The United Arab Emirates, an economically sound country, is a global nerve centre of commerce and one of the reputed jurisdictions in the world for incorporating offshore companies. Starting a business in the UAE can lead to high profits and global customer reach as the country offers a business-friendly environment.
Offshore companies in the United Arab Emirates are fully exempted from taxation and are permitted to open banks accounts within the country as well as abroad. To set up a new company in Dubai is much easier now. You can even form the company and finish all the legal procedures in one-week time.
If you are planning to start the company in Dubai, then you will have to consider some basic things to start the process:
There are three types of licenses in Dubai economic department you can apply for, Professional, Commercial and Industrial depending on the license activity. For example, all types of trading come under the commercial license and businesses like restaurants, IT services, consultancies all come under professional license.
The most important step is to choose your company name which will reflect the business activity. It is recommended to suggest two to three names out of which, one will be selected by the registration authorities. Also make sure that your company’s name end with Ltd., LTD., Limited or LIMITED only, as the Economic department has certain rules for booking the trade names.
Although you don’t need to pay any capital amount in most of the cases but there is no limit on capital that can be invested in the business in case of setting up an offshore company in the UAE. Although some free zones require some amount of capital which they have to mention in the bank account.
Shareholders, Director and secretary
Finalizing Shareholder, Director and Secretary is also a very important step. There can only be one Secretary, one Director and one Shareholder. After that, the legal name, address, contact details and other documentations are required to complete the process.
The list of documents that are required for the process of offshore company registration in the UAE are:
- An authenticated Passport copy of the shareholders and the director.
- Original proof of address (in case of a utility bill, telephone bill, etc., it should not be older than 3 months).
- Bank reference letter.
- A brief resume of shareholders.
Office space is obligatory and after the above-mentioned steps, you can finalize the office space. The minimum space for an office is 200 square feet. In the free zone it is not necessary to find an office space as most of the free zones provide different types of offices as per the business requirements.
Both, the Economic department or Free zone can hire the employees for business operations. You can get designated at any post according to the employees’ qualification. One who is looking for a managerial designation has to submit his/her attested certificates.