How to Set Up an Offshore Company in Dubai?
Setting up an offshore company in Dubai offers immense opportunities for those who wish to conduct international trade. Formation of an offshore company in Dubai is governed by Jebel Ali Free Zone Offshore Companies Regulations. Offering no tax or low-tax benefits, Jebel Ali company formation is the most preferred business setup formation in the UAE by investors. Dubai offshore companies can be formed as limited liability companies, limited partnerships, and limited companies, and can enjoy ease of business operations. These companies registered in Dubai are allowed to operate in Jebel Ali locations outside the city.
Starting an offshore company in Dubai is a simple process that can be completed in a few weeks. For Jebel Ali company formation, investors need to submit an application containing all the necessary information along with documents such as passport copies of the shareholders, address proof of shareholders, company name, and nature of business. If all details are furnished correctly, the company formation process can be completed without any delays. To ensure a smooth application process, investors can seek the assistance of company formation specialists to help with the preparation of the application documents.
To set up an offishore company in Dubai, you need to select the appropriate business structure. It is necessary to choose the right business structure because management requirements and paperwork vary depending on the structure. Various business structures offered for the formation of offshore companies include the Jebel Ali Foundation, Jebel Ali Trust, Limited Liability Company (LLC), and International Business Company (IBC).
Prerequisites for Offshore Company Formation
Shareholders – For an offshore company, at least one shareholder is required. Corporate shareholders are also allowed. If there are international corporate shareholders, they need to have all company documents attested.
Directors – At least two directors are required, but it does not permit corporate directors.
Secretary – Every offshore company must have a secretary. A company director has the option to serve as the company secretary as well.
Share Capital – There is no minimum requirement for share capital.
Annual Reporting – Offshore companies are required to maintain their accounting records for a period of ten years starting from the date of preparation. Additionally, they must also appoint an auditor to assess and report on the company's financial accounts.
Registered Agent: A registered agent must be appointed.
MOA and AOA: The Memorandum of Association and Articles of Association must be submitted to the registrar.
Registered Office Address: The company should have a registered office address within the UAE.
Business Restrictions: Offshore companies are only allowed to conduct international business activities and are restricted from trading in the local market.
Set up Jebel Ali Bank Account Setup
Opening a Jebel Ali bank account helps in the company formation processes and enables smooth business transactions. Setting up a bank account takes no more than 15 minutes, and the onboarding will be completed in a few days. The process of opening a bank account is entirely free and can be done online. You’ll need to prepare the following documents for setting up a bank account
- Director’s registration
- Shareholder certificate
- Certificate of incorporation
- Financial statement
- Proof of operating address
- Proof of registered address
Documents Required to Set Up an Offshore Company in Dubai
To start an offshore company in Dubai, you'll need to submit these documents.
- Business plan ( at least for 3 years) (optional)
- Original bank reference letter or 6 monthly bank statements (stamped by the bank).
- Proof of address of shareholders and directors
- CV of the shareholders.
- Passport copies to the shareholders.
- 3 options for company name
- Business activity
Cost to set up an offshore entity in Dubai
The cost of setting up an offshore company in Dubai varies depending on factors such as company type, number of shareholders and directors, and services provided by the business setup service provider. The cost of setting up an offshore company in Dubai can be approximately around AED 10,000 to AED 30,000.
Benefits of offshore company Setup in Dubai
Easy Setup: Setting up an offshore company is relatively easier than other business types in Dubai. The process is also very simple and straightforward.
Flexibility: Foreign investors can enjoy 100% ownership of offshore companies and do not require a physical location, unlike other business types.
Confidentiality: The details or names of the shareholders or directors don't have to be disclosed during company formation. Jebel Ali company formations are ideal for foreign investors who want to maintain anonymity in their operations.
Tax Benefits: Dubai offshore companies are legally exempt from taxes which is one of the reasons why investors choose to do business in the UAE.
Opening Bank Accounts: Foreign investors can open multi-currency accounts which are beneficial for international business transactions.
How Kiltons can help you set up a business in Dubai Offshore
For investors planning to set up an offshore company in Dubai, Kiltons offers comprehensive services to ensure a smooth and hassle-free process. With in-depth knowledge of rules and regulations and vast experience in the formation of various offshore companies, we offer reliable services to entrepreneurs who wish to Business setup in Dubai. Our company formation specialists will assist you with the application process and help you prepare all the necessary documents so that the company formation process is completed within a few days without any delays. Reach out to us if you need professional help with Jebel Ali Company Formation in the UAE.