SETTING UP AN OFFSHORE BUSINESS
The offshore company can open an account in a UAE based bank, and also invest in UAE and outside it. The company can also purchase land in a pre-demarcated area in Dubai, and any income gained by the company can be completely kept by itself in the bank account.
Also, there is no need for any minimum capital threshold, which is another key differentiator compared to a Free Zone company. Offshore companies are used as holding companies or asset companies for other organizations operating within or outside the UAE.
Moreover, an offshore company has its own advantages such as less setting up costs, no requirement to lease an office space and eligibility to own real estate. These companies have only office address and are registered in the UAE without being entitled to operate business activities directly in the UAE. The shareholders of offshore companies are not entitled to get residency visas.
- According to the UAE laws, an offshore company shall not be considered as doing business in the UAE, if it:
- leases a property to be used as a registered office or owns real property on any free zone areas
- maintains business records within the UAE
- holds business meetings with the company members within the UAE
- holds a bank account in UAE banks for the purpose of conducting its routine operational transactions
There are certain limitations for an offshore company:
- Can not rent an office space n the UAE
- No visas/employment permits granted
- No Letter of Credits or any other facilities provided by banks
BENEFITS OF AN OFFSHORE COMPANY IN UAE
Zero or low taxes
100% foreign ownership with no involvement or sharing with a local UAE citizen
Duty free environment
Uninterrupted repatriation of profits and proceeds
Highest standards of secrecy and privacy
Making transactions with other businesses
Virtual office facility, no physical space is required for the incorporation of an offshore company
No audit is required for offshore company in Dubai
Zero or low capital requirement and less maintenance and management costs
Massive overheads savings
Incorporation and registration can be done as quickly as within 3 days
Can open corporate bank accounts and hold multiple currencies
No restrictions in the number of directors. Even the shareholder himself is enough if he is capable to run all the business operations across the country.
Advanced UAE infrastructure and supreme privileges
Which Destination to Choose for an Offshore Company?
RAK International Corporate Centre (RAKICC), based in Ras Al Khaimah Emirate in UAE, is the most popular destination to set up an Offshore Company. RAKICC is an advanced, world-class organization registry operating in full consistency with international norms and best practices in the International Company Formation industry.
RAKICC combines security and confidentiality as entrepreneurs get the opportunity to exploit 0% income, wealth, and sales tax while corporations use on corporate tax exemptions.
RAKICC Offshore Company can own freehold real estate properties in Dubai without obtaining a Dubai trade license. For this registered offshore companies can obtain a No Objection Certificate (NOC) from RAKICC and register it with Dubai Land Department to be able to purchase the real estate property under the company name.
For new RAKICC Offshore Companies this is a unique chance to invest into the highly developed Dubai real estate market and enjoy absolute confidentiality as well as protection of assets and information.
Why incorporate an Offshore Company in UAE?
UAE has stable political and economic environment for offshore company formation and business norms do not change with the change in the regime. UAE investor friendly environment and strict adherence to secrecy clause makes it one of the ideal destinations for incorporation of an offshore company.
As there is growing cross-border control and crackdown on tax evasion by many countries, UAE is now seen as one of the last-remaining destination to evade stricter tax regimes and for protection of assets.
Unlike other tax-free havens of the world, UAE offers a trustworthy and reliable structure to offshore companies because it is an independent country with a glorious record for promoting a rich, flourishing culture for international trade, investment, and business.
UAE is considered as a very attractive destination for prospective investors wanting to establish offshore companies here. Investors can live, invest, run businesses and manage their offshore companies by being here in UAE which is an advantage unlike any.
UAE does not have any agreement with any country which makes it binding upon UAE to share or exchange business related information with other governments. Furthermore, UAE has Double Tax Avoidance Agreement with a number of countries which ensures that a company’s products will not become less competitive by getting taxed twice.
contact us now to know more
Asad Abbas International will assist you and guide you through a hassle-free process than you could imagine. We take care from filling up the application forms, submission and collections of payments and required documents on your behalf, up to obtaining your UAE residence visas and bank account.
“AAi” is a shortened name for AAZ International Corporate Services, led by Mr. Asad Abbas, Founder and CEO of Asad Abbas & Co. (Chartered Accountants) and supported by highly proficient and experienced team.
Duly licensed by the Dubai Economic Department with offices in Dubai and Abu Dhabi, the firm provides business set-up and company formation services across UAE. Key services include selection of the correct legal form and locality based on business needs, license registration, business advisory, employee visas obtaining, bank account opening, accounting and payroll outsourcing, financial services advisory, budgeting and taxation advice, provision of secretarial and other services.
AAi mission is to continuously add value to clients by helping them to develop winning strategies and achieve maximum potential in business operations across UAE. By achieving our mission, we contribute to UAE’s economic growth and prosperity.
The firm has delivered a great number of top-notch projects and assisted thousands of clients during more than 10 years of successful operations.
Being part of such prominent market players, AAi guarantees excellent client services of the highest quality, provides local expertise and full scope of services vital to achieving outstanding business growth for clients.