How can you setup your own offshore company?
The type of company you use for your business setup in Dubai, determines the rules and regulations that apply to you as an investor in the UAE. Whether you want to setup a free zone company or an offshore company depends on what benefits the different types of companies can provide you and what your requirements are.
Business Setup Dubai is a business registration consultancy which can provide you with services for business setup in Dubai. The business consultants Dubai vide you intricate details about the different types of companies and the regulations that apply to you and your business. The business consultants Dubai also offer services like visa processing, trademark registration and bank account opening. The firm’s experts have the necessary experience to deal with the difficulties that you face and to provide easy solutions to your queries.
Here are the requirements that need to be fulfilled if you want to set up an offshore company:
- Application for company formation.
- Valid passport copies of directors and stakeholders
- Proof of residency of the directors and the stakeholders
- Registration of agent
- Articles of Association and Memorandum of Incorporation
- Original shareholder’s resolution
- Certificate of incorporation
- Copies of trade license
For individual stakeholders, the requirements are:
- Offshore company application form
- Personal profile of every shareholder. A resume will be acceptable
- Residence address proof. (Utility bills that are not older than 3 months will work)
- Copy of passport with 6 months of validity
Reasons to use an offshore company for business
a. Safety and privacy
An offshore company provides you with privacy of your business in Dubai like no other type of company. There are many reasons for which you might want privacy of your financial activity. Some people use an offshore company to own property in a foreign company without having nationality in that country. In such cases, offshore companies provide legal cover as the property is owned by a business that is owned by a foreigner.
b. Protection of assets
Offshore companies are often setup by people who want to protect their assets from attorneys, ex-spouses, plaintiffs and creditors. An offshore company provides protection against claims from such people to your property. These corporations also protect your assets in case a party sues you over a dispute. Offshore companies in the UAE provide complete protection to assets and financial activity.
c. Avoiding tax
Tax laws are different in every country and some people might want to avoid, not evade tax. It is perfectly legal to avoid tax by using legal tools and tricks. One of the tricks is to maintain an offshore company where you can protect your assets and keep your money. One example is of the capital gains tax that can be avoided using the offshore company that you own.
d. Lower rate of tax
Some investors and foreigners like to maintain offshore companies in order to take advantage of the lower tax rate in the foreign country. Countries allow the lower tax rate to attract more investment into their country for development purposes. The UAE is one of those countries that has seen a boom in investment because of its low tax rates. It is fair to say that the policy of lower tax rates has worked wonders for the UAE.
e. Opportunities in the UAE
The opportunities that are provided for business in Dubai are unmatched and unparalleled. Offshore companies let investors and businessmen enjoy world-class business facilities in the UAE like office centers, industrial buildings, bank account opening and much more.
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