submitting the application. It does not allow corporate directors and requires a minimum of two directors.
To setup a company in JAFZA offshore, following are the basic steps.
- Pick a name for the company
- Talk to our company formation experts.
- Complete the application form.
- Curate the required documents needed for the process.
- Appear physically and sign the application under the witness of the registrar.
- We will also help you open a bank account.
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