Offshore Company – Ventures Biz

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UAE Offshore Company Registration

An offshore company refers to a business registered in a country different from where it mainly conducts its operations. Setting up an offshore company in the UAE provides numerous benefits, including attractive tax advantages, enhanced confidentiality, and a stable, business-friendly environment.

At Ventures Biz, we specialize in making this process simple and hassle-free. From selecting the ideal jurisdiction to handling all legal procedures professionally, our team ensures a seamless and efficient company formation. Reach out to our experts today and start your journey toward launching a successful UAE offshore business.

What is an Offshore Company?

An offshore company is a business set up in a country other than where its owners or investors live. Such a company is registered outside the country where its main office is based. A Dubai offshore company is a corporate entity formed in one of Dubai’s free zones or another emirate in the UAE, mainly intended for conducting business abroad. These entities, also called Dubai offshore companies or International companies, are not allowed to operate within the UAE. They are commonly used for trading, asset or property holding, and facilitating international investments.

Advantages of UAE Offshore Company Registration

Forming an offshore company in the United Arab Emirates offers several advantages:

Global Market & Funding Opportunities: Acts as a bridge to international markets and provides access to a wide range of funding options.
Reliable Legal Framework: Provides a stable and business-friendly legal environment.
Protection of Assets: Enables separation and safeguarding of assets, including intellectual property.
Tax-Free Structure: No corporate or personal income taxes at any level.
Full Foreign Ownership: Does not require a local UAE partner or shareholder.
Quick Company Setup: Registration process is usually completed within a week.
No Minimum Capital Requirement: No mandated minimum share capital is needed.
Simple Share Transfers: Shares in offshore companies can be easily transferred.
Choice of Applicable Law: Flexibility to select either UAE law or the law of the home country.
Double Taxation Agreements: UAE has tax treaties with over 40 countries.

Taxation Benefits

Key Jurisdictions offering Offshore Companies in the UAE

Selecting the appropriate jurisdiction is vital for the success of an offshore company. A jurisdiction is an area or region governed by a particular legal system and its courts.

In the UAE, which consists of seven Emirates, each having its own judicial system, only three jurisdictions allow the registration of offshore companies:

Each of these jurisdictions provides distinct benefits and legal structures that can greatly influence the operations and advantages of an offshore company. Being familiar with the rules and features of each jurisdiction is essential to make a well-informed choice when setting up an offshore entity in the UAE.

Jebel Ali Free Zone (JAFZA) Offshore Company

In 2003, JAFZA, working alongside the Dubai Government, launched the Offshore Company under the Jebel Ali Free Zone Offshore Companies Regulations 2003 to serve the needs of international businesses.

Features of a JAFZA Offshore Company

Shareholders: A minimum of one shareholder is needed. Both individuals and corporate entities can hold shares. If the shareholder is an international company, all documents must be officially attested.
Directors: At least two directors are required. Corporate directors are not permitted. Directors’ information remains private and is not publicly disclosed.
Secretary: Appointment of a company secretary is mandatory, and a director may also act as the secretary.
Share Capital: There is no minimum requirement for share capital when establishing the offshore company.
Annual Compliance: Companies must keep accounting records for ten years. An approved auditor must review the accounts and submit a report.

Benefits of Registering a JAFZA Offshore Company

Full Foreign Ownership: Complete foreign ownership is allowed with no requirement for local partners.
Real Estate Ownership in Dubai: Offshore companies can own property in Dubai, subject to Free Zone and developer approval.
Investments in UAE Companies: Offshore entities can invest in Free Zone and Onshore (LLC) companies, with simplified documentation for UAE, Bahrain, Saudi Arabia, and Qatar.
Local Bank Accounts: Companies can open multi-currency bank accounts in the UAE for international business.
Privacy Protection: Details of shareholders and directors are kept confidential and not listed publicly.
Regulatory Inspections: Authorities may inspect offshore companies, and the company owner could be liable for inspection costs.

RAK Offshore Company

Ras al Khaimah (RAK), situated roughly an hour’s drive from Dubai, is among the fastest-growing Emirates in the UAE. In September 2006, the RAK government launched the International Company framework, known as the Ras al Khaimah Offshore Company, which operates under the Ras Al Khaimah Free Trade Zone Authority International Companies Regulations of 2006.

Features of a RAK Offshore Company

Shareholders: At least one shareholder is needed; corporate shareholders are permitted. Foreign corporate shareholders must provide attested company documents.
Directors: A minimum of one director is required, with corporate directors allowed. Director information is not publicly disclosed.
Secretary: Appointment of a secretary is compulsory; a director may also serve as the secretary.
Share Capital: No minimum share capital requirement exists.
Annual Records: Companies must keep accounting records for 7 years, though these do not need to be submitted to RAK authorities.

Advantages of Establishing a RAK Offshore Company

Full Foreign Ownership: Regulations for RAK International Companies permit complete ownership by foreign investors, without the need for local partners.
Investing in UAE Companies: RAK Offshore entities can own shares in both Free Zone and Onshore (LLC) companies, with streamlined documentation for UAE, Bahrain, Saudi Arabia, and Qatar.
Local Banking Facilities: Ability to open and operate multi-currency bank accounts in the UAE for international business transactions.
Quick Company Setup: RAK IC company incorporation is usually finalized within a week once all required documents are submitted.
Privacy Protection: The names of shareholders and directors are kept confidential and are not listed in public records.

Ajman Free Zone Offshore Company

Located in the Emirate of Ajman, UAE, the Ajman Free Zone provides an offshore setup for companies at highly competitive rates. Though it shares many similarities with RAK offshore companies, it also offers certain unique advantages.

Cost-Effective Setup: Establishing an Ajman offshore company is budget-friendly, with low setup and running expenses.
Easy Structural Modifications: Adjustments like replacing or adding a corporate shareholder are processed quickly, usually completed within a week.
Minimal Director & Shareholder Criteria: Only one director and one shareholder are needed for incorporation, and the same person can hold both roles.

Documents Required for Offshore Company Registration

To set up an offshore company in the UAE, shareholders and directors typically need to provide the following documents:

A comprehensive business plan describing the company’s goals, approaches for achieving them, and projected financial outcomes.
Recent Bank Statements: Documents that demonstrate the company’s financial health and reliability.
Address Verification: Proof of residence, such as utility bills or equivalent documents, confirming the shareholder’s address.
Passport Copies: Identification documents of all shareholders participating in the company.
Proposed Business Names: Three suggested company names that comply with Dubai’s business naming regulations.
Business Activity Overview: A concise outline of the planned operations and objectives of the offshore company.

Procedure for UAE Offshore Company Registration

Starting an offshore company in the UAE involves several steps, which typically include:

Choose a Business Structure

When establishing an offshore company in Dubai, selecting the right business structure is crucial, as it directly influences management obligations and overall operations. Below are the main business structures available for offshore companies in Dubai:

Offshore Foundation

An independent legal body that does not have shareholders.

Offshore Trust

Limited Liability Company (LLC)

International Business Company (IBC)

Select a Jurisdiction

The UAE provides multiple options for offshore company setup, including Jebel Ali Free Zone (JAFZA) in Dubai, Ras Al Khaimah (RAK), and others. Pick the jurisdiction that aligns best with your business goals.

Create a Business Plan

Prepare a detailed plan that clearly defines your company’s purpose, strategies, and projected financial outcomes.

Collect Required Documentation

Assemble the necessary paperwork, which usually includes a description of your intended business activities, shareholder passport copies, proof of residence, recent bank statements, and a shortlist of proposed company names.

Decide on a Company Name

Choose a business name that follows UAE regulations and confirm that it is not already registered.

Company Registration

File your application together with the required documents at the offshore company registry of your selected jurisdiction.

Set Up a Bank Account

Once your company is established, open a UAE corporate bank account. Be prepared to provide extra documents and, in some cases, make a personal visit. Professional assistance is available for this process.

Apply for Licenses

Depending on the nature of your operations, specific licenses may be required for lawful business activities.

Apply for Licenses

Depending on the nature of your operations, specific licenses may be required for lawful business activities.

Meet Legal Obligations

Stay compliant with UAE laws covering taxation, accounting, auditing, and other regulatory requirements.

At Ventures Biz, we offer professional assistance and step-by-step support to make sure your offshore company is established seamlessly and in full compliance.

Expert Offshore Company Formation with Ventures Biz

Ventures Biz specializes in helping businesses establish offshore companies with ease. Backed by a skilled team of professionals, we deliver complete support throughout the entire setup journey. From selecting the ideal jurisdiction and preparing legal documents to ensuring full compliance with regulatory requirements, Ventures Biz streamlines the process for a smooth experience. Our in-depth knowledge of offshore company formation makes us a trusted partner for entrepreneurs aiming to grow their presence on a global scale.

Reach out to our specialists today and begin your journey toward a successful offshore company setup in the UAE.