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OFFSHORE COMPANY REGISTRATION IN UAE

Establishing an offshore company in UAE is a prospective investment for many worldwide investors, mainly owing to the tax-free and reliable policies of the UAE offshore jurisprudence.

A UAE offshore company is granted a Certificate of Incorporation and is an excellent arrangement for alleviating international trade.

Offshore UAE companies, however, are not eligible to trade in the local UAE market.

In plus, together with the Certificate of Incorporation, offshore companies are required to secure a Memorandum and Articles of Association from the governing authorities as a legal and governing document for international business and trade in the UAE.

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    SETTING UP AN OFFSHORE COMPANY IN THE UAE - BRIEF FACTS

    Creating an UAE offshore company is an ideal choice for foreign investors who are willing to facilitate international trade through the UAE but do not have local markets in the UAE. In addition, setting up an offshore company in the UAE is the appropriate investment policy for private individuals with high net worth to control their assets such as yachts, ships, private jets, etc.

    Founding a holding company to consolidate all business structures and obtain tax benefits in a trustworthy and well-managed offshore jurisdiction is another reason why UAE offshore jurisdiction is popular among international investors.

    An offshore company serves as a storage platform for all shareholder holdings. Offshore companies in the UAE are administered by the three main offshore jurisdictions of the UAE:

    • Ajman offshore
    • RAKICC offshore
    • JAFZA offshore

    Offshore companies enjoy the UAE’s zero taxation policy and are not permitted to grant residence visas for their employees.

    Offshore companies are not authorized to hire employees, nor are they eligible to trade in the local UAE market. There is also no local sponsorship required, no physical location or visa quota. The registered agent’s physical address will be the offshore company’s address.

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    POPULAR INTERNATIONAL OFFSHORE JURISDICTION

    One of the main attractions of an offshore jurisdiction is the tax savings for investors. Some of the popular offshore jurisdictions in the world are RAKICC, offshore Ajman, offshore Jafza, British Virgin Islands (BVI), Cayman Islands, Nevis, Belize, etc. The formation of offshore entities offers investors the freedom to trade in multiple currencies, open a bank account anywhere in the world, and more active involvement in global trade.

    Security of transactions and secrecy in terms of company and bank account information exchange is another important asset of establishing an offshore company.

     

    We offer an exclusive offshore company formation package for RAKICC, Ajman Offshore, JAFZA Offshore and BVI Offshore jurisdictions.

    Offshore companies benefit from the UAE’s zero taxation policy and are not a permitted to provide residence visas for their employees.

    Offshore companies are not entitled to take on employees, nor are they able to trade in the local UAE market. There is also no local sponsor and no physical premises or visa quota required. The physical address of the registered agent will be the address of the offshore company.

    WHY SET UP AN OFFSHORE COMPANY IN THE UAE?

    • An offshore company facilitates investors to perform the listed below activities more smoothly and safely.
    • International Trade: Easily facilitate international trade and global transfers without any complexity with an offshore company.
    • Professional Services: Provide global consulting and management services through an offshore company. Get tax benefits and work remotely from anywhere in the world.
    • Own Real Estate in UAE: An offshore company can be used to acquire real estate in specific areas of the UAE in accordance with the offshore jurisdiction requirements.
    • Investment companies: Individuals with an interest may invest in the multiple projects using the offshore company’s name as a registered corporate investor without disclosing the shareholders’ details.
    • Copyrights, trademarks and patents: All types of intellectual property rights, trademarks and patents may be registered in the name of an offshore company.
    • Holding companies: An offshore company can act as a holding company, where shareholders can consolidate all of their businesses under one holding company.

    ADVANTAGES - OFFSHORE COMPANY IN UAE

    • Confidentiality and privacy
    • 100% asset protection and security
    • 100% Foreign owned and repatriated profits
    • No public register of shareholders and directors
    • Easy company registration – 4 working days
    • No need for an auditor’s report at renewal
    • Invoicing to international clients
    • Opening an international corporate bank account
    • Tax-free company creation with no capital requirements

    WHAT STEPS DOES THE REGISTRATION OF AN OFFSHORE COMPANY INCLUDE?

    Determining and appointing a registered agent – Determining the right registered agent for a certain offshore jurisdiction is the most important step. The agent’s longevity, knowledge and experience in the market can be factors in determining the agent’s choice.

    1. Determine the company name     – Choose a trade name for your offshore company. You must have three names for the company, of which one will be finally approved by the offshore authorities.

    2. Choose the right line of business – It is necessary to choose the right line of business for the business. This is a vital step for continued business operations in the future.

    3. Shareholders, Director and Secretary – There must be at least one shareholder and one secretary. This can be an individual or an entity.

    4. Filing – File the required documents along with the application form with the offshore authority, pay the required fees and receive the certificate of incorporation.


    5. Paperwork and legal attestation     – Required documents must be validated at the UAE embassy in the country of residence as well as in the UAE.

    6. Selecting the capital investment – There is no minimum limit for capital investment in an offshore business. Capital may be split among the shareholders at any denomination.


    7. Open a bank account     – After receiving the company documents, proceed to open a bank account.

    Our team of legal experts and many years of experience in offshore jurisdictions understands the client’s specific needs and guides them in the right direction.

     

    HOW TO OPEN AN OFFSHORE BANK ACCOUNT IN DUBAI?

    Starting a bank account for offshore companies in UAE is a vital requirement. UAE banks have rigid KYC (Know Your Customer) guidelines for opening a corporate bank account for offshore companies.

    Setting up a bank account for an offshore company greatly relies on the business profile, annual revenue turnover and cash flow of the offshore company. Banks in the UAE will thoroughly verify the offshore company’s eligibility and consider confirming documents to create an account.

    Offshore bank account opening in the UAE is a bit more time-consuming due to strict compliance checks and approvals. In some cases, opening a bank account can require close to a month.

     

    We can support you in opening a bank account for your company with commercial or private banks in UAE.

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    DOCUMENTS REQUIRED FOR SETTING UP AN OFFSHORE COMPANY IN THE UNITED ARAB EMIRATES

    REQUIRED DOCUMENTS - FOR THE INDIVIDUAL SHAREHOLDER

    • Copies of passports of all shareholders
    • Proof of residence – utility bill
    • Bank reference
    • Business Profile of shareholders
    • Assumed name of the offshore company
    • Intended activities of the offshore company

    REQUIRED DOCUMENTS - FOR CORPORATE APPLICANTS

    • Company registration certificate authenticated by UAE embassy/consulate in the country of domicile
    • Certificate of good corporate reputation certified
    • Memorandum and Articles of Association
    • Bank reference

    Companies’ board of directors’ resolution establishing the offshore company, naming the directors and appointing the registered agent as the legal representative of the company. 

    Upon the filing of all required documents and payment of fees, the offshore jurisdiction will issue a Certificate of Incorporation.

    RESTRICTIONS ON CERTAIN ACTIVITIES WHEN REGISTERING AN OFFSHORE COMPANY IN THE UAE?

    Offshore company registration in UAE is limited to certain activities due to management issues. UAE offshore jurisdictions, RAKICC, Ajman and JAFZA have restrictions that forbid certain activities in the offshore jurisdiction.

    Since offshore companies are outside the UAE legal system, certain activities such as banking, insurance, financial services and commercial transactions within the UAE are restricted to an offshore company.

    However, offshore entities are authorized to engage in global trade and services in a wide range of activities, from engineering equipment manufacturing to shipbuilding.

    ESTABLISHMENT OF OFFSHORE COMPANIES IN THE UAE - EXCEPTIONS

    Incorporated offshore companies have the right to own or lease real estate in the appointed areas of the UAE or any other areas approved by the offshore jurisdiction.

    For an offshore company to open a bank account and own real estate in the designated areas of the UAE is legally entrusted to the offshore jurisdiction of the UAE. However, an offshore company cannot qualify for a shareholder or employee visa.

    HOW CAN WE HELP YOU IN SETTING UP AN OFFSHORE COMPANY IN UAE?

    An offshore company incorporation specialist will guide you through all the process of establishing an offshore business company in UAE.

    An offshore Registered Agent in UAE is qualified to help clients with all documentation, filing forms, obtaining approvals, liaising with government agencies and ensuring the company is registered correctly and successfully.

    Our experts assist offshore companies in:

    • Copies of passports of all shareholders
    • Proof of residence – utility bill
    • Bank reference
    • Business Profile of shareholders
    • Assumed name of the offshore company
    • Intended activities of the offshore company

    Contact our offshore company incorporation experts to learn more about registering an offshore company today!

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    QUESTIONS - SETTING UP AN OFFSHORE COMPANY IN THE UAE

    Offshore company registration in UAE takes less than 4 working days if all papers are in hand. Offshore company incorporating is a straightforward process and investors do not have to physically be present when setting up the company.

    Registration of an offshore company is triggered by the registered agent of the applicable offshore jurisdiction by submitting all necessary documents signed by the investor and authenticated by the respective authorities.

    A shareholder is not obliged to visit the UAE to register an offshore company. This can be performed through a registered agent.

    To start a bank account, the investor or owner of the company is required to come and comply with Know-Your-Customer (KYC) requirements. Compliance with KYC regulations will result in a faster bank account opening for the offshore investor. However, the compliance process for offshore companies is very severe to avoid any occasional trading activity, movement of funds or transactions while operating in a UAE offshore jurisdiction.

    No, an offshore company is not eligible to claim a residency visa. Offshore companies are treated outside the UAE legal department. Offshore companies are not subject to UAE civil laws, customs regulations, VAT, etc.

    An offshore company is not regarded as a UAE entity even if it is established in a UAE offshore and free zone jurisdiction. A registered agent will act as a point of contact for all offshore companies registered by him in the UAE.

    No, an offshore company is not allowed to rent physical office space. The address of the registered agent will be the address of the offshore company.

    As for the purchase of real estate, offshore companies registered in RAKICC and JAFZA, are authorized to purchase real estate in selected locations and under certain criteria of purchase of only residential real estate, etc.

    Yes, offshore companies are allowed to open a corporate bank account in UAE. However, compliance is very strict and it will take longer to open an account due to KYC regulations and bank policies.

    If the company and investor profile are strong, there is a better chance of an easy bank account opening.

    You can swap agents if you are not comfortable with your existing agent. Having an experienced business agent for paperwork, permits, renewals, visas, or any services related to setting up a business is vital to your continued operation.

    For that reason, if you have found an experienced business advisor to manage your company’s related business creation services in any of the offshore jurisdictions, you may choose to change agent.

    • NOC from the old agent
    • Decision and amendments for change of agent and address
    • 2 sets of Memorandum of Association (MOA)
    • Client KYC form (Know Your Client)
    • Passport copy
    • Bank statement
    • Utility bill
    • Business profile of director/owner

    The cost of amending an offshore agent depends on the business jurisdiction, and the application process and other substantiating documents are pretty much the same in all offshore jurisdictions in the UAE. We can help an investor in preparing a new contract ( resolution of the board of directors to change the agent) and combining other documents of the company (articles of incorporation, charter, NOC from the previous agent, a copy of the investor’s passport, etc.).

    The cost of changing an offshore agent in the UAE is determined by the appropriate jurisdiction in which the company is recorded. There often comes a stage for investors when they will want to change the offshore registered agent they have been working with, for many reasons such as lack of communication, hiding the agent and so on.

    In order to enable the smooth functioning of the investor’s business operations and administration, offshore jurisdictions in the UAE have provided an option for investors to request a change of offshore agent by paying a fee. Investors can select a new agent who they believe is trustworthy and genuine and submit a request for change of agent by submitting an application form and fee.

    Looking for a First-Class solution for your business?

    We welcome and celebrate different perspectives to help our firm, our clients and our people.

    get in touch