Offshore company in UAE
Delve into the world of offshore company formation in the UAE, uncovering the strategic advantages and streamlined processes for establishing your business in premier offshore jurisdictions. Explore key locations such as Ras Al Khaimah (RAK) International Corporate Centre (RICC) and Jebel Ali Offshore Company, and embark on a journey towards international business expansion with ease.
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Steps to Mainland Company Formation in UAE
Choose Jurisdiction
Select the offshore jurisdiction in the UAE that best suits your business needs, such as Ras Al Khaimah (RAK) International Corporate Centre (RICC) or Jebel Ali Offshore Company.
Consultancy Services
Seek guidance from a reputable consultancy firm specializing in offshore company formation in the UAE to navigate the process efficiently and ensure compliance with regulations.
Name Reservation
Reserve a unique and suitable name for your offshore company, ensuring it complies with naming guidelines and is available for registration in the chosen jurisdiction.
Prepare Documentation
Gather all required documents, including passport copies, proof of address, and shareholder details, as per the jurisdiction’s requirements.
Submit Application
Complete and submit the offshore company formation application to the relevant authority, along with the required documentation and fees.
Review and Approval
Await review and approval of your application by the offshore jurisdiction’s regulatory authority, ensuring all necessary criteria are met.
Corporate Bank Account
Open a corporate bank account with a reputable bank in the UAE, providing necessary documentation and meeting banking requirements.
Office Space and Registered Agent
Secure a registered office address and appoint a registered agent as required by the offshore jurisdiction.
Obtain Licenses and Permits
Depending on your business activities, obtain any necessary licenses or permits required to operate legally in the UAE.
Compliance and Renewals
Ensure ongoing compliance with regulations and renewals of licenses, permits, and company registration as required by the offshore jurisdiction.
Advantages of Setting Up Your Offshore company in UAE
Tax Benefits
Offshore companies in the UAE often enjoy favorable tax regimes, including no corporate or personal income taxes, making it an attractive option for tax optimization and asset protection.
Asset Protection
Offshore companies provide a secure environment for asset protection, shielding assets from legal liabilities and creditor claims in the home country.
Confidentiality and Privacy
UAE offshore jurisdictions offer strict levels of confidentiality and privacy, ensuring the protection of sensitive business information and financial data.
International Business Expansion
Establishing an offshore company in UAE provides a gateway for international business expansion, enabling access to global markets and facilitating cross-border transactions.
Simplified Setup Process
The setup process for offshore companies in the UAE is streamlined and efficient, with minimal bureaucratic hurdles and faster incorporation timelines compared to other jurisdictions.
Foreign Ownership
Offshore companies in the UAE allow 100% foreign ownership, providing full control and flexibility over business operations and management.
Access to Financial Services
Offshore companies have access to a wide range of financial services, including banking, investment, and wealth management, offered by reputable institutions in the UAE.
Reputation and Credibility
Operating from a prestigious offshore jurisdiction in the UAE enhances the reputation and credibility of the company, instilling confidence in clients, partners, and investors.
Legal Protection
Offshore jurisdictions in the UAE offer robust legal frameworks and regulatory oversight, ensuring compliance with international standards and protecting the interests of shareholders and stakeholders.
Strategic Location
The UAE’s strategic location at the crossroads of major global trade routes provides logistical advantages for offshore companies, facilitating business connectivity and trade opportunities worldwide.
Offshore company bank account in UAE
Opening a bank account for an offshore company in UAE typically involves the following steps and considerations:
- Choose a Bank
Research and select a reputable bank in the UAE that offers offshore banking services and meets your company’s needs.
- Contact the Bank
Reach out to the chosen bank to inquire about their offshore banking services and account opening requirements.
- Gather Documentation
Prepare all required documentation for opening the offshore company in UAE bank account. This may include:
- Copy of the offshore company’s incorporation documents.
- Memorandum and Articles of Association (MOA/AOA).
- Certificate of Incorporation.
- Passport copies of shareholders, directors, and authorized signatories.
- Proof of residential address for shareholders, directors, and authorized signatories.
- Business plan outlining the nature of the company’s activities and anticipated transactions.
- Bank reference letters for shareholders, directors, and authorized signatories.
- Resolution authorizing the opening of the bank account.
- Submit Application
Complete the bank’s offshore account opening application form and submit it along with the required documentation.
- Due Diligence Process
The bank will conduct a due diligence process to verify the authenticity of the documents provided and assess the company’s suitability for opening an offshore bank account.
- Compliance Checks
The bank will perform compliance checks to ensure that the offshore company and its beneficial owners comply with anti-money laundering (AML) and know your customer (KYC) regulations.
- Initial Deposit
Deposit the required minimum balance into the offshore company in UAE bank account as specified by the bank.
- Account Activation
Once the due diligence process is complete and all requirements are met, the offshore company in UAE bank account will be activated, and the company will receive its account details and any associated banking instruments (e.g., debit card, online banking access).
- Manage the Account
Begin using the offshore company in UAE bank account for conducting transactions, receiving payments, and managing finances in compliance with the bank’s terms and conditions.
The cost of business setup differs according to the economic zone, business activity, type of licence, visa and many other factors. To know more about the cost of your business setup, please contact our team on +971507706746.
Locations for setting up an Offshore company in UAE
In the UAE, there are several offshore jurisdictions where companies can be established. The main locations for setting up an offshore company in UAE include:
- Ras Al Khaimah (RAK) International Corporate Centre (RICC)
RAK ICC is one of the leading offshore jurisdictions in the UAE, offering a range of corporate structures and favorable regulatory environment for international businesses.
- Jebel Ali Offshore Company
Located in the Jebel Ali Free Zone (JAFZA) in Dubai, Jebel Ali Offshore Company provides a strategic location and attractive incentives for offshore businesses.
- Ajman Offshore
Ajman Offshore is another offshore jurisdiction in the UAE, offering competitive advantages and streamlined processes for offshore company formation.
- Dubai Multi Commodities Centre (DMCC) Free Zone
While primarily known as a free zone for onshore businesses, DMCC also offers an offshore company setup option known as DMCC Offshore, providing flexibility and convenience for international businesses.
Documents required for Offshore company in UAE
To initiate the formation of an offshore company in the UAE, the required documents differ for individual and corporate shareholders:
For Individual Shareholders:
- Verified copy of the shareholder’s passport.
- Evidence of residential address.
- Original bank reference document.
- Personal details of the shareholder.
- Desired company name.
- Proposed activities of the offshore company.
- Beneficiary hierarchy.
For Corporate Shareholders:
- Board resolution of the parent company.
- Memorandum of Association.
- Certificate of the parent company with attested shareholder/director names.
- Structure of beneficiaries.
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Ali Al-Hashmi
Investor, Dubai
“Working with Business Setup UAE was a fantastic experience. Their comprehensive knowledge of UAE’s business laws and regulations ensured that my company was set up quickly and efficiently. They offered personalized solutions tailored to my business needs and provided continuous support throughout the process. Their dedication and professionalism are truly commendable. I am grateful for their assistance and would recommend them to anyone looking to start a business in Dubai or anywhere in the UAE.”
Fatima Khalid
CEO, Abu Dhabi
“Business Setup UAE exceeded my expectations in every way. Their in-depth understanding of the local market and regulations made it easy for me to navigate the complexities of starting a business in Dubai. Their team handled all the paperwork, and their guidance was invaluable in helping me make the right decisions. Thanks to their support, my business was up and running smoothly in no time. I couldn’t have done it without them.”
Mohammed Bin Zayed
mall Business Owner, Sharjah
“I am extremely satisfied with the services provided by Business Setup UAE. The team was professional, efficient, and always available to answer my questions. They guided me through every step of the business setup process, ensuring that everything was done correctly and on time. Their local expertise and attention to detail gave me confidence and peace of mind. I would highly recommend Business Setup UAE to anyone looking to start a business in the UAE.”
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Entrepreneur, Dubai
“I had an excellent experience with Business Setup UAE. From the moment I contacted them, their team was professional, responsive, and incredibly knowledgeable about the business setup process in Dubai. They took care of everything, from legal documentation to licensing, making the entire process seamless. Their expertise saved me time and money, allowing me to focus on my business. I highly recommend Business Setup UAE to anyone looking to establish a business in the UAE.”
alma Al-Mansoori
Freelancer, Dubai
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CEO, Abu Dhabi
“Business Setup UAE exceeded my expectations in every way. Their in-depth understanding of the local market and regulations made it easy for me to navigate the complexities of starting a business in Dubai. Their team handled all the paperwork, and their guidance was invaluable in helping me make the right decisions. Thanks to their support, my business was up and running smoothly in no time. I couldn’t have done it without them.”
That is why we’re here.
We make it simpler and easier for you. Before you do anything, talk to one of our Company Formation Specialists.
start nowQuestions asked by our customers
1. Choose a business activity and legal structure.
2. Reserve your company name and obtain initial approvals.
3. Prepare required documentation and finalise legal papers.
4. Lease office space and obtain necessary permits.
5. Register your business with the Department of Economic Development (DED).
6. Obtain a trade license and open a corporate bank account.
7. Hire employees and obtain visas.
8. Ensure compliance with local laws and regulations.
9. Begin operations and promote your business.
The Dubai mainland license allows businesses to operate within the city’s mainland area, subject to UAE federal laws and regulations. It enables companies to conduct business across the UAE without restrictions on geographic location or business activities.
A partnership is a legal arrangement where two or more individuals or entities collaborate to pursue a common business goal. In a partnership, each partner contributes resources, such as capital, skills, or labour, and shares in the profits and losses of the business. Partnerships can take various forms, including general partnerships, limited partnerships, and limited liability partnerships, each with different levels of liability and management responsibilities.
To open a bank account in Dubai, follow these steps:
1- Choose a bank: Research and select a bank that suits your needs and preferences.
2- Gather documents: Prepare required documentation, including passport, visa, Emirates ID, proof of address, and proof of income or source of funds.
3- Visit the bank: Visit the chosen bank branch in person and meet with a bank representative.
4- Fill out forms: Complete the necessary account opening forms and provide all required documentation.
5- Verification: The bank will verify your identity and documentation.
6- Deposit funds: Deposit the required minimum balance into your new account.
7- Activate account: Once the account is approved, it will be activated, and you will receive your account details and any associated cards.
8- Manage your account: Start using your new bank account for transactions, withdrawals, and other banking needs.
In the UAE, there are several types of business licenses available for company setup, each catering to different business activities and legal structures. Here are the main types:
1- Commercial license
2- Professional license
3- Industrial license
4- Tourism license
5- Freelance Permit
6- Offshore license
