Offshore companies registration in the UAE
The offshore companies’ registration in the UAE can be very interesting for the entrepreneurs who are willing to lead international trade and other activities in this region. There are few dozens of acting free economic zones on the UAE territory, and an offshore company registered here would be a very convenient and beneficial business-tool. The UAE as an offshore jurisdiction is very popular among entrepreneurs all over the world.
The UAE has very high business prestige and are a big financial center. The country authorities strive to develop business in the country and attract foreign capitals. Thanks to this a maximally friendly jurisdiction in the area of commercial activity was formed in the UAE. A lot of it was borrowed from the British Virgin Islands jurisdiction, which is another quite popular offshore zone.
Advantages of registering offshore company in the UAE
The UAE offshore zone is a classic offshore and has all general features of similar jurisdictions:
- Dismissal from taxes;
- High confidentiality level;
- Simplicity of registration;
- Dismissal from keeping and providing records;
- High prestige of given jurisdiction;
- Opportunity of issuing bearer shares.
However one should remember that conditions of registration and work of the offshore companies are established by local authorities and differ in each emirate. The UAE is not included in “black list” of such organizations as OECD and FATE. This increases the level of information safety and UAE prestige. The UAE stands out by high economic and political stability, has developed bank infrastructure, and this contributes a lot to effective business leading.
The majority of offshore companies are dismissed from corporate profit tax with the exception of those companies whose activity is connected with petroleum industry and banking. Among disadvantages of this offshore is high cost of company establishment if comparing with other zones.
Requirements and peculiarities of registering offshore companies in the UAE
As in other offshores, the company has to have minimum one director and shareholder. The offshore companies are allowed to lead any activity, but if it is connected with petroleum industry, the registration of such company may cause complications and at times is even impossible. This is connected with the UAE following its national interests. In other cases the registration is simple, takes few days and requires minimum documents.
The list of the documents is different for each FEZ, but normally it includes passport copy, bank statement of availability of funds, CV or brief biographical data. A registered company has rights to own or perform operations with real estate. There are no requirements for capital export from the country. An offshore company has to have its office and a registered agent- an individual or legal entity, representing its interests in the country.
Some legislation provisions in different Free economic zones may differ. In some cases the issue of bearer shares is impossible or personal presence is required while registering a company. In order not to get confused in nuances of local taxation and other questions concerning offshore company registration abroad, contact our company Goldblum and Partners for support. The UAE is one of the most wealthy countries in the world, and an offshore company registered here has vast opportunities in front of it.