UAE is a popular place to begin an offshore company. An offshore company is started to get tax-exemptions and other facilities that will allow for smoother business operations. UAE is a popular destination because it is considered to be a tax-haven and stable jurisdiction. Also, it complies with the international requirements for anti-money laundering and hasn’t been blacklisted ever for failing to follow such regulations.
This ensures that offshore companies in UAE get to enjoy confidentiality along with sturdy investor rights. Along with this, the Arab Emirates provides a stable and reliable banking system. All these facilities make the UAE a perfect place to begin an offshore company. So here’s how you can start an offshore company setup in UAE:
- Select a name for your company: You can name your company anything, but do note that it shouldn’t contain some specific words. These words are building society, bank, insurance, fund, cooperative, municipal, Royal, finance, trust, and more such. The name of the company must end in Incorporated or Ltd. After that, your company name will have to verify by the Registrar.
- Apply: Once you have chosen the name, you will have to fill the application form and submit the relevant documents. Such documents include a CV, address and identify proof of all the directors and shareholders; a business plan; photocopies of all the directors and shareholders. Know that the kind of documents you will have to submit depends on whether you are filing as a corporate entity or as an individual.
- Submit the documents: Once you have gathered the documents, submit them all to the respective authorities. They will review your documents and then issue relevant approvals.
- Draft your AOA and MOA: The next step to carry out your UAE offshore company formation is to draft the AOA (Articles of Association) and MOA (Memorandum of Association). Remember that you will have to draft it in English.
- Open a bank account: Without a bank account, you won’t be able to do any kind of business in the UAE. So this is the final step in starting your offshore company.
Once all the submitted documents and drafts are reviewed and approved by the relevant authorities you are officially ready to begin your business. So opening an offshore company in the UAE isn’t difficult at all if you have all the relevant papers ready. Once you open an offshore company in the Arab Emirates, you will be able to enjoy all the business and tax facilities that this destination is famous for business.
