The Leap Towards the UAE – Offshore Company Edition
A significant business powerhouse, the United Arab Emirates is coveted for its ranking as one of the best entrepreneurial gems in the world. Constantly witnessing an influx of investors, and consequently working on accommodating legislation and policies that best suit their shared interests, it's an ideal location for setting up a business and making strategic investments.
Perhaps the sunny Emirates are best known to be among the most utopian ecosystems for setting up an offshore company, one out of three valued business jurisdictions that offer investors a multitude of opportunities.
And as we've previously explored the benefits that come along with setting up mainland companies and free zone businesses, it's time to wrap up The Leap Towards the UAE series with the final piece of the puzzle—the offshore company edition.
Offshore as the ultimate business jurisdiction
Offshore companies, also known as paper companies, represent the most prevalent out of the three business jurisdictions explored, where investors, SMEs and big corporations are making their way to the UAE through them.
Known for their global trading feature, minimal costs and international location, the reason why offshores are ‘the chosen one’ among the aforementioned three possibilities is simple. This type of business jurisdiction helps investors capitalise on the market without incurring excessive costs or fees. Businesses can register their companies in the UAE as offshore to benefit from the tax laws and legislation. And because they typically operate outside the UAE, offshore companies don’t need a physical office, which saves up even more costs on the investor’s pockets.
Known to be tax havens, low on the cost scheme and yet are able accommodate a large number of benefits as much as the other two business jurisdictions, all these reasons would explain the affluent reputation offshore companies receive.
Offshore company checklist
An initial step towards internationalising your business is relocating or setting it up as an offshore company in the United Arab Emirates. All that’s needed is nothing but simple paperwork and documents, and the business setup process will be done.
Selecting the company’s name: Picking a name that is unique to your brand and business enables you to build an identity.
Filling out an application form: The application form consists of the most important information needed to validate the authenticity of your business. It includes attested passport copies for all individual shareholders, proof of residency, preferred name of the company being formed along with details of the business activities that will be undertaken.
Applying to the concerned authorities for review.
Drafting a memorandum of association (MoA) and articles of association (AoA): The MoA is a legal statement signed by all the shareholders agreeing to form a company. While the AoA represents the set of governing rules and regulations agreed upon by shareholders or guarantors, directors and the company secretary.
Opening an offshore bank account: This must be completed after the registration.
Seeking assistance from Benial’s experts! Setting up an offshore company is nothing short of easy once you have someone by your side. With Benial’s expertise, our team will provide you with a fully customised process, timing line up and more to ease the whole setup process and save you time and effort.
Because setting up an offshore company in the UAE requires a deep understanding of the market, legal processes and logistics, Benial has got your back. We’ll take the stress off you and help successfully set up your business overseas without a hassle.
If you’re ready to set up an offshore company, then get in touch with our team here!